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The holidays are a busy retail season – for both the consumer and the retailer. Technology impacts nearly every aspect of the retail experience – from online browsing and in-person geolocation advertising – and it requires mobile payments. And with these technologies comes risk – cyber risk, specifically – to both the consumer and the retailer. According to the Chubb Cyber IndexSM, we’ve seen more than a 50% increase in incidents for retailers over the past five years, and the average incident response cost for incidents in the retail industry in the last three years cost close to an average of $600,000, including nearly $500,000 in forensic fees.
And unlike other industries, retail touches every demographic and operates with known ebb and flow seasonality. Should a cyber incident occur during a high traffic period, such as the holiday season, it could wreak havoc on a business’s bottom line or even put them out of business completely – not to mention the impact of how an organization responds on their reputation with their customers and employees.
So what can a retailer do to help mitigate this risk?
Lauren Gorte is Vice President, North America Financial Lines.
The opinions and positions expressed are the authors’ own and not those of Chubb. The information and/ or data provided herein is for informational purposes only and is not a substitute for professional advice. Insurance coverage is subject to the language of the policies as issued.