Every industry faces threats from cyber crime, but retailers are particularly at risk due to the growing requirements for an online presence, and the large amounts of valuable data which is stored.
In the 2017 Retail Crime Survey, the British Retail Consortium found that half the respondents saw an increase in the number of cyber-attacks. Phishing, theft of data and denial of service were the most significant types reported. To compensate, it was found that retailers had spent 400% more on cyber crime prevention.
The main threat is from criminals stealing data, which might include names, addresses and credit card details; to be sold via the lucrative underground economy. Denial of service attacks which cripple a business’s website for a period of time, causing online sales to be suspended is another big threat.
These attacks often mask the criminals real intent of installing viruses or malware on a network. A Neustar global survey found that 77% of retailers had been victim to such an attack with 21% encountering ransomware as a result of the incident.
Business owners needs to be proactive and look to detect breaches or weaknesses in their systems, and those in their supply chain. Everyone in the business should make cyber security a priority – from the shop floor through to management; with training and awareness programmes being utilised.
For more information, please contact the Isle of Wight agency on 01983 522290 or visit www.nfumutual.co.uk
The Isle of Wight Agency is proud to sponsor Retailer of the Year at the Isle of Wight Chamber of Commerce Awards 2019.