The retail industry has become one of the most dynamic and fast-paced sectors of the economy. The global retail market generated almost 25 trillion dollars in sales in 2019, and is expected to reach close to 27 trillion dollars by 2022. Retail has evolved into an industry that never sleeps, and no retailer can afford downtime, whether in their physical stores or their online sites, which are open 24/7 . When it comes to cyberattacks, the retail industry is the most vulnerable and attacked.
In fact, according to Trustwave's 2018 Global Security Report, retailers were the target of 17% of all cyberattacks. Retailers' business models are changing at the speed of the cloud, and their cybersecurity plans must stay consistent.
There are several reasons why retail is especially at risk of attack:
- Customer data is frequently high-value because it contains things like credit card numbers, phone numbers, security questions and answers, and the like, and is thus sought after by hackers.
- Cybercriminals target retailers both remotely and at their operating locations, such as stores and warehouses. Attackers often target point-of-sale (POS) systems, installing malware that steals credit card information when the POS system is used.
- The prevalence of eCommerce systems means that there is a publicly accessible front end that is connected to critical systems in the background.
- Each of the suppliers and contractors that need access to the system are potential attack vectors.
- Automated warehouse and logistics IoT solutions also provide a high number of potential entry points into a retail system.
CyberNX's experience in Retail
CyberNX's consulting team have worked with retail companies to assess security of their infrastructure, applications and data. We have helped retail company's to secure networks, applications, data and digital assets as per security best practices.
Relevant CyberNX Services:
- vCISO services for Retail
- Information Security Assessment for Retail - Comprehensive Audit
- Vulnerability Assessment and Penetration Testing
- Managed Security Services
- Security Operations Center for Security Monitoring
- ISMS Implementation for Retail
The retail industry is being reshaped by new digital technology and services. To bring their IT security posture in line with that of other businesses, retailers must fill technology, staffing, and process gaps. Recognizing that cyber security is not core expertise, retailers should seek out experienced service providers who can deliver optimized managed network security solutions as well as ongoing threat intelligence.