Since cybercriminals follow where the money is, the retail and eCommerce sector is among the fastest-growing targets for cyber threats. These threats may include ransomware attacks and denial of service, as well as large amounts of customers personal and banking information may be compromised. In 2021 attacks on retail and e-commerce accounted for 3% of all cyberattacks.
Key stats offer a grim prognosis:
The consequences of such attacks extend beyond just financial loss to things like reputation damage, fines from regulatory bodies and customer lawsuits.
The biggest cyber security risk for the eCommerce industry is unauthorized access since this puts personal data of customers at risk. The Data Breach Investigation Report by Verizon outlines three key types of data that are at risk during security breaches involving retailers – payment data, personal data, and credentials. In their Cost of a Data Breach study, IBM extrapolated that the cost of a data breach for retail and eCommerce has increased 62.7% in the last year – costing $3.27M (average cost).
The most prevalent cybersecurity threats for online retailers include:
Organizations are also looking for ways to ensure that they can meet regulatory compliance requirements such as PCI (Payment Card Industry) Data Security Standard as retailers routinely collect customers' credit card information and need to ensure restricted access to critical data for authorized personnel only. The Cloud Security Alliance (CSA) has identified that cloud security is a top priority for retail and eCommerce companies.
Cryptomathic is a leader in cryptographic technology and provides organizations in the retail and eCommerce sector with reliable and high-quality solutions to meet all their data security and compliance needs. Our adaptive security solutions, in the field of mobile app protection, crypto-agility, key management, and qualified electronic signing, give you maximum usability without compromising on data protection to let you focus on what matters – growing your business.
Cryptomathic’s solutions are aimed at addressing requirements for:
Are banking and payment apps adequately secure against known and unknown attacks? Understand the threat landscape and how MASC's evolutionary security strategy can overcome such threats and provide
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