Retail in the spotlight: How to mitigate risks and protect your business

The retail sector has been one of the hardest hit by accelerated digitization and the growth of e-commerce. As more transactions are conducted online and physical systems are integrated with technologies, mobile payments and big data analytics, cyber-attacks in this sector have increased significantly.

According to Trustwave, phishing is the main attack vector in retail, accounting for 58% of incidents, while brute-force attempts to access credentials account for 92% of threats. These data reflect the urgent need to implement more robust cybersecurity strategies to avoid vulnerabilities.

Attractive Target for Cybercriminals

Retail companies handle large volumes of data, including personal and financial customer information, making them an attractive target for attackers. Instead of stealing physical products, cybercriminals are looking for login credentials, bank card details and shopping habits to sell on the dark web or commit fraud.

A Verizon report notes that 38% of retail data breaches involved compromised credentials, underscoring the importance of strengthening identity and access controls to mitigate risk.

The retail sector is known for its high employee turnover, which presents a significant cybersecurity problem. With temporary or seasonal workers accessing critical systems without proper training, the chances of human error or insider threats increase.

According to the Trustwave study, 16% of retail ransomware incidents targeted food and beverage companies, where employees have frequent access to payment terminals and sensitive data. Implementing an identity and access management (IAM) strategy with multi-factor authentication (MFA) can minimize these risks.

Strategies for Safer Retail

To mitigate cyber risks in retail, companies must take a holistic approach based on technology, processes and training. Some key strategies include:

• Implementation of Zero Trust and access segmentation.
• Continuous monitoring with SIEM and behavioral analysis (UEBA).
• Data protection with advanced encryption and tokenization.
• Cybersecurity training for employees and business partners.
• Technology Trends in Retail and their Impact on Security

Retail companies must adopt proactive security measures, ensuring that each technology implemented has adequate controls in place to prevent vulnerabilities. The retail sector can no longer afford to view cybersecurity as an expense, but as an essential investment for business continuity. With a combination of advanced technology, robust security protocols and ongoing training, companies can drastically reduce their exposure to attacks.

The retail of the future will be digital, connected and secure. The key is to adopt a comprehensive cybersecurity strategy that protects both businesses and consumers in an increasingly interconnected world.