Retail SMBs and Payment Data Risks

Posted: August 4, 2020 / Author: Thomas Arnold

Cyber-attackers continue to use creative methods of exploiting vulnerabilities. They've turned their attention to the manufacturing and retail sectors, using mobile apps and cloud technology to their own advantage. Proper security requires more than stronger passwords or releasing a memo to personnel regarding known email phishing attempts. Modern threats require forward-thinking solutions and a wide net of tools to mitigate growing retail SMBs and payment data risks.

Are you confident in your SMB cybersecurity?

Since the start of the COVID-19 pandemic, cyber attacks have increased by roughly 500%. Of all online security incidents, 43 percent of cases involved small businesses according to the U.S. Small Business Administration. These cyber-attacks cost businesses $200,000 on average, putting 60 percent of victimized companies out of business within six months. Retailers get hit by penalties from government agencies, as well as payment card merchants. Four out of 10 small businesses suffer not just one but multiple attacks. SMB concerns with cyber security are often understated; the problem begins at the senior management level, where 66 percent of leaders do not feel their company would be targeted.

Why are SMBs at particular risk for a cybersecurity incident?

Sure, there are big corporations out there that have massive gluts of data. So why would hackers waste their time with you and your 100 employees or thousands of clients, when they could have millions elsewhere?

The reality is that, yes, the big guys like Target and Marriott will continue to be attacked. However, hackers also understand that every business has confidential information on employees and customers that can be sold on the black market.

Small and medium-sized businesses may have more security holes and less money invested in bolstering their cybersecurity defenses, which makes them more vulnerable to a breach. It takes just one small human error or one particularly clever criminal to compromise millions of records.

Even with the best security in place, it’s not a matter of if you’ll be attacked, but when – so it makes sense to invest in a top-line defense to mitigate the risk.

Cybersecurity Trends in 2020

Cyber security solutions for SMB starts with AI and autonomous services, which include real-time monitoring tools combined with excellent training for every person on the payroll. Each employee carries responsibility for adhering to smart high-tech behaviors that help maintain security. Knowing what to expect in the coming years is half the battle for SMBs.

Trends in 2020 and Beyond:

  • Ransomware that holds data hostage and results in downtime is becoming a bigger headache, particularly among businesses that don't have proper backups and can't afford the shutdown.
  • Spear phishing involving malicious emails to well-researched targets under the guise of being a trusted sender is harder to detect without robust email security solutions designed to combat the threat.
  • Investing in security awareness training will be a first-line defense in preventing data breaches.
  • Threat intelligence is necessary to identify most valuable data assets, all potentially exploitable vulnerabilities, and the threats most likely to be faced, so cybersecurity can be better prioritized.

In short, embracing a comprehensive, multi-layered approach to cybersecurity is necessary. Retail SMBs will need to invest in antivirus, backup, training, and monitoring to protect themselves and respond quickly in the event of a breach.

Coronet Offers Cyber Security Solutions for SMBs

Here at Coronet we believe cyber protection should be accessible to every business, budget big or small. We employ affordable solutions that combine email, cloud apps, endpoint security, and data loss prevention into one award-winning platform.

Over 4 million users trust Coronet to protect their assets. Contact us to try a demo or learn more about how we’re helping retail SMBs just like you meet emerging cybersecurity threats.