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Cybersecurity for Retail

An extraordinary retail experience starts with worry-free security.

Overview

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.

PCI DSS Compliance

Payment processing is subject to strict regulatory compliance with standards such as PCI DSS that must be met in full or otherwise place the organisation at risk of fines

Reputation Risk

Recent consumer study showed that more than 70% of customers would not purchase from a retailer if they have been impacted by a data breach. Confidential data loss will cost more than profits and can have a lasting effect on customer/client retention

Refund Fraud

A criminal generates a fake receipt and misleads the retailer into refunding goods that were never purchased. They might purchase an item online using a stolen credit card then request a refund to be processed to a different card

Supply Chain Risk

The increasing connectivity between a retailer and its third-party connections increases the risk of an external cyber incident having the same impact as one directly affecting the retailer

The Use

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 Challenge

  • 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

Case Study

kathmandu-logo

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 Risks

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

  • Payment diversion fraud
  • Supply-chain risk
  • Ransomware and malware
  • Human error and insider threat
  • DDoS attacks to payment platform
  • Phishing and credential compromise

Let’s start the conversation and talk to one of our experts about how improve your cybersecurity posture and strategy.

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