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Convenient, customer-facing, and credit-card-enabled POS terminals enable busy shoppers to just swipe-and-go to pay for goods. They also help retailers maximize their business, capturing sales during busy sales cycles, like back-to-school season.
According to Deloitte, this year, U.S. households will spend $27 billion to get children ready for school, with the bulk of spending occurring in late July and early August. More than $1 for every $2 will be spent in stores, which is good news to retailers that want to maximize the value of their physical footprint.
As a retailer, you’re probably doubling down on POS security this back-to-school season to avoid malware, which could infect your networks. However, are you ready for ransomware, which could bring your business to its knees?
Our security experts believe that cybercriminals will be shifting tactics this year due to declining revenues from stolen credit card sales.
This blog walks you through our rationale for the rise of ransomware – and tells you what you need to do to get ready for a potential and ongoing surge of attacks. We believe there’s not a minute to lose with back-to-school season underway, so let’s get started.
With its endless POS endpoints, the retail industry has always been a desirable target for cybercriminals. They know that if they can introduce malware into POS networks, they can make a decent amount of cash by selling credit card numbers on the “dark web.”
With their millions of customers, large retailers have typically been the hardest-hit. Companies must pay up to $172 per stolen record in clean-up costs. In fact, a major retailer recently paid $18.5 million to address the impact of its 2013 hack, which resulted in 41 million stolen credit cards.
The number of retail data breaches are dropping as large retailers install chip readers and credit card company risk engines get better. Plus, an overabundance of stolen cards flood the market. However, a bigger threat looms: POS ransomware.
In the whitepaper, Imagine the Impact: POS Ransomware – Devastating Business Loss, we look at the changing economics of retail cybercrime and share how you can protect your business from a ransomware attack.
Ransomware will be far more profitable in the future than POS hacks to obtain credit card numbers. We believe that enterprising cybercriminals will target both large and small retailers with ransomware attacks to force large, immediate payments to restore operations.
Companies that are hit by ransomware attacks are in a do-or-die position, because the attack will be so public and disabling. They will suffer:
A major ransomware attack could forever harm the competitiveness of a large retailer. It could put a small- to medium-size retailer out of business after just one breach.
You may be running anti-virus software and managed firewalls, but you may or may not be running a strong offense with active monitoring and threat detection. For the purpose of this blog, we’ll assume you’ve got the security basics covered and may need some help.
Some 98% of WannaCry victims were running Windows 7, not Windows XP. Many had likely failed to install an earlier software patch that would have protected their business. It’s hard to take operating systems down for updates during your busy season.
However, it makes dollars and sense to protect your systems and revenues with the latest, greatest software updates from your vendors.
Buy, build, or borrow the resources to stay ahead of threats and stop ransomware in its tracks with:
Ransomware can hit anyone. Take steps now to protect your business, your customers, and your future.
We have some relevant resources you might like:
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