Cybersecurity- What Retailers Need To Know
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The document discusses the importance of cybersecurity for retailers, emphasizing the need to protect sensitive customer information from various cyber threats such as malware, ransomware, phishing, and DDoS attacks. Retailers must implement multiple layers of security, prioritize IT investments, choose reliable cloud providers, hire cybersecurity professionals, and educate both employees and customers. As cyberattacks increasingly target the retail industry, effective strategies and preventive measures are essential to safeguard business operations and maintain customer trust.
Cybersecurity- What Retailers Need To Know
- 1. CYBERSECURITY- WHAT RETAILERS NEED TO KNOW
- 2. Cybersecurity is the protection of internet- connected systems (hardware as well as software) from cyberattacks like ransomware, malware, DDoS, and more. These cyberattacks usually intend to access, change, or destroy critical information, extortion of money, or interrupting the normal business flow. A cybersecurity approach aims at protecting the businesses from cyberattacks by deploying multiple layers of protection like firewalls, antivirus, two- factor authentications, etc. What is Cybersecurity?
- 3. Retailers invest in new technologies to manage their business and enhance customer experience. This leads to a rise in the security issues related to these technologies. The retail industry deals with a large volume of data related to cash, card information, and POS transactions regularly. Thus, to ensure the security of collected data, retailers must have a strategy to secure their networks and infrastructure at all times. 19% According to KPMG study, Customers would stop shopping at a retailer over a hack. 50% According to THALES data threat report, of retail businesses have been breached within the past year. Cybersecurity in Retail
- 4. Some Common Security Threats Human Factors Every employee is not reliable, or highly-skilled to keep them away from getting stuck in these cyber-attacks. POS Security Vulnerabilities A lot of transactions are made every day using the POS terminal, making it a gold mine for hackers to get the customer's information. Mobile Devices Security Mobile phones being widely used for shopping online can be a host to dangerous malware, making it a threat to them.
- 5. The future of business depends on the cybersecurity measures implemented in the organization. Let's check out the types of cyber-threats from which retail businesses need to be protected.
- 6. Malware is malicious software specifically designed to gain access to or damage a computer without the knowledge of the owner. $2.4 million was the average cost of a malware attack in 2017. - Accenture 38% of malicious files came in the formats used by the MS-office suite of products. - CISCO MALWARE1.
- 7. RANSOMWARE Ransomware is a type of malware that locks down or encrypts the devices on the network to prevent someone from using it, unless the ransom is paid. $10 billion will be the damage cost of ransomware in 2019. - Cyber Defense Magazine A business falls victim to a ransomware attack every 13.275 seconds. - Cyber Defense Magazine 2.
- 8. PHISHING Phishing is a type of cyber-crime where criminals try to obtain sensitive information like usernames, passwords, and credit card details using the disguised image of a trustworthy entity. Nearly 1 in 5 email users will encounter a phishing attack email. - SecureList Recipients open 70% of the phishing attempt emails they receive. - FireEye 3.
- 9. DDOS DDoS (Distributed Denial of Service) is a type of attack in which multiple sources target a website or web server and send numerous network communication requests, causing the target to crash or slow down. DDoS attacks account for 5% of monthly traffic related to gaming websites or apps. - Cox Blue Hackers in China launch the maximum number of DDoS attacks, followed by the US and Russia. - Comparitech 4.
- 10. What Retailers Can Do? 43% of the cyberattacks are targeted at small businesses, according to Small Business Trends. Retailers need to take steps to update policies and procedures as well as implement new IT security solutions. Let's see some of the proactive measures that retail businesses can take to ensure safety for themselves as well as the customers.
- 11. PRIORITIZE 'IT' SECURITY Investing more in IT security infrastructure and technologies like encryption and firewalls is important to protect the critical business and customer data. Adhering to advanced technologies will enable businesses to identify any intrusion or malicious activity. Constant monitoring and analysis will give you a proactive approach to counter the cyberattacks. 1.
- 12. 2. CHOOSE THE RIGHT CLOUD HOSTING PROVIDER The cloud hosting provider for your POS applications and data plays a vital part in securing your critical data. Hence, you should choose the one with advanced safety measures. A right cloud service provider offers advanced security features like data centers at different locations with daily data backups, disaster recovery, always-on support, and many more.
- 13. 3. HIRE CYBERSECURITY PROFESSIONALS There is nothing better than hiring cybersecurity professionals who are trained in finding loose ends in networks, databases, firewalls, and encryption to prevent cyber-attackers from harming your business. A cybersecurity specialist can take various roles like a chief information security officer, security engineer, and security auditor, and can clean up after cyberattacks additionally.
- 14. 4. EDUCATE EMPLOYEES AND CUSTOMERS People connected to retail businesses are often the weaker link in the security chain as they have no or very less knowledge about data security. The best practice is to educate both customers and employees in terms of business security and personal data security. You can host various training programs or can send educational emails about cybersecurity and preventive measures. Also, you can inform them about secure login access methods and strong passwords.
- 15. Is Your Business Safe From Cyberattacks? Learn More
- 16. Ace Cloud Hosting, powered by Real Time Cloud Services LLC (RTCS), is an Intuit authorized commercial hosting provider for QuickBooks POS to retail businesses. We provide cloud solutions for on superfast SSD-based servers with 99.999% uptime, 100 days data backup, and always-on support. For more info, visit: or Call us at: 1-855-ACE-IT-UP www.acecloudhosting.com ABOUT US Retail Industry
- 17. References Top cyber threats for retailers in 2018 - Retaik Leader Top 10 FAQs You Should Know About Ransomware - Ace Cloud Hosting PHISHING ATTACK STATISTICS 2019 COST OF CYBERCRIME STUDY Best Defense Against Spear Phishing - Accenture - FireEye - Merchant fraud Journal
- 18. References Global Ransomware Damage Costs Predicted To Exceed $8 Billion In 2018 CISCO 2018- Annual Cybersecurity Report 12 DDoS Statistics That Should Concern Business Leaders DDoS attack statistics and facts for 2018-2019 - CyberCrime Magzine - Cisco - CompariTech - Cox Blue