Avoid Becoming A Victim of Cybercrime
Today’s digital technologies allow retail businesses to connect online with customers around the globe. But those same technologies can make retailers vulnerable to cyber risks that can fatally damage the health of your brand and business.
While in-store computer systems and consumer-facing websites are a boon for retailers and their customers, the data they collect and maintain — credit card numbers, personal addresses, and other types of sensitive information — makes them a target for cyber crime.With this sophisticated and increasing cyber risk come obligations to your customers privacy, and to keep up with a multitude of global and local regulations. Despite the best intentions of a retail business, cyber breaches can happen. Here’s some basics on cyber crime and some tips on how retailers can mitigate that risk.
Retail Data Security Dangers in Brief. To cybercriminals, data is profit. Hackers use vulnerabilities to gain access to a system using methods and software that are constantly changing and ever more sophisticated. Here are a few terms that retailers should know:
Phishing. One of the simplest and most common cyber crimes, this relies on an employee clicking into a phony email. This releases malicious software (malware), and allows bad actors to access the company’s systems. Distributed Denial of service (DDoS) attack. Also employing malware, these attacks overload and shut down a website to enable access to the system and its data.Ransomware. Software released into the system to shut it down and take it “hostage.” The cyber criminal then demands ransom (generally in untraceable crypto currency) in exchange for providing a key to “release” the system.
What these all have in common is that they disrupt business and can cost retailers hundreds of thousands of dollars in lost revenues, legal expenses, fines, and reparation costs. Reparations usually require not only technical and financial experts, but also public relations professionals, because of the damage to customer trust and brand loyalty. The resourcing and the expense can be enough to seriously cripple or even shut down a retail business. For more key cyber security terms, check out Cyber Security Terms You Need To Know.