<\/p>\n
\n\tRetailers like to stand out \u2014 but not when it comes to the shadowy and expensive world of cybercrime.<\/p>\n
\n\tMoody\u2019s recently ranked 21 U.S. sectors on cyber risk in the age of AI, looking at each sector\u2019s exposure to online threats and the strength of its defenses.<\/p>\n
\n\tThe Cyber Risk Heat Map showed that retailers not only have \u201clarge digital footprints\u201d but \u201cmoderate defenses with some of the highest modeled losses.\u201d<\/p>\n
\n\t\u201cRetail is one of five sectors with the highest overall cyber risk (media, telecom, education, retail, IT hardware) and one of five with the highest modeled losses as a share of gross profit (food and agriculture, manufacturing, energy, media, retail),\u201d Moody\u2019s said, pointing out that media is the only other sector in both groups.<\/p>\n
\n\tThe 24\/7 advantages of being able to sell online come with some pretty big risks.<\/p>\n
\n\tAnd cautionary tales come with some regularity.<\/p>\n
\n\tOutside of retail, the giant cryptocurrency exchange Binance said Friday that hackers withdrew $6.3 billion, forcing the service to suspend withdrawals while security checks were completed. The company\u2019s initial investigation suggested \u201cthe security incident may involve a compromised DevOps engineer\u2019s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.\u201d<\/p>\n
\n\tCloser to home and on a smaller scale, hackers threatened Asos recently \u2014 sending its app users an alert that called out the company\u2019s data protection officer and claimed to have \u201cfully compromised the Snowflake instance,\u201d apparently referring to the cloud-based data storage company. Hackers accessed an Asos employee\u2019s account by impersonating \u201ca trusted contact to obtain login credentials,\u201d the e-commerce company said.<\/p>\n
\n\tChristopher Vos, director of cyber modeling at Moody\u2019s, said retailers aren\u2019t especially likely to be attacked by hackers, but \u201cit\u2019s pretty bad when it happens.\u201d<\/p>\n
\n\tRetailers collect a large amount of personal information and have complex supply chains with vendors often accessing their systems.<\/p>\n
\n\tThey\u2019re also operating with what Vos described as a business model that is \u201cquite sensitive to disruption.\u201d<\/p>\n
\n\t\u201cIf a bad guy can get in and drop a ransomware payload \u2014 for example, lock up a bunch of their machines \u2014 the retailer\u2019s squirming a fair amount,\u201d he said. \u201cAnd as a result, they can demand quite a high ransom and get some payment out of that.\u201d<\/p>\n
\n\tWhile Vos said retailers are \u201creasonably well positioned\u201d against phishing emails and so forth, \u201cit only takes one person to click the link in order for someone to come through. The defenses of retailers as a whole aren\u2019t amazing. It\u2019s not like it\u2019s like banks or something like that. They\u2019re not super, super hard targets.\u201d<\/p>\n
\n\tLike grocery stores, fashion retailers also have perishable inventory that they have to move, making cyber disruptions particularly problematic.<\/p>\n
\n\tVos said there are plenty of steps retailers can take to reduce their cyber risk, from patching critical vulnerabilities to segmenting the company network so gaining access to one area doesn\u2019t give hackers free run of the systems.<\/p>\n
\n\tIt\u2019s also key to back up critical systems and keep the backups isolated from the rest of the network, he said.<\/p>\n
\n\t\u201cAnd then, crucially, actually doing fire drills, practicing using some of these sort of recovery mechanisms is really important,\u201d he said. \u201cIt\u2019s all very well having something on the shelf that looks great, but when the time comes, if you don\u2019t know how to actually bring things back up online quickly and somewhat painlessly, then it doesn\u2019t matter that much.\u201d<\/p>\n
#Retailers #Face #High #Cyber #Risks #Costly #Losses #Attacks<\/p>\n","protected":false},"excerpt":{"rendered":"
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