5 Ways to Prevent Retail Cyber Threats

The number of cyberattacks in 2023 increased by 7%, which also includes retail cyber threats. It’s not true if you believe that cyber threats are limited to ransomware attacks.

Retail cyber threats are many and range from altering gift card information to tricking self-checkout systems by changing barcodes. This includes hijacking customers’ accounts, and then stealing their personal details, to digital skimming and the theft of details from credit cards. Let’s look at how cyber-attacks can affect your business and the best way to deal with these threats.

5 Ways to Prevent Retail Cyber Threats

Ransomware Attacks

It is easy to see the seriousness of the issue since McDonald’s along with Ikea were among the major victims in 2022. According to a report by Malwarebytes, ransomware attacks are on the rise between June 2022 and July 2023. Financial losses are at the forefront of repercussions often leading to bankruptcies, and smaller retailers find it extremely difficult to stand on their own again. The majority of companies must close down their operations, and even point-of-sale systems.

The loss of reputation is a significant problem. Security issues and leakage of customer and employee data can lead to people leaving the company completely.

Mitigation

• Save important information and customer data: Even if you lose it due to a ransomware attack, however, you’re not totally damaged and can continue to run your business.
• Use antivirus and a VPN: Good antivirus software can alert you to the danger before it happens. Additionally, a secure VPN will help increase your security against cyberattacks.

Also read: Top 5 Bot Protection Software

Bots and Impersonators

Bots are scripts created by computers that mimic human behavior by using a web browser. They’re difficult to spot since they hide behind anonymized proxies and public cloud services. By using these methods bots can purchase items by using stolen customer information from gift cards, vouchers, and even credit card details.

Impersonators trick customers into giving their personal data which is later used to menace their customers. The hacker creates a fake replica of a well-known brand and then steals confidential data such as financial information including login credentials, financial information, and personal data. The technique used to impersonate a brand is so modern that it’s almost impossible to tell if the authenticity of the brand is genuine or fake.

Mitigation

• Blocking: You are able to block browsers that have been outdated and agents.
• Keep a check: Quick investigation of high traffic spikes and monitoring unsuccessful login attempts will help you limit bot attacks to a large degree.
• Dedicated IP: you have a higher chance of experiencing this problem if you’re using an IP server shared by another. You must utilize the dedicated server. A dedicated IP will be able to identify any issues that may be caused by your VPN not functioning or server blocking.

DDoS Attacks

A DDoS attack involves overloading the server targeted with massive internet traffic coming from multiple places, eventually rendering your website unusable.

A targeted server can be hit by an array of devices or computers that have been infected by malware and used to relay requests to the targeted IP address. There’s a risk of financial damage and stress on the IT staff if fail to take the necessary steps to stop this kind of attack.

Mitigation

• An effective firewall is crucial: Protecting your business against DDoS attacks is feasible by implementing advanced security systems. It is possible to install a powerful firewall from a reputable manufacturer such as SonicWall, Draytek, or Cisco.
• Troubleshooting: Updated techniques for troubleshooting and monitoring regularly provide thorough and unbeatable security from DDoS attacks.

Supply Chain Problems

Sometimes, hackers attack supply chains and cause disruption to many businesses that are associated with them. They could take your financial information and disrupt your daily activities by limiting the access you have to services. The case of the SolarWinds attack in 2022 was a prime example of how thousands of businesses are at risk.

Mitigation

• Conduct a third-party assessment: Regularly conduct third-party risk assessments to find out the presence of any security threat from inside or a weakness that could be present.
• Remote access strategies: You could also ask for advice from a Managed Service Provider (MSP) which provides security solutions for endpoints to guard against these risks. In terms of malware identification to hunting for threats they can help in a variety of ways to address cybersecurity vulnerabilities.

Also read: What are Global Supply Chain Issues and Strategies for Success?

Problems Inside the Organization

Because retail work is extremely stressful, many employees don’t pay much attention to cybersecurity. In addition, businesses often don’t pay much attention to their cybersecurity training which puts their business at a higher risk of attack.

Conducting a background check on all employees is extremely difficult because of the high level of staff turnover in retail. Employing too many part-time employees with no background checks can permit bad actors to gain insight and then sell it to rivals or even hackers.

Mitigation

• Complete background checks
• Secure access controls: Limit access and permissions to the data necessary for their work.

Although you cannot completely end all cyber security threats to retail you can reduce them to the extent possible. Be aware that timely security measures at the front of the line are superior to implementing a total security overdose during a time of need.