In recent years, IT trends like AI, omnichannel marketing, and eCommerce have exploded onto the scene. And with new technology and ways of using technology, come new cyber threats.
The retail industry, in particular, is a prime target for cyber attacks. This is due to the massive amount of customer data collected, processed, and stored by retail businesses.
Here’s some of the key types of cyber threats all retailers should be alert to:
POS systems can be targeted by hackers looking to steal payment card data. Malware can be installed on these systems to capture customers’ card information.
Retail employees are often the targets of phishing emails or social engineering attacks orchestrated to trick them into sharing login details or other sensitive information.
Many retailers rely on third-party vendors for various services, such as payment processing, inventory management, and website hosting. However, these suppliers can also pose a risk if they have weak security practices that can be exploited by hackers.
Team members with access to sensitive information such as business login credentials can pose a risk if the proper cybersecurity measures aren’t taken (such as 2-factor authentication). Without the right security processes in place, something as small and unintentional as a lost employee laptop can have devastating effects on retailers.
Retailers are also at risk of ransomware attacks, which can result in the encryption of sensitive data and demands for payment in exchange for the decryption key.
There are a number of schemes designed specifically to exploit weaknesses in eCommerce store systems. New types of eCommerce cyber attacks are emerging all the time, but some of the most well-known ones include: