A Frost & Sullivan study commissioned by Microsoft uncovered that 60% of retail organizations in Asia Pacific are slowing down the progress of digital transformation projects due to the fear of cyberattacks. The study also found that:
The cost of cyberattack for a large retail organizations includes an economic loss of approximately US$18.7 million, and job losses for three out of four organizations.
Artificial Intelligence is the ‘weapon of choice’ for three out of four retail organizations to bolster cybersecurity posture.
Customer churn is the largest economic consequence of a cyberattack for retail organizations resulting in US$16.9 million of indirect cost.
The study, titled “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World” aims to provide business and IT decision makers in the retail sector with insights on the economic cost of cybersecurity breaches and to help to identify any gaps in their cybersecurity strategies.
This article was first published on MoneyCompass.