If You’re in Retail, You’re Probably Going to Get Hacked. Are you Ready?

If You’re in Retail, You’re Probably Going to Get Hacked graphic
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From large scale ransomware attacks, to phishing campaigns, to point of sale (PoS) skimming schemes, cybercriminals have a vast arsenal of techniques to wreak havoc on retail organizations and their customers. The increased volume of shopping during the holidays only exacerbates that risk and creates more opportunity to strike.

Online sales during the 2019 holiday season have been incredibly high, with reported sales of $7.4 billion on Black Friday and $9.4 billion on Cyber Monday. The high volume of holiday shoppers presents an opportunity for cyber criminals to take advantage of existing vulnerabilities and carry out malicious attacks that have the potential to devastate both consumers and businesses.

Prior to 2018, cybersecurity data suggested that the most common type of attack in the retail industry was point of sale intrusion, but according to this year’s Verizon Data Breach Investigations Report, web application attacks have risen in popularity to become the most common. The evolution in attack methods can be linked to the retail industry’s digital transformation, where intuitive e-commerce and expanded offerings to enhance the digital experience become more prevalent. These shifting business models and changing attack methods have made many cybersecurity protocols antiquated and ineffective against emerging threats.

While the high-volume holiday season may be coming to a close, the threat against retailers and their customers isn’t going anywhere. According to recent research from the Ponemon Institute 61% of retailers have experienced a cyberattack in the past year, but 50% of retailers reported having no response plan for a data breach. This lack of cybersecurity prioritization leaves organizations vulnerable to malicious attacks that cripple businesses, exploit customer data, and cause retailers millions in damages.

With the odds stacked in favor of cybercriminals, it’s imperative that retail organizations take preventative measures now. With LinkGuard, organizations can quickly create secure and segmented networks and introduce additional layers of security such as encrypting all data in transit from PoS systems to payment processors. Because data isolated and is only transported after a cryptographic tunnel is created between two peer LinkGuard appliances, retailers are protected from man-in-the-middle attacks, IP spoofing, credential theft, and other network-based attacks. Yet this same LinkGuard solution also provides a secure path for retail management and third-party vendors to access the segmented network without worry of data exfiltration.

See how Blue Ridge Networks worked with a large retailer to resolve their cybersecurity challenges by segmenting and securing PCI networks, all while maintaining connectivity and uptime for 22 remote stores and staying within a set budget, in our recent case study.  Or, reach out to our team of cybersecurity experts about how Blue Ridge can help strengthen your cybersecurity infrastructure.