Defining The Threat Spectrum Of Cyber Security For Retailers
Several retailers have started leveraging the e-commerce market to increase their customer base and boost growth.
FREMONT, CA: The digital transformation has supported the retail industry to grow at a rapid pace. Several retailers have started leveraging the e-commerce market to increase their customer base and boost growth. Nevertheless, with technological improvements, cybersecurity risks have also grown manifolds.
The retail industry processes troves of customer data with personal and financial information, making them a viable choice for hackers. These hackers can smoothly bypass the primary security barriers like user authentication and firewalls to launch different sophisticated attacks on an organization.
Here are some of the rising cybersecurity threats to the retail industry:Return and Refund Fraud: Most retailers have a return policy at their online stores. This policy support retailer in gaining the trust of their customers. Unfortunately, at the same time, the bad actors have also started to use the same policy to dupe a retailer. For example, the hackers use fake receipts to apply for refunds for never purchased products. Cybercriminals also employ a stolen credit card to purchase a product and request a return on another credit card.
Supply chain attacks: As per a recent study, more than one-third of all retail cybersecurity breaches are caused because of third-parties. Many retail giants implement the best-in-class security measure to protect their networks. However, hackers can use third-party connections to breach a company's network. For example, hackers use app integration to access a company's network and deprive them of their valuable data.
IoT Vulnerabilities: The acceptance of IoT technology has skyrocketed in past years, which has enhanced the number of endpoints for retailers. The rise in the endpoints has been followed by an enhanced cybersecurity risk for organizations as hackers have more ways to enter a network.
Ransomware Attacks: Ransomware attacks are also the most common as they allow hackers to earn quick monetary rewards while ensuring that their identity remains concealed. The retail industry has also endured massively because of ransomware attacks.
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