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:
"With Cryptomathic’s issuing and authentication solution, Elan is now providing an integrated solution that delivers the end-to-end EMV environment, from card issuance to payment authorization. This is a great benefit for Elan and our clients - improving efficiency and security while achieving compliance."
"Previously, our clients had to print, sign and send documents manually for compliance reasons. Now they can do it in a smart, easy and time-saving way. Thanks to the Cryptomathic Signer solution they can sign their contracts digitally in e-Banking – while meeting all legal and compliance requirements."
“CSG has enabled us to accelerate the delivery of crypto applications while generating financial and effort savings.”
“Cryptomathic’s solution has enabled Swedbank to meet its compliance requirements and significantly reduce the cost of key management to security operations.”
“Initially selected as a technology supplier, Cryptomathic is now a key partner for the ongoing development and expansion of our strong authentication and digital signature service portfolio. Cryptomathic has been more than capable of understanding our market requirements and together, we are now taking the additional step of launching an innovative offering in mobile security”
“We are delighted with the service provided by Cryptomathic in delivering a robust, flexible and future proof authentication solution for the Open24 channels. We got exactly what was promised on day 1 and customer feedback has been good.”
“We chose to partner with Cryptomathic for its market-leading position and unrivalled experience in this field. The CardInk solution offers First Data and our clients the security, flexibility and scalability required in today's rapidly evolving payments market.”
“Cryptomathic CardInk has been chosen as the only external element to the MasterCard Mobile Over-the-Air Provisioning Service, as it provides MasterCard with an industry-leading data generation solution, which is highly secure, efficient and scalable to future programme requirements.”
At the leading edge of security provision within its key markets, Cryptomathic closely supports its global customer base with many multinationals as longstanding clients.
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