In 2021, the retail industry experienced 629 confirmed incidents and 241 breaches with confirmed data disclosures, according to Verizon’s 2022 Data Breach Investigations Report. Retailers have paid a hefty price for those attacks. IBM Security’s Cost of a Data Breach Report 2022 puts the average cost of a data breach for retailers at $3.28 million.
Retailers collect valuable data such as personal consumer and payment card information, making them prime targets for cybercriminals who sell the data for large paydays. As retailers adopt more cloud-based services like contactless payments, increase their digital footprint to offer online options for buyers, and work closely with large supply chains, the attack surface expands and introduces greater cybersecurity risks.
To combat these risks, many retailers are turning to managed detection and response (MDR) services, a category of security solutions that offers the technology, process, and humans needed to defend against the increasing threat of cyberattacks. Technological research and consulting firm Gartner projects that 50% of all organizations will use MDR services by 2025.
But not all MDR providers are created equal. Retailers looking for an MDR provider in the evolving cyber landscape are having to sort through an increasingly saturated landscape of providers offering seemingly similar, but often very different levels of service to find the right MDR provider for their needs. Pondurance keeps it simple. We offer modern MDR, cybersecurity consulting, and 24/7 incident response and threat hunting to help retail businesses like yours stay safe from cyberattacks and compliance issues