Data breaches involving credit and debit card information tend to be the
costliest cybercrime incidents for retailers
of the increased frequency of cyber-attacks against retailers, and many are ready to walk away from their favorite retailers if a breach occurs.
In addition to those who would abandon the retailer entirely, 33 percent of the consumers indicated that fears of further exposure of their personal information would prevent them from shopping at a breached retailer for at least three months. When asked which factors most likely contribute to a customer not returning – or delaying a return – to the store, consumers surveyed cited a lack of a solid plan to prevent further attacks as a top factor.
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.
Cybersecurity needs be to at the Core of Retail Organizations’ Digital Transformation Strategy
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.
is a double-edged sword in Retail. E-commerce is already a main target for cyber attacks because of personally identifiable information (PII) intrinsically linked to payment data required to complete transactions. When a retailer is hacked potentially millions of individuals fall victim to the hacker, having their information stored and sold on the dark web, ready to be merged with other data sets to build up useful profiles of the general public for identity theft and phishing campaigns.
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.
Secure Retail Records
Secure Retail Devices
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.