are not really aware of the risks when they saw the “promise of a great online deal”. The holidays are not a time when anyone wants to learn the hard way, but these shoppers sat waiting for gifts that never came.
Consumers are not waiting until off hours to fill their digital carts. Hackers prey on the knowledge that it’s ever more difficult for end users to distinguish the difference between fraudulent and valid emails, which presents security issues to the enterprise as well. For the cybersecurity of end users (and the companies where they work) many have shared tips on how to avoid falling victim to a scam.
As retail organizations introduce more personalized services and customized engagements for their customers, they are storing and utilizing more personal data, such as product preferences and transactions history. However, this data, together with financial information that flows through their networks when transactions are done, make retail organizations an increasingly attractive target for cybercriminals.
compliance demonstrates retailers have control over the payment card information they process and that take steps to prevent data theft and fraud. It is required by law in many US states and European countries - which means any retailer that isn’t currently in line with PCI needs to take immediate steps to do so. The penalties for non-compliance are as high as $100,000 every month or $500,000 per security incident.
Hackers have retailers on the most wanted list. This universal fear is not with reason. Retailers face, on average, at least eight cyber attacks per year, with 74% of them considered advanced threats. It is an easy way to get what they want fast and get out. Protecting the bottom line, reputation and data is no easy task and 90% of the time it is always a reactive approach.
Retailers continue to be concerned about fraud and theft committed by internal employees and third-party providers who know how to by-pass processes and controls. Next to business interruption and fraud, the biggest cyber risk retailers face is data loss, which causes reputational and financial damage, including recovery and outage costs, fines and penalties from payment card companies and government regulators as well as increased card processing fees.
As retail organizations transform their operations in the months and years ahead, they have to ensure that cybersecurity is key to the strategy. It has to be in the forefront from the start and not an afterthought that is slapped on later. The problem today is that there are too many cybersecurity solutions. There is a lack of integration between them, adding complexity to IT systems that are already complex to manage today. Too often, it is not that a threat is not detected but that it is not visible or acted on by human operators.
According to the Retail Leader, 68% of breaches took months or longer to discover, even though 87% of the breaches examined had data compromised within minutes or less of the attack taking place. Cyber Forza is a Cyber Intelligent Security Software(CISS) solution that incorporates adaptive and cognitive artificial intelligence to recognize behavioral patterns, rules, departments, users, customized workflow, responses, action and analytics to help communicate your threats and take action.