Seven ways retail and e-commerce can protect their business from cyber threats

Small business operators in retail and e-commerce are crucial to the Australian economy, yet they face significant cyber threats.

The post Seven ways retail and e-commerce can protect their business from cyber threats appeared first on Inside Retail Australia.

Small business operators in retail and e-commerce are crucial to the Australian economy, yet they face significant cyber threats that can jeopardise their operations. Understanding these threats and implementing robust security measures is essential to safeguard your business. 

Introducing Cyber Wardens, a free training program offered by the Council of Small Business Organisations Australia (Cosboa) with support from the Australian Government. This program is designed to help small businesses like yours build a culture of cyber safety.

Given that human error accounts for 95 per cent of cyber security breaches, the importance of regular training and discussions cannot be overstated. However, only 41 per cent of retailers discuss cyber security monthly or more often, and a worrying 21 per cent cannot recall a time they’ve talked about it. This lack of regular dialogue and training significantly increases vulnerability to attacks.

To further illustrate the importance of a proactive approach, consider that 25 per cent of retailers have experienced scams due to the rise of online marketplaces. These incidents highlight the diverse and evolving nature of cyber threats that retailers must navigate.

Here are five threats for retailers to watch out for and seven effective ways to protect your business from cyber-attacks.

Understanding the threats

1. Point of Sale (POS) system attacks:
   • Cybercriminals target POS systems to steal payment card information, compromising customer data and leading to substantial financial losses.
2. Data system attacks:
   • Hackers infiltrate data systems to access sensitive information, resulting in costly data breaches that damage your business reputation.
3. Web apps and API attacks:
   • Vulnerabilities in web applications and APIs can be exploited by attackers to gain unauthorised access, disrupt online operations, and expose customer data.
4. Lack of cyber security awareness among staff:
   • Human error is a major factor in cyber security breaches, accounting for 95% of incidents. Without proper training, employees may inadvertently allow cyber threats to penetrate your defences.
5. BIN (Bank Identification Number) attacks:
   • Cybercriminals use BINs to generate working card numbers and test them on your payment page. Successful attempts enable fraudulent transactions, posing financial and reputational risks.

Seven ways to protect your business

1. Educate your staff on cyber security: Regularly discuss cyber security best practices with your employees to minimise human error. Ensure everyone understands the risks and their role in maintaining security.
2. Implement strong payment security measures: Use payment processors with robust fraud prevention tools such as Captcha, 3D Secure, and rate limits. These measures help prevent multiple fraudulent transactions from a single source.
3. Monitor for suspicious activity: Set up alerts for unusual transaction patterns and volumes. Regularly review transactions to identify and respond to signs of fraudulent activity promptly.
4. Develop a proactive cyber security plan: Create a comprehensive cyber security strategy that includes regular training sessions, updates on the latest threats, and clear protocols for responding to incidents.
5. Secure your POS systems: Regularly update and maintain your POS systems to protect against known vulnerabilities. Use encryption and other security measures to safeguard payment card information.
6. Safeguard web apps and APIs: Conduct regular security assessments of your web applications and APIs. Apply patches and updates promptly to fix vulnerabilities and protect against unauthorised access.
7. Complete free and simple cyber security training from Cyber Wardens: To further enhance your cyber security efforts, take advantage of the free Cyber Wardens training program:

• Free and accessible: No cost to you or your business.
• Self-paced: Enrol in just two minutes and complete the program at your own pace.
• Designed for small businesses: Tailored to address the unique challenges faced by smaller enterprises.
• User-friendly: No IT jargon, making it easy for small business owners and employees to understand.

Start your cyber security journey today

Protect your small business from digital threats with the free Cyber Wardens training. It’s a simple, fast, and effective way to secure your business, protect customer information, and maintain your reputation.

• Don’t get hacked. Act now! Enrol Now

The post Seven ways retail and e-commerce can protect their business from cyber threats appeared first on Inside Retail Australia.