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Brands See 41% Rise in Cybercrime During Covid-19

13/05/20

A Red Points retail executives survey has revealed that 39% of brand owners have seen an uptick in counterfeiting, due to the ongoing Covid-19 pandemic.

The brand protection firm’s The Day After Covid-19 survey saw 150 retail executives from different companies outline how their respective brands have been hit by the viral pandemic.

It found that almost half (41%) of respondents have seen an increase in cybercrime against their business, since the start of the virus outbreak.

Further, a majority (51%) of respondents who’ve seen an increase in cybercrime admitted it has damaged their business reputation, while 46% said counterfeiters are stealing sales.
According to Red Points’ survey, anti-counterfeiting prevention is the number one action brands would maintain or increase if cybercrime continues to grow.

Laura Urquizu, CEO of Red Points commented, “Months ago, no one could have ever predicted that we’d be in the position where we needed to shift our entire lives to combat the Covid-19 outbreak.

As we continue to live in this new normal, brands have seen a digital revolution in that e-commerce has boomed, but this does not mean that challenges will not be faced. Brands are in dire need of protecting their online revenue and reputation, while also preparing for the complete transformation the future of e-commerce holds.”

Urquizu added, “Creating online strategies to keep e-commerce momentum going will be no easy feat, but forging a path that includes making a conscious effort to reignite consumer spending, and vigilantly defend against cybercrime and counterfeits, will pay high dividends in the future.”

Read the full article in Intellectual Property Magazine.