Cybersecurity for Retail
An extraordinary retail experience starts with worry-free security.
What many individuals do not realise is that your average retailer will store as much as sensitive information as banks would. For retailers, this creates a huge opportunity for hackers who might look to compromise the security of retail websites or payment platforms. Leaders in retail should understand that facing a cyber-attack is not a case of if but when. Retailers face many challenges when it comes to implementing effective cyber security controls.
- Lack of budget is a serious issue concerning smaller retailers as they usually don’t have the resources to invest in cyber security and instead have the bare minimum: firewalls and anti-virus software which offer limited capabilities to detect and prevent cyber-attacks.
- Smaller retailers also tend to assume that because they are not part of an international chain, they will fly under the radar and are unlikely to be attacked. In fact, it’s the opposite – since they are smaller, chances are they will lack the tools necessary and not be prepared for an attack.
The Payment Card Industry Data Security Standard (PCI DSS) is a common information security standard for organisations that operate with credit cards. Having PCI DSS compliance shows that retailers have control over the payment card information they process.
Trusted Security Partner
- Gridware is a leading global cyber security company with consultants operating in 20 countries
- We have worked with major retailers providing cyber security services to mitigate the risk of cyber attacks
- Our incident response team resolve major cybersecurity breaches by working to identify, detect and respond to cyberthreats
- The risk landscape for retail increases as companies are shifting towards IoT tools for their operations
- Payment processing is a high value target for cyber criminals
- Fast growth of retailers can mean best-practice controls get left behind
- Large supply-chain risk for retailers increases window of exposure for data theft
- Consumer confidence has big impact on growth and retention
In March 2019, retail giant Kathmandu reported that credit card details of their customers have been stolen by an unidentified third party. The intruders captured personal and payment details entered at the online checkout. Although it is unclear of how the cyber criminals breached Kathmandu, it was suspected that they entered via unpatched servers and implanted a card-skimming software in order to steal customer information. Katmandu did have some security implementations such as encrypting sensitive information however there is always a chance that it could be decrypted.
Breaches like these negatively affect brand reputation as customers lose faith in the organisation’s ability to protect their information. 80% of customers would not shop again at the same business if they’re aware that a data breach has occurred.
Supporting retailers against the risk of cybercrime
Fighting cybercrime requires a multifaceted approach. Gridware firmly believes the best approach requires an effective combination of the expert advice to improve security controls, building multi-layers of defence with leading security tools and constant improvement of the human element of security awareness.
Learn how your can start to tackle this issue with your organisation by speaking with us today.
The retail industry is a natural target for cyber crime – from payment fraud to sophisticated cyber attacks, retail continues to face one of the largest windows of exposure than any other industry