Thomas Stewart: October 30, 2018

2018 Holiday Season Promises to Boost Retails Sales, But Cybersecurity Poses the Greatest Threat

New Research Released from the National Center for the Middle Market Provides a Retail Industry Forecast and What Cybersecurity Steps Retailers Should Take to Protect Sales

Thomas Stewart

Executive Director of the National Center for the Middle Market

 

Last year’s holiday season reported historical numbers and online shopping on Cyber Monday hit an all-time high.  In fact, it was the first $2 billion mobile shopping day with $1.4 billion of transactions being done on smartphones, according to estimates from Adobe Analytics. This year, retailers are gearing up for Cyber Monday sales to exceed last years numbers and are preparing new cybersecurity plans to prevent cyber threats from affecting retailers and consumers.

The National Center for the Middle Market’s (NCMM) new special report, Q3 Middle Market Indicator finds that there is a significantly higher proportion of middle market companies that consider cyber security as an extremely important issue compared to two years ago. Retailers are at greater risk for cybersecurity issues due to using weak passwords, opening attachments from an unfamiliar source, misconfigured settings, which all lead to attacks. However, a comprehensive cybersecurity plan focusing on prevention, resolution, and restitution could save billions this holiday season.

 

Did you know?

  • The most frequent type cyberattack is phishing followed by virus, Trojan
  • Almost 1 in 5 MM firms became a target of cyberattack in the past 12 months
  • Only about one-half of firms are confident about the protections they have against cyberattacks
  • Retail sector was the top cyberattack target in 2017
  • A cloud service cyberattack could cost the retail and wholesale industries billions of dollars in loses in under one week
  • Blockchain technology used for cryptocurrencies, like Bitcoin, could now be used to prevent cyberattacks

On Tuesday, October 30th Executive Director of the National Center for the Middle Market, Thomas Stewart is available to explain how retail companies can develop cybersecurity plans preparing them for the holiday season and protecting them from loss of sales.

For more information please visit www.middlemarketcenter.org

 

MORE ABOUT THOMAS STEWART:

Thomas A. Stewart is the Executive Director of the National Center for the Middle Market, the leading source for knowledge, leadership and research on midsized companies, based at the Fisher College of Business at The Ohio State University. Stewart is an influential thought leader on global management issues and ideas: an internationally recognized editor and publisher, authority on intellectual capital and knowledge management, and a best-selling author.

The former Editor and Managing Director of The Harvard Business Review, Stewart is a summa cum laude graduate of Harvard College and holds an honorary Doctor of Science degree from Cass Business School, City University London.

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