It’s been a busy week for information security in the retail and hospitality sector. Earlier last week, InterContinental Hotels Group (IHG) acknowledged a credit card data breach that impacted more than a dozen properties across their hotel brands spanning the United States and the Caribbean. Similarly, fast food chain Arby’s disclosed on Friday that it had recently remediated a breach of data on up to 1,000 of their corporate-owned locations.
Retailers are some of the most vulnerable organizations when it comes to data breaches. Due to the fact that these companies have to process enormous amounts of customer financial information, it simply makes sense that hackers would do everything they can to get past cybersecurity defenses.
Outside of the fact that a significant cyberattack will forever change how customers view your company, these incidents generally have significant financial fallout. To that end, what can a retailer expect to deal with when they're the victim of a data breach?
While credit and debit cards are extremely convenient, they've also opened up a whole new world of fraud. This makes the systems that retailers use to process these payments seem like great targets for hackers, and organizations from every corner of the globe are scrambling to secure themselves against these threats.
One big solution to this has been the Payment Card Industry Data Security Standard. The PCI DSS is a regulatory code that tells companies how they can better defend themselves against attacks levied to steal card data. It's an important tool in the fight against fraud and should be strictly followed.
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.
Black Friday is right around the corner. Is your company ready for it?
We hope so, and we're comfortable assuming that all consumers nationwide hope so too. After all, their livelihood could depend on it.
"Each year cybersecurity becomes a major topic around the holidays."
Each holiday season, cybersecurity becomes a hot topic. People swipe their credit cards left and right to buy goods and services, and they worry about the payments later. While shopping can be fun, it's also risky.
Why is holiday shopping so dangerous? Blame PoS malware.
IT security is one of a company's major lifelines. Data breaches alone cost companies nearly $160 per record, according to a 2016 Cost of Data Breach Study, and often hundreds if not thousands of pieces of data are stolen. The Trump Hotel Collection is facing the harsh reality of a data breach after it agreed to settle for $50,000 in penalties and improve its data security protocols after cybercriminals gained access to 70,000 credit card credentials, according to Computer World.
Protecting critical business data and customer information should not be taken lightly. The latest example of a major data breach comes out of Eddie Bauer, a clothing store chain located in Washington.
"Not every Eddie Bauer
customer was affected by the breach, but all would receive identity protection."
The company recently released a statement notifying its customers that its North American stores had been compromised by a security hack between January 2 and July 17 of this year. It did note that not every customer was affected, but that all customers would receive identity protection for 12 months.
The number of data breaches in 2016 list keeps growing! To make matters worse, if suffering from one data breach wasn’t bad enough, Hard Rock Hotel & Casino in Las Vegas, Nevada, announced that it recently suffered from a second data breach in just over a year.
The global fast food business brings in $570 billion a year. It's ubiquitous, woven into the very fabric of American life. It defines American abundance and efficiency across the globe—and it is a favorite target of cyber attacks.
Two major data hacks that were announced in April 2016—that of Qatar National Bank and Utah-based cosmetics company doTERRA—might initially seem far apart on a spectrum. After all, isn't the breach of a financial institution more important than a digital intrusion into a business selling essential oils?