Commentary: How to Deal with Cyber Security Threats to Retail Business

The retail business industry has recently seen some changes in the way it operates.

This change is most obvious in the online presence of retail businesses. Traditionally, retail businesses consider having a physical presence a higher priority than an online existence. That used to be a world where everyone could move freely. As cyber security threats continue to pose a significant risk to retail businesses, forming a Wyoming LLC can provide entrepreneurs with personal asset protection, a favorable tax environment, and a flexible management structure that can help them effectively mitigate the risks associated with cyber-attacks and other online threats.

All this doesn’t mean that store owners will be closing brick and mortar for good, but the switch to online left us with plenty of security issues.

Cybersecurity Threats

Cyber Security attacks are unpredictable, and are becoming a daily occurrence for many businesses.

The internet can often be highly unsafe. As your business is becoming more accessible, it becomes vulnerable to cyber-attacks. The attacks are usually engineered to steal vital information from other customers.
Cyber-attacks come in different forms. Its perpetrators have an array of tricks up their sleeves.

Phishing

Sometimes, an attacker would try to gain access to your retail business’s website by a means other than directly attacking it. Phishing is an act where a malicious actor tries to entice an unsuspecting individual to click on malicious links attached to emails. They will try to gain access to other computers in the same network, until their target computer is acquired.

Phishing attacks are getting more prominent. The FBI claims to have seen the number of phishing attacks grew more than 10 times in five years.

Solution

• Check twice before you click on links in emails
• Ensure you check out the URL of any website before you put in your security details
• Install a firewall to filter through possible threats

Ransomware

Ransomware is a piece of malicious software installed to hold a computer hostage and get money out of its owner.

This type of attack is prominent and rose by 41% in 2019. With the massive shift by retail businesses to online solutions, that number is expected to grow even more.

Solution

• Notify a security expert who will remove the ransomware and try to save your files
• Ensure you have backups for all important files on a separate hard drive
• Do not visit sketchy sites

DDos Attacks

These are attacks orchestrated to put whatever server is hosting your business website out of work. It is flooded with requests and, in the end, shuts down, taking your website along with it.

DDos attacks are frequent and expensive. They cost about $20,000 to $40,000 for every hour they are allowed to run.

Solution

• Employ network defenders
• Increasing your store website’s bandwidth may make the difference
• A security expert should help you install software and hardware modules to stop this form of attack
Petty Thievery
Shoplifting could become more rampant now that a lot of retail businesses are understaffed to monitor strange activities in the store.

Solution

• Limit the number of people coming into the store at once
• Since there aren’t many people in the store, a stop-and-examine protocol might work

Burglary
Since stores stay locked more than they are opened in 2021, many criminals could see that as an opportunity to break in and cart away goods.

Solution

• Try installing high-quality cameras in strategic positions to record every move. Most advanced solutions out there offer live monitoring security – live agents on standby that can warn a perpetrator and call the boys in blue on time.
• Invest in a silent alarm. Silent alarms are expensive but are worth the extra bucks. The thieves will have no idea their break-in has alerted the police who could catch them in the act.

Tomasz Borys: Currently with Deep Sentinel, Tomasz specializes in home safety and security technology. Prior to joining Deep Sentinel, Tomasz has over a decade of marketing leadership experience, ranging from Microsoft to Kissmetrics. Email: tomasz@deepsentinel.com

[Editor’s note: As businesses become more accessible, they become vulnerable to cyber-attacks, which are usually engineered to steal vital information from customers. That is why most companies hire remote penetration testing companies to test how strong their cyber security is.]