In this case, hackers use a stolen credit card or hack a legitimate account to make a purchase online. This is an example of retailers offering a service for convenience to improve the customer experience and criminals exploiting it. Buy unauthorized purchases then quickly picking up merchandise in-store Since the hacker’s bank is added through a customer’s account, illegal transactions commonly get approved. They then upload information from a stolen credit card and attach it as a payment method to the existing account. New payment method exploitsįor this scheme to work, cyber criminals find a way to hack into existing user accounts. Some of the methods that cybercriminals are attacking retailers today include: 1. The large number of internet-connected devices creates a tempting attack surface for criminals, and a variety of attack schemes specific to the retail sector have emerged as a consequence. The technology is designed to enhance the shopping experience, but can also create major challenges for security teams. That means that there are around 500 devices that need to be secured and managed for every 100 retail employees. According to Security Magazine, a typical retail environment has a 5:1 device to people ratio because of sensors, self-scanners, point-of-sale (POS) systems, and other connected devices. One of the more interesting security challenges in the retail sector is the sheer number of internet-connected devices. It differs from more traditional cybersecurity approaches, which are typically reactive and based mainly on IT and security team criteria. A cyber resiliency framework offers a proactive, comprehensive approach to security that includes input and participation from all departments and workers throughout a business. Cyber criminals are only becoming savvier, and the coronavirus pandemic has expedited an already changing retail sector with more traffic and transactions occurring online.ĭeveloping a comprehensive cyber resiliency strategy is more important than ever for retailers today.
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According to research from Bloomberg, nearly 400 million customer records have been exposed through malware attacks on retailers during the past few years. The retail sector is one of the most vulnerable when it comes to cyberattacks, largely due to e-commerce and massive volumes of online traffic. Many retail businesses prioritize website user-friendliness and customer engagement rates, sometimes at the expense of security