By Sneha Bokil - November 15, 2019 3 Mins Read
It is estimated that the cyber-attacks cost retailers around $30 billion each year. As per IntSights, Organized Retail Crime (ORC) is one of the top cyber threats that retail companies face.
A security breach costs retail companies significant losses in terms of revenue in case of security breaches. According to a recent report released by IntSights, the retail sector is the most vulnerable to cyber-attacks. In 2019, it had the highest number of cyber-attack incidents compared to any other sector. The report offered insights on how retail companies can protect themselves from crippling cyber threats.
As per IntSights, organized retail crime (ORC) is one of the top threats retail companies face by cybercriminals. It is estimated that the cyber-attacks cost retailers around $30 billion each year. Cyber attackers collect leaked credit card numbers and personal information from the Dark Web. Well known cybercrime groups including FIN6 and FIN7/Carbanak Group, have targeted retailers with POS malware in the past. These malware kits are available on the Dark Web and anyone can target the companies to launch cyber-attacks.
Here are some of the ways in which retail companies can safeguard themselves from cyber-attacks.
Upgrade to modern, hybrid and multi-cloud-based data security solutions
Retail companies are targeted by cybercriminals and increase the chances of being attacked owing to the use of outdated security measures. They need to ramp up their security measures by keeping a tap on the recent security developments and advances. The majority of retail companies are at risk as they don’t upgrade their legal security systems, thereby putting them at a higher risk of being a target of cyber-attacks.
Monitor threats where the cybercriminals gather
One of the key factors that play an essential role in the effective security strategy, is external threat intelligence. Companies need to make sure a potential threat does not snowball into a full-blown attack. With the help of automated external threats, security teams can learn about intelligence solutions to identify a threat and stop it before it causes any damage.
The right blend of loss prevention and cybersecurity
Retail companies need to train their loss prevention employees and involve them in providing intelligence to their cyber protection teams. They should be ready for a cyber-attack with a proactive defence strategy and teamwork.
Extremely stringent compliance policies
Companies need to ensure they have a team of professionals that are constantly updated on changing laws and regulations around cyber-attacks. Retail companies need to know the type of compliance is required its locations and ensure it is implemented, so they stay fully complaint.
A 2019 Thales Data Threat Report found that 39% of US retailers consider themselves either very or extremely vulnerable to a cyber-attack. This vulnerability will only with rising eCommerce and Omnichannel retail business opportunities. Companies need to move past the threat and defend their assets before they are compromised, in the event of an attack. Losses can be crippling for the brand and extremely risky for customer data.
Sneha Bokil is a Senior Editor with OnDot Media. She writes editorials on an array of topics ranging from IoT, AI, ML, and cloud computing, among others. She has over 9 years of experience in the field of content creation, where she has written on technology, both enterprise and consumer, and finance.
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