The Dangers of Cyberattacks on your Retail Business and How to Avoid Them

In 2021, a well-known supermarket chain fell victim to an online security breach rendering more than 300 stores powerless. During the two day cyberattack, their mobile app and website were completely down and customers were limited to cash-only payments, missing out on online shopping and deliveries. Understandably, customers were extremely frustrated by the attack and queried how it had been allowed to happen. In addition to this, the supermarket chain also incurred a huge financial loss and missed thousands of potential purchases. Thankfully, prior to the attack, the company had made the decision to manage its operations via the cloud – meaning all customer data remained secure throughout the attack.

Cyberattackers are becoming increasingly sophisticated as more of our world moves online. Retail Week reports that:

‘as the world of retail moved online during the pandemic, so too did the thieves. These cybercrooks are hunting for customer data – and lots of it.’

The retail industry is a minefield of consumer data, stored credit card details and personal details so it’s no surprise that online shopping is a hot target for cyber criminals.

Not only are retailers at risk of losing customer trust in their business, if General Data Protection Regulations (GDPR) have been breached, they may also be liable to pay hefty fines.

Thankfully, there are simple steps that every business can take to ensure that their data remains secure. Businesses taking advantage of everything that private cloud hosted software has to offer are also investing in world-leading security. It has taken some time to fully understand ‘the cloud’ and everything that it is but with some of the biggest names in technology behind it, mindsets are changing and cloud hosted systems are seen as the most secure options available.

In this article we discuss the potential dangers to your online business and how you can avoid them.

• Invest in the right security and infrastructure

Traditionally, businesses have been responsible for all of their company data on dedicated servers on their premises. This wasn’t such an issue when most businesses operated from large corporate offices as most technology took up a lot of space, but it did still require a lot of knowledge and money for ongoing protection of this data. Most companies now don’t have the resources within to ensure their systems are secure as cyberattacks are ever more sophisticated. Data security is only as good as the system protecting it. With outsider threats a significant cause for concern, insider threats shouldn’t be ignored.

According to IBM, insider threats can include:

• Employees careless of security policies and procedures
• Disgruntled current or former employees
• Business partners, clients, contractors or suppliers with system access

Private cloud hosted security allows businesses to be in control of their cybersecurity 24/7. An example of the significance of round the clock security is Microsoft who experience 1.5 million daily attempts on their security systems. Cloud security is constantly learning from attacks to ensure that it is always ahead of the curve.

• Improve Retail Management

Thanks to cloud-hosted technology, retail management systems are now working in real-time with businesses to ensure that information is available right across an organisation. Retail insights can be gathered to keep businesses protected and running up to the minute.

With web-based monitoring tools available to cloud users, retailers can be proactive in defence. System insecurities can be identified and solved ahead of any potential cyberattack.

OpSuite is the cloud hosted EPoS from RMS and it provides retailers with real-time data on every aspect of their business.

• Keep Systems Up-To-Date

According to Gartner by investing in cloud-based systems, retailers can enjoy the benefit of 60% fewer security incidents and can ensure they are always taking advantage of the most up-to-date in online security technology. The best part is that all of these systems are kept up-to-date by the cloud provider itself and it’s all completely automated.

• Engage in Intelligence

With the breadth of data being collected from every historical cyberattack, the industry has created a huge resource of cybersecurity intelligence. Not only does this ensure that cloud-based services are proactive in thwarting cyberattacks, they are also in the best position to learn from the intelligence gathered and develop the most sophisticated security tools to benefit individuals and businesses alike.

Conclusion:

Cybercriminals are finding increasingly sophisticated methods of stealing data and the major issue with cybersecurity is that traditional IT systems are forever trying and failing to keep up. Cloud hosted systems are now far better understood than they have been in the past so it’s no surprise that major companies are putting their trust into cloud-hosted technology as the most secure systems for customer data.

OpSuite Retail Management Solution from RMS has the security features and tools you need to ensure that your business remains secure now and into the future.

OpSuite is a flexible, scalable, cloud-hosted solution which allows you to sell across your single, multi or omni-channel business touchpoint from a single system.

So, if you’re ready to take the next step in cybersecurity and protect your business, by upgrading your EPoS and retail management solution, our expert team is always happy to discuss the needs of your business and any future plans. Get in touch with us today and discover OpSuite from RMS.

Why choose RMS?

RMS have worked with ambitious businesses for over 18 years, supplying tailored software solutions and EPoS hardware from the Shetland Islands to the Seychelles. We work with businesses in most retail verticals, contact us and discover how we can support your business to increase profits with the latest technology.