There are many reasons retailers are juicy targets for hackers. They earn and handle tremendous amounts of money, store millions of customer credit card numbers, and have frontline staff who may lack cybersecurity training. To save money, some retailers use older equipment that isn’t adequately updated, secured, or monitored to deal with cyberattacks. According to a 2022 data breach report from Verizon, the retail industry reported 629 incidents in 2022, 241 of which had “confirmed data disclosure.”

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Authentication-related attacks grew in 2022, taking advantage of outdated, password-based authentication systems, according to a study commissioned by HYPR, a passwordless multifactor authentication (MFA) provider based in the US.

The study, conducted by independent technology market research firm Vanson Bourne, surveyed 1000 IT professionals from organizations around the world with more than 50 employees. These included respondents from the US (300), UK (250), France (100), Germany (100), China (100), Australia (75) and Japan (75).

Rush of MFA bombing pushed authentication related breaches

Three out of five respondents said their organizations had been targeted by authentication-related attacks in 2022. Also, out of 88% respondents targeted by one or more cyberattacks in the last 12 months, 43% reported phishing or smishing to be the main form of attacks.

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