The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone. Overall, 5.8 percent of holiday returns are fraudulent, up slightly from 4.6 percent last night.
The holiday shopping season is fast approaching, and it’s prime time for cyber attackers who hope to catch enterprises at their weakest moments.
According to a new survey of 1,100 retail companies conducted by the Ponemon Institute and sponsored by RSA, daily revenue surges by an average of 55 percent during the holiday season. However, if a retail site is hacked or disabled, average losses could amount to as much as $500,000 per hour, or $8,000 per minute, according to a Dark Reading report.