The retail industry is certainly not immune to the growing threats presented by cybersecurity. In fact, according to Black Stratus, one in three retailers lost revenue due to cyberattacks in 2019. The problem is growing, and due to the nature of cybercrime, it can be tremendously difficult to keep up with.
Many of the cyberthreats facing retail organizations are similar to the threats facing companies and individuals around the world, but certain attacks are specific to the retail industry itself. Here are 5 concerning cyberthreats that are facing the retail industry in the year 2020.
#5. XtremeRAT
Fireeye describes XtremeRAT as, “ a publicly available RAT capable of uploading and downloading files, interacting with the Windows registry, manipulating processes and services, and capturing data such as audio and video.”
In layman’s terms XtremeRAT is a type of malware that can wreak havoc on Windows systems, disrupt processes, and even steal sensitive data. XtremeRAT is something all retail business owners need to be aware of.
#4. Ransomware
Ransomware is one of those cyber issues that seemingly no one, company nor individual, is immune from. If you’re looking for a refresher on exactly what ransomware is, check out this quick article from Norton.
Ransomware is essentially a form of malware that is downloaded onto a system, typically as a result of a user clicking on a faulty link or downloading an unsecure file. Once the system is infected, private information and data will be withheld from its rightful owner until a ransom is paid to a cyber criminal.
#3. Attacks on Supply Chains
Supply chain cyber attacks are something that retailers can do very little to prevent. These attacks can devastate a company and even damage the relationships between companies. Gray Analytics describes supply chain cyber attacks as, “ occurring when someone infiltrates your system through an outside partner or provider who has access to your systems and data.”
This means vulnerabilities in the cybersecurity of your supply chain companies can end up becoming your problem.
#2. DDoS Attacks
The acronym DDoS stands for, “distributed denial of service.” These DDoS attacks are one of the most damaging cyberattacks facing the retail industry. Norton describes these attacks as when, “hackers have attempted to make a website or computer unavailable by flooding or crashing the website with too much traffic.” In other words, this is the attack that makes websites completely unusable for a certain amount of time. It goes without saying just how devastating these attacks are being that retailers are increasingly relying on ecommerce.
These attacks can come in the form of direct messages, contact forms, inquiries, or any other outreach that will be capable of bringing down a network or a website.
#1. POS Breaches
POS breaches, or, “point of sale” breaches, involve malware being used, “to steal information related to financial transactions, including credit card information,” according to Trend Micro. This is naturally a major concern for retail companies, particularly as ecommerce becomes an increasingly important part of business.
Many of these breaches are the ones that get mass publicity in the news. In fact, we recently wrote a blog on a few of the most significant breaches that occurred in 2019. POS breaches, however, tend to be much more focused on stealing financial information than any other personal information.
Cyberthreats touch nearly every industry in the world to varying degrees, and retail is no exception. While many of these threats can be tremendously difficult for retail companies to prevent, being aware of the 5 threats in this blog is a great place to start when considering the security of an organization.
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