Retail Observer

RETAILOBSERVER.COM DECEMBER 2022 54 O ver the last two years, we've seen a significant increase in online shopping, along with an increase in the number of cyberattacks within the retail industry. In 2021, cyberattacks were up an astonishing 65%. The cyber-attackers are holding businesses' data for ransom, and we're seeing these ransom requests on the rise as well. It's not uncommon for small and medium-sized businesses to have their data ransomed for millions of dollars – enough to force plenty of stores to close their doors. During October, which has been recognized as Cybersecurity Awareness Month, partners in the cybersecurity space helped spread the word about the rise in attacks, sharing tips and best practices that businesses can take to help secure themselves against potential attacks. The list below offers cybersecurity best practices your organization should have in place. Not only will they better secure you, they will also help you satisfy insurance carrier requirements to ensure that you're covered in the event of an attack. MULTI-FACTOR AUTHENTICATION MFA means that you require two or more identification factors to access a device or a set of data. Here are four types of Multi- Factor Authentication methods: 1. Identification through something the user possesses: a code sent via SMS, a one-time password via email, or a USB token. 2. Identification through something the user knows: a password, PIN, or answers to personal or sensitive questions. 3. Identification through who the user is: facial, voice, retina, fingerprint, or signature recognition. 4. Identification through the user's location: using AI and GPS to pinpoint the user's exact location. 24/7/365 SECURITY MONITORING Investing in a monitoring service for your data and digital infrastructure is akin to having a security system set up for your home. It's something you hope you'll never have to use, but that you'll be very thankful to have when you need it. At the very least, these services can give you the tools to know when a cyber breach has occurred. DATA BACKUPS Data backups provide protection from natural disasters and can reduce operational downtime that results from a cyberattack. Cyberattacks can cause a business to be down an average of 1-3 weeks as your data and business are held hostage. NETWORK SEGMENTATION AND PATCH MANAGEMENT Network segmentation simplifies network traffic monitoring. It helps an organization quickly detect suspicious activity and traffic, log these events, and record any connections that have been approved or denied. With the increase in remote workers in recent years, more personal or unknown devices have connectivity to your company's infrastructure, and any one of these devices can put your company at risk of a cyberattack. Employee training and penetration tests can help minimize the risks and identify your organization's risk exposure. Cyber insurance can help reduce the amount you'll have to pay out in the event of a cyberattack. If you already have cyber insurance, review your policy to ensure that you meet the necessary cybersecurity requirements. Cyberattacks are a reality. Educate yourself and your team on the potential risks to your organization, and take the steps to best protect your business. CYBERSECURITY STEPS YOU MUST TAKE TO PROTECT YOUR BUSINESS Eric Sindelar Business Service Trends RO Eric Sindelar, Director of Connected Services, Nationwide Marketing Group

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