2024
The Unexpected Impact of Identity Security on Shopping Habits
Key Findings
In surveys of both retailers and their customers, a telling picture emerges: Consumers are increasingly uneasy about cybersecurity and the safety of their data when online shopping. Moreover, they are demanding retailers and regulators address these concerns.
Retail organizations face increasing identity-based threats....
58%
were breached through authentication process
$6,265,244
spent per organization on breaches caused by weak authentication
65%
were a victim of identity fraud
At the same time, retail shoppers say ....
81%
would stop shopping at a retailer following a data breach
78%
would actively favor a retailer offering passkeys
85%
Want more regulatory oversight to protect their personal data
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The growth in e-commerce means retailers handle more sensitive data, putting them high on the target list. They often rely on third-party vendors for services like transacting payments and hosting, who themselves are targeted by magecart skimming, cross-site scripting and other threats. Seasonal sales spikes and temporary staffing create more points of vulnerability and opportunities for attack. Moreover, omnichannel operations — physical stores, websites, mobile apps— present unique security challenges, with a weakness in one channel potentially compromising all. |
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