Technology Record - Issue 27: Winter 2022

180 V I EWPO I NT Restoring confidence in retail R I CHARD ME E U S : AKAMA I T E CHNOLOG I E S Delivering reliable cybersecurity should be one of the most important priorities for retailers as they fight to keep the trust of consumers in increasingly uncertain times Akamai Technologies, a cloud security, compute and delivery solution provider, has conducted new research that reveals cybersecurity as one of the key dampeners of British consumers’ confidence in the retail sector. Our research shows that 59 per cent of people who have ever shopped online would stop shopping at a retailer if it was the victim of a cyberattack and 49 per cent don’t currently trust retailers to keep their personal details safe. These results come at a time of national economic uncertainty, with retailers under increasing pressure to attract and retain customers. Retail sales volumes in the UK fell by 1.6 per cent in August 2022, according to the UK Office for National Statistics, continuing a downward trend that has been taking place since summer 2021. Consumers are becoming accustomed to constant cybersecurity threats, with 64 per cent of those ever shopping online having experienced 59% The majority of UK consumers would stop shopping at a retailer if it was a victim of a cyberattack 49% Half of customers don't trust retailers to keep personal details safe 46% Almost half would expect compensation from retailer following a cyberattack 64% Consumers who have experienced an attack attempt in the last year