The retail industry is one of the most vulnerable to cyber risks. The constant need for immediate action and excellent customer service can make it a tempting and easy target for hackers, who know that retailers are always finding ways to improve their business operations.
One of the many reasons why retailers should worry about ransomware is the user base. Retail businesses are home to thousands and sometimes millions of customers’ sensitive data. It makes the job easy for cyber criminals to steal user data. But that’s not all. Read that in this article below.
Terming ransomware to be dangerous would be an understatement. Ransomware has the potential to be catastrophic for businesses. Sometimes, it can shut down a business or destroy its reputation for days or weeks. In other cases, it costs millions to recover from a ransomware attack and rebuild customer confidence in their brand again.
As it is a type of malware that targets files, cybercriminals can hold them hostage until the ransom is paid. In some cases, the malware is so sophisticated that it targets backup files. The price ranges from $500 to $10,000 per device or network.
However, one must remember that the files might still need to be recovered even after paying the ransom.
It is indeed a fact that the retail sector is not immune to ransomware. In fact, it has a lot of valuable data, which is why they are such a tempting target for cybercriminals.
As said before, they have a lot of money, sensitive data (like credit card numbers), and customer information. These data must be safeguarded by the retailer at all costs, not just to save reputation but also to escape legal complications.
Practically, cyberattacks are unstoppable as professionals plan them. In order to hinder the hacking process, there are many things retailers can do to protect their business from cyber attacks like ransomware:
- Use Antivirus Software: Ransomware is typically spread via email attachments, so having good spam filters in place is crucial for keeping the threat at bay.
- Turn on Firewall: Firewalls should be used on all devices that access the internet, such as desktops, laptops, and tablets (eCommerce sites).
- Hire a Cybersecurity Company: Third-party cybersecurity firms have effective cyber risk intelligence solutions. They provide predictive analytics, attack scenario analytics, threat profiles, and other solutions. It is the most authentic way to protect your retail business from cyberattacks.
- Always have an Incident Response Plan: An incident response plan includes who will respond when an attack occurs and how they will respond once they’ve acquired control over the system being attacked (which may include calling law enforcement).
Whether you’re a retailer or not, it’s essential to be aware of ransomware’s threat. It can damage your business and reputation if you aren’t prepared. If you have understood why retailers should worry about ransomware, you must also understand how important it is for employees to follow security policies while working on their computers or mobile devices at work. The best way to deal with ransomware is to stay prepared for it.