Cyberattacks in Retail: A Growing Threat

Retail is one of the three industries that suffered the most cyberattacks in 2023. A total of 14 percent of all cyberattacks in the Nordics targeted the retail sector, according to our Global Threat Intelligence Report.

Cyberattacks pose a large threat to the retail sector

The cyberattack against Tietoevry in January hit the company and their customers hard. Rusta announced in its latest financial quarterly report that the cyberattack had cost them 60 million kronor in lost sales and an additional 20 million kronor in costs related to the incident.

Our report shows that retail is one of the three industries most affected by cyberattacks in 2023. The Global Threat Intelligence Report (GTIR) contains detailed statistics on the number of cyberattacks worldwide from our security centers.

Retail Under Siege: A Closer Look

14 percent of cybercrime victims in the Nordics belong to the retail sector, which is the third most attacked industry after the manufacturing industry (34 percent) and the tech sector (18 percent). In three out of four (75 percent) attacks on Nordic retail, data from the business was also leaked, the report shows.

– As the retail sector fulfills an important function in people’s everyday lives, it is extremely serious that it is exposed to cyber threats. Cybersecurity needs to be prioritized higher in general, and it is particularly important for the retail sector to have cybersecurity in place to protect consumers and businesses, says Joel Cedersjö, cybersecurity expert at NTT Security.

Ransomware Surge: A Business Nightmare

One of the worst kinds of cyberattacks is ransomware attacks. The attacks involve encrypting victims’ data, making the files unusable until a ransom is paid. Globally, these increased by 67 percent in 2023 compared to the previous year. In 2023, more than 5,000 victims were subjected to ransomware attacks compared to about 3,000 victims in 2022.

– There is most likely a large number of unrecorded cases when it comes to this type of attack. Ransomware can potentially be devastating for a business, and therefore some companies choose to pay ransoms to release their locked data without the attack being noted in the statistics. Only five percent of ransomware attacks in Sweden are reported to the police, according to the police’s national operational department, Noa. Companies are afraid to reveal weaknesses, shame, worry about lost reputation, and a lack of belief that the crimes will be solved, says Fredrik Olsson, Managing Director Europe at NTT Security.

Global Cyberattack Trends

1. Trojans: 13 percent

2. Backdoors in organizations’ networks: 11 percent

3. Attacks via penetration testing tools: 10 percent

4. Generic malware: 9 percent

5. Botnet-infected networks: 8 percent

Sector Spotlight: Retail vs. Other Industries

1. Manufacturing industry: 26 percent

2. Technology sector: 21 percent

3. Financial sector: 11 percent

4. Transportation sector: 10 percent 5. Public sector: 8 percent

Download the Global Threat Intelligence Report 2024 report here.

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