As more services continue to move to an online environment, the importance of cybersecurity is being emphasized in every industry in the market. That said, certain sectors are feeling the pressure of this concern more than others, with perhaps the best example of this being retail organizations.
The retail world has been repeatedly hit by cyberattacks in the past, and it doesn't look like hackers will be stopping anytime soon. It's imperative that company leaders in this field begin to prepare their businesses for the worst, so let's take a look at some reasons why retailers should beef up their current cybersecurity defenses.
1. Retailers hold a lot of financial data
As consumer began to rely more on debit and credit cards, retailers had more of an obligation to hold onto the financial data of their customers. While this is simply a reality of modern consumerism, hackers see these massive repositories and the systems that move customer information into them as perfect targets.
"Cybercriminals have a lot to gain by breaching a retailer."
For instance, take the cyberattack levied against Eddie Bauer that seems to have originated in January 2016, according to security expert Brian Krebs. This instance involved a hacker compromising a point-of-sale system that was used in all of the Eddie Bauer stores in the U.S. In doing so, the nefarious individual got away with the credit and debit card information of countless customers.
Clearly, cybercriminals have a lot to gain by breaching a retailer. So much information contained within a single organization's infrastructure is simply too much to pass up.
2. Hacks can lead to lawsuits
Of course, the customers who have their private information leaked to the criminal underground are the real victims in these scenarios. As such, the courts generally look very favorably on cases brought against retailers who didn't prevent a major cyberattack.
"Customers are the real victims in these scenarios."
Perhaps the best recent example of this is the Target breach, where InfoWorld reported that around 110 million people had some of their personal information stolen. Although all of these people weren't elligible for a class action lawsuit, many were and Target eventually settled to pay customers around $39 million, according to CNNMoney.
3. Your reputation could be ruined by a breach
While the money lost from an attack is certainly a major blow, both in terms of lawsuit settlements and cash spent investigating, the biggest problem is going to come in the form of reputational damage. People are very quick to drop a company they don't think has the capability to protect their personal information, and it only takes a single hack to ruin your company's image.
The headache from a cyberattack simply isn't worth the money you "save" by not investing in robust cybersecurity systems. Every retailer should know how important these solutions are and they should be constantly working to improve them.
How You Can Gain Peace of Mind
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EiQ’s SOCVue combine the best people, process, and technology to build the enterprise-class IT security program your organization needs. That’s because SOCVue gives you the flexibility and cost savings of a security software-as-a-service offering, but also provides a world-class team of security and technology experts to manage the technology and help implement cybersecurity best practices.
With all the challenges you face today while trying to keep your organization safe, having the best IT security solutions in your corner should not be one of them. Download our whitepaper below and to see how quickly and affordably you can improve your security and compliance posture with EiQ.