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Retailers urged to strengthen cybersecurity defences against ransomware threats ahead of Cyber Monday
November 2024 by Brian Sibley, Virtual CTO at Espria
As Cyber Monday quickly approaches, retail organisations are urged to take immediate and decisive action to protect against the growing threat of ransomware attacks.
According to the "State of Ransomware in Retail 2024" report by Sophos, nearly 80% of retail businesses were targeted by ransomware in the past year. This statistic highlights the increased vulnerability of the retail sector during peak shopping periods. The high volume of transactions and the storage of sensitive customer data creates a prime opportunity for cybercriminals. A single ransomware attack can lead to severe operational disruptions, financial losses, and long-term damage to a company’s reputation.
According to Brian Sibley, Virtual CTO at Espria, with the busy shopping season approaching, the stakes for retailers are exceptionally high.
“Cybercriminals are very aware of the increased traffic during this time and are eager to exploit any vulnerabilities. The retail industry must view cybersecurity as a critical aspect of business continuity, rather than just a seasonal concern. A security breach during this period could affect a retailer’s financial stability and customer loyalty long after the seasonal sales have concluded.”
To help retailers prepare for the increased risk during this period, Sibley recommends a multi-layered approach to cybersecurity that includes advanced threat detection tools for real-time monitoring.
“Real-time threat detection is essential in today’s environment. These tools enable retailers to identify and respond to suspicious activity as it occurs, providing a critical advantage against bad actors who may already be probing their systems. In retail, where every second counts, the ability to act quickly can mean the difference between neutralising a threat and facing a widespread breach.”
Regular security assessments are a crucial defence mechanism that enables organisations to identify potential weaknesses in their systems before they can be exploited.
“Cybersecurity isn’t something you can set and forget,” Sibley explains. “Retailers should conduct assessments regularly. Identifying and patching vulnerabilities before Cyber Monday is essential for staying one step ahead of cybercriminals who are always searching for unpatched systems.”
Training employees in cybersecurity best practices should be a fundamental part of a retailer’s defence strategy. Sibley emphasises that well-trained staff serve as the first line of defence against threats such as phishing and social engineering, which are common tactics used by malicious actors to gain access to sensitive systems.
"Employees are often the first line of defence, and cybercriminals are aware of this. By ensuring that staff can recognise and respond to phishing attempts, retailers can significantly reduce their risk. Education is one of the simplest and most cost-effective ways to enhance security. Having a robust incident response plan is also essential. The quicker a retailer can isolate a problem, communicate the necessary information, and restore data, the lower the financial and operational impact.”
Sibley concluded, “Retailers have a unique opportunity to build customer trust by showcasing their commitment to cybersecurity during the forthcoming retail peak. By taking proactive measures, retail businesses can create a safe and seamless shopping experience that benefits both the organisation and the customer.”
