As a retail business owner, you or someone on your team probably begin each Monday morning by reviewing the sales figures. But imagine going to work after an uneventful week to discover a sales figure of zero.
Your first instinct might be that the report contains an error. But what if there is another cause? What if cyber criminals got hold of your IT systems and took your business online, leaving customers unable to order?
That is one example of the havoc cybercriminals can wreak on a business. There are many more. Discover how to protect your business with our guide to retail cybersecurity.
Understanding Cyber Risks to Retail Businesses
Cybersecurity threats are an ever-changing landscape. It's important to know what you face as a business in order to protect yourself from it.
Retail companies are customer-facing, and they rely on gaining trust with members of the public. Data breaches could put this at risk, exposing private customer data, including credit card information, to hackers.
Phishing is another concern.
Hackers could pose as authentic customers or third parties and trick your employees into handing over sensitive data like passwords. There is also the threat of your employees inadvertently downloading malware that interferes with your internal IT systems.
Finally, you need to be aware of ransomware attacks. That's where a hacker gets control of your system, crippling your retail operations, and won't release it until you pay a substantial fee.
These real threats have created problems for retail businesses and will continue to do so. Knowing what you face and taking proactive steps is your best defense in the fight against cybercrime.
Review Your Access Controls
Limiting the number of staff who have access to critical systems can help reduce your cybersecurity risks.
Critical systems include your network, software holding user data, and customer-facing systems like an online store. Have robust rules in place for things like authentication and password management.
That means setting policies for your staff on creating strong, unique passwords. They should also update them every month. You want MFA (multi-factor authentication) for the highest layer of security.
You should also adopt RBAC (role-based access control), which means people only have access to the parts of the system they need for their jobs. Audit your security protocols regularly. Ensure you remove old users and check access history for potential breaches.
Upgrade Security for Online Transactions
If you have an eCommerce website, you need first-rate security at the checkout and payment processing. Protecting people's credit cards is paramount if you want customers to see you as a trustworthy brand.
First, ensure your site is encrypted. You'll need this to rank on search engines, so you will likely already have it.
Second, if you are holding credit card data on-site rather than using third-party payment processors, ensure you fully comply with PCI-DSS, the worldwide standard for payment gateway security.
Likewise, if you use a third party, ensure they comply with this standard. Tokenization and encryption of customer data are other security layers you can add to strengthen your protection.
Run Security Audits, Including Penetration Testing
Security audits help you spot weaknesses in your system that hackers could exploit. Run regular checks to help ensure your system is as robust as possible.
Those checks should include penetration testing, whereby you simulate an attack from outside your network.
After each audit, ensure you put someone in charge of implementing any fixes or recommendations. You'll also need these audits if you have specific regulatory complaints to consider, like retail data protection laws.
Always use these checks to see whether any part of your system is nearly obsolete and whether new security tools should be used to shore up your defenses.
Train Employees on How to Protect a Retail Business
Strong security measures mean everyone in your company plays their part. That requires a combination of training, police, and regular audience.
Educate staff about the signs of a hacking attempt and establish clear rules about password controls and best practices. Run regular simulations to show users what will happen in a genuine cybersecurity emergency and what they should do.
Finally, a culture of security awareness should be promoted, ensuring all staff members consider potential security implications whenever they communicate with someone externally or use online systems.
Advanced Cybersecurity for Retailers
You can use a range of advanced systems and tools to boost the security of your retail business. First, there are IDS (intrusion detection systems). These monitor your network traffic.
You can also get SEIM systems (security information and event management), which pool data from various sources to spot potential threats.
Most interesting of all is the emergence of AI and machine learning technology. AI-powered security software can detect threats on a larger scale using historical data and current network activity.
AI has exceptional capabilities in using vast quantities of data to spot trends, so it's worth investing in some of these cutting-edge tools.
Secure Your Point of Sale Technology
Many retail stores have started using newer point-of-sale technology. Still, as with an emerging technology, there is always a cybersecurity risk. You must take extra steps to protect your customer's data during transactions.
Make sure you have end-to-end encryption. You should also have a process for patching PoS software to protect it from new threats. Antivirus and antimalware software should also be on your list.
Ensure your PoS system has both; they are industry-leading tools with the highest protection.
You should also consider physical protection, such as strict controls over which staff can access the systems on the shop floor from an administrative point of view. Always check your system for signs of tampering.
Retail Cybersecurity: Protecting Your Business and Customers
Don't underestimate the efforts needed to keep your business safe. As hackers become more cunning at circumventing rules, you'll need to take special measures with retail cybersecurity to ensure you are always one step ahead.
ThinkSecureNet is here as your trusted security expert. Our unrivaled customer retention rate illustrates how much we care for our clients and how seriously we take their security. View our cybersecurity plans here.
