An average of one billion pounds was spent online every week in January 2017 and with such huge figures changing hands electronically comes an increased risk of retail businesses falling victim to cyber-attack and online fraud. UK businesses lost almost 30 billion pounds to cyber-crime in 2016 – and according to the British Retail Consortium, more than 50 per cent of reported fraud in the retail industry is cyber-enabled.
The potential for an attack has become even more real and immediate due to the sheer number of mobile phones in the world, which is expected to exceed six billion by 2020. And that risk is heightened even further this month when online spending records are likely to be broken once again. Most cyber-attacks exploit basic vulnerabilities in IT systems and software but by following these guidelines you can reduce the risk of becoming a victim yourself.