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What Does the Latest Major Retail Hack Mean for Your Cybersecurity?

Stealing your credit card through a computer, Retail hacker, network security

The spring season is off to a stressful start for cybersecurity experts in the retail world. Earlier this month the Wall Street Journal reported that a breach of two major department stores, Lord & Taylor and Saks Fifth Avenue, were the victims of a massive attack that lead to the leaking of an estimated 5 million credit and debit card numbers.

If you’re a customer of the retailers, you may be scrambling to ensure your cards and data is safe. But if you’re a business owner, there’s something to be learned from this situation – and mistakes you don’t want to make.

 

What this Means for the Retailers

In short, the attack means that Saks and Lord & Taylor have some serious explaining to do. The attack was carried out by a group called Fin7 and was possible due to flaws in the department store’s security systems, allowing hackers to access the sensitive date of millions of loyal customers. Currently 125,000 records have been released for sale.

This goes deeper than just the number and eventual money stolen. This information is being sold on the “dark web,” which makes it not only impossible to trace but open to an entire underground world of cyber criminals. And most importantly, this hack and the subsequent headaches it will cause will leave the two major department stores with a bad image to its customers, meaning they could lose a massive amount of business down the line.

 

What this Means for Your Business

This kind of attack is a clear-cut example of one of the most important facets of business online – your customer’s data is of critical importance and must be protected at the highest level. If you make the same mistakes, you could be at risk of losing your valued customers.

And the truth of the matter is, you are always at risk of leaking sensitive data. According to a recent poll by IBM, 77% of companies don’t have a consistent cyber security response plan, which means when things inevitably do go wrong, there’s a good chance you won’t be prepared for how to correct the situation. It’s this lack of preparation and security that hackers are thriving on, and the impact of cybercrime is only going to get worse.

 

How to Prevent These Attacks

The best way to prevent major cyber-attacks is the have an effective cybersecurity program in place. But, to have a program that’s up-to-date with the latest threats and risk mitigation strategies isn’t the easiest process. To ensure you’re protected where and when it matters most, it’s best to team up with a local IT consultant like NENs to take over the cybersecurity-side of your business.

At NENs we take cybersecurity seriously – so you don’t have to. Our team of experts will have your networks guarded securely and can offer training and best practices for your employees on how to avoid getting scammed into release sensitive data. Give us a call today to learn how we can help your organization avoid making headlines in the next major hack.

 

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