According to a recent ransomware report from sophosretail was the second most targeted industry by attackers in 2021. In fact, more than 75% of retail businesses were targeted by ransomware.
While most of us look forward to enjoying the holiday season with family and friends, and many of us go shopping, threat actors and cybercriminals, on the other hand, see a plethora of opportunities to unleash ransomware attack tactics and campaigns designed to target holiday shoppers and retailers.
Why are ransomware actors drawn to the retail sector?
The massive increase in online shopping in recent years has inflated the attack surface, making retailers a high-value target industry for attackers around the world. Ransomware actors tend to have a strong predilection for organizations that require 100% uptime for their business operations. Companies in the retail industry must serve their customers consistently and simply cannot operate without extended supply chain partners, 3rd part dependencies and continuous production systems. This makes retailers a prime target for ransomware actors, especially during the festive season when sales skyrocket.
Also read: Ransomware actors paralyze a major French hospital
Because downtime is incredibly damaging, retailers are more likely to pay the ransom and less likely to negotiate if an attacker brings down their critical systems and halts sales and operations. Attackers also target retail businesses to steal customer data such as payment details, personal information, etc.
Futurism recommends intelligent threat protection Ways to help retailers strengthen their security posture and keep Ransomware actors at bay this holiday season and beyond:
1. cyber insurance
Cyber insurance is a must for any business in today’s rapidly evolving threat landscape. According to IBM, the average cost of a data breach in 2022 is $4.35 million, a price that many companies simply cannot bear. have a intelligent threat detection The implemented model that is equipped with a robust data backup and recovery plan can help a retailer get the best cyber insurance deal.
2. good cyber hygiene
Ensure good cybersecurity hygiene, such as implementing a company-wide employee security awareness program. Also, ensure that all operating systems and critical software are regularly patched and updated with regular vulnerability assessments and penetration tests or VAPT tests. Also implementing industry leaders Advanced Threat Protection (SIEM) The solution goes a long way in keeping threat actors at bay.
3. Seek expert help
Evaluate a handful of managed security services vendor options if your company lacks the necessary security resource pool or expertise. Establish Managed endpoint detection and response (EDR) and Extended Detection and Response (XDR) models deployed to initiate immediate response action and stop threats before they begin to manifest. XDR, on the other hand, would help deliver better data visibility across all applications, endpoints, networks, cloud, etc.
4. Implement insider threat solutions
Most Ransomware attacks involve the abuse of privileged accounts. Yes, your own employees and/or users can put your organization’s cybersecurity posture at high risk. Insider threats can cause irreparable damage. have a strong insider threat management solution in place can help save the day for you.
5. Get Zero Trust
Retailers must protect themselves from both internal and external threats. They must ensure that all employees follow proper safety protocols. In addition, they must offer safer and more convenient shopping experiences to shoppers. Most importantly, retailers must protect customer data at all costs. This includes credit card details, personal information, etc.
Zero Trust is an adult cybersecurity model that can help retail businesses thwart bad guys. As the name suggests, Zero Trust simplifies risk management by removing implicit trust. Regardless of the situation, user, location, and access method, security remains at the center with Zero trust security service.
As retailers prepare for the busiest shopping season, cybercriminals are also preparing to unleash a wave of cyberattacks that could make the holiday season a misery for many retail businesses and their customers.
Don’t fall for the bait! Get expert help now!
The post Retail Ransomware: How to protect your business this holiday season? first appeared in Futurism Technologies.