3 Biggest Cyber Threats in the Retail Industry

3 Biggest Cyber Threats in the Retail Industry

Cybersecurity has become a necessity in every industry. In the world of retail, companies need to protect the personal and financial information they collect from customers. With the rise of sophisticated phishing attempts and ever-evolving malware, there’s no underestimating the importance of data security in retail. The first step to building a good defense is knowing what to watch out for. With a variety of threats out there, retailers must build comprehensive defense systems that can handle a wide range of dangers. Start by learning more about these biggest cyber threats in the retail industry.

Realistic Phishing Scams

Gone are the days when you could tell a phishing attempt was fake as soon as you looked at it. Sophisticated designs and clever crafting techniques now make phishing attempts look more legitimate than ever, which means they continue to wreak havoc on industries and individuals alike. Prevent your employees from falling for phishing scams by offering regular training and education. Additionally, establish a policy that states employees should never send sensitive information like passwords through email.

Unauthorized Access and Insider Threats

Issues of authorization and access are a significant threat in many industries, but they become particularly dangerous with the high turnover rates in the retail sector. Make sure you have clear and proactive policies about terminating access for ex-employees. Don’t wait to erase an employee’s credentials and access once they leave the company. Additionally, make sure you stay on top of authorization policies for current employees. With the hustle and bustle of a retail environment, it’s easy for negligent or harmful behaviors to fall under the radar. Do your best to monitor access with specific credentials, cameras, and other security solutions. You should also ensure that background checks are a regular part of the hiring process, especially for employees with access to sensitive data.

Vulnerable Supply Chains

Supply chains are an easy target for many hackers and scammers, which means a vulnerable supply chain is one of the biggest cyber threats in the retail industry. It doesn’t matter how thorough your own defenses are. If other vendors in your supply chain don’t prioritize security the same way you do, they put your company at risk. Service level agreements can help clarify and prevent a lot of issues with your vendors. With every partner you bring onto your supply chain, set clear expectations and goals about troubleshooting, security, and compliance. This transparency will help you build strong relationships from the start and improve security throughout every aspect of your business.

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