WEB AND MOBILE FRAUD
Cyber risk is major concern for retailers
Cyber and data risks form retailers’ top concerns for the next year, research from Barclays Corporate Banking and consultancy Retail Economics has found.
The findings showed that 34 per cent of UK retailers surveyed viewed this area as their biggest risk, while 7 per cent said it formed part of their top three risks over the next 12 months.
Despite this, they said this was the area they felt the most confident in managing, having invested in technology to safeguard operations.
The research looked at seven key areas of risk currently faced by UK retailers – cyber/data, regulatory, financial, operational, strategic, environmental and social, and reputational.
The businesses were surveyed on their perception of levels of risk, confidence in tackling challenges, and their preparedness in dealing with risks relative to their competition.
The survey revealed the second largest perceived risk was related to a more complex regulatory environment, including additional friction around international trade and more uncertainty around future environmental policy.
Financial concerns were also reported in the top three worries for retailers, on the back of higher interest rates impacting financing costs.
While environmental and social concerns were seen as one of the lowest risks over the next year, it was also an area retailers felt least confident in tackling.
Additionally, this factor was ranked highest by the retailers when asked to identify which risks were most likely to rise over the next five years.
The research showed the top five actions taken by retailers to ensure their long-term resilience were investing in technology, enhancing employee training and development, strengthening supply chains, diversifying product offerings, and improving crisis management processes.
