Cyber Security for Retail: Threats & How To Avoid Them?

With the increased usage of the Internet, the number of cyberattacks has increased as well. Since retail shops hold a huge amount of customer data in their system such as credit or debit card details, cyber attackers make them their targets to commit shopping fraud.

Read more
Get ₹5 Cr Cover starting at ₹4,60,000*
marine

Get right expert advice

Hassle free policy

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Fast-track your search with instant quotes from top insurers

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 1/2

Don't Gamble with Cybersecurity - Insure Your Business Now!

secure-icon We don't spam
Are you buying the policy for?
Get Updates on WhatsApp
Check Plans for Free

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

The Peak of Cyber Attacks on Retail Market

The shopping season is a paradise for hackers. The number of customers increases due to the several offers and discounts provided by e-commerce websites and brands. Whereas offline shopping offers sales on old items as well as off-season discounts whereas online e-commerce websites put multiple items at a discount and a large number of customers visit the website to shop using their debit/credit cards, UPI and net banking.

This is where retailers do not bulk up their cyber security defence due to extreme customer load and have to worry about their customer service and other necessities. Let us tell you about some of the common threats that these retailers have to face at the time of sale and how can they secure themselves.

Retail Cyber Security Threats

Here are some of those cyber security threats for retailers.

Data Breach

Retailers and e-commerce shopping websites have data of many customers. As customers input their debit and credit card details and these websites save them, the customer data such as their name, cvv, card numbers, etc. become prone to theft by the threat actors. Once they hack and get access to the data, they sell it on the dark web for a huge amount. In order to steal this data, the threat actors disguise themselves as authentic users.

Ransomware

In order to exploit vulnerable retailer networks, hackers install ransomware. The installed ransomware makes way for them to encrypt their system and block their transactions. Then they demand for ransom in return for a free network. This can lead to financial loss for the retailers and also damage the reputation of the retailer.

Not just this, when these hackers are done exploiting the retailer and get the ransom amount, they do not set give their data back instead make a copy of it and keep them in case they can again use it to blackmail the retailer.

Phishing Scam

Phishing attacks are one of very common traditional cyber attacks. In phishing attacks, threat actors send fake emails to the retailers attacking them with their false schemes. They provide a link that contains a virus and if the victim clicks on that link, the virus spreads in their whole network and gives access to the hacker of their online data.

Once the hacker gets access to the online data, they can copy everything and put it on the dark web at a price. Hackers ask for a ransom from the retailer and in return, they offer to give them access to their network.

Advanced Persisting Threats

Here are some of the reasons that widen the attack surface for the hackers and It becomes more likely that advanced persistent threats will continue in their systems for a longer period of time. Advanced persistent threat groups distribute viruses and malware through emails to move across different networks. It is because many retailers are now:

  • Purchasing more cloud-based services
  • Increasing the digital presence
  • Going large to increase their geographical network
  • Deploying more IT stacks

This makes retailers more prone to cyber attacks. However, no matter how you protect your data stored online, cyber-attacks are inevitable and to protect yourself from further cyberbullying and financial loss, a cyber insurance policy is necessary.

How To Avoid These Threats?

Here are some ways to avoid these cyber threats in retail or at least decrease their impact.

Encrypt Sensitive Data

Sensitive data refers to the credit/debit card details should not be retained online in the retailers network. In case the network used by the retailer retains the credit/debit card data then retailers should make sure that they are encrypted.

Regular Data Backup

In order to minimize the chances of data loss after a cyber-attack such as phishing or ransomware, it is very important to back up the data from POS, e-commerce and other applications. The retailers can automate the backup with the help of managed service provider.

Multi-Factor Authentication

Multi-factor authentication refers to the type of authentication where the user has to give two or more pieces of evidence to access a website or application. This helps the retailers in keeping their data safe and hard to access for any threat actors.

Conclusion

The number of cyberattacks is increasing day by day since cyber attacks take place all of a sudden and it is not easy to prevent them, purchasing a cyber insurance policy is the best way to prevent any further financial loss. Hence it is advised to purchase a cyber insurance plan online to make sure that you purchase the best one as per your requirement.

Written By: PolicyBazaar - Updated: 16 September 2022
Cyber Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
Cyber Insurance Articles
As per the Indian Computer Emergency Response Team, 12.67 lakh cyber-attacks were registered by November 2022...Read more
21 Mar 2023 by Policybazaar 10562 Views
We live in the digital era. Now, almost everything is possible online as every other organization is going digital...Read more
12 Apr 2022 by Policybazaar 11044 Views
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure...Read more
29 Apr 2022 by Policybazaar 5817 Views
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in...Read more
31 Mar 2022 by Policybazaar 4345 Views
Cyber insurance for the banking finance & insurance industry offers financial protection against potential...Read more
28 Feb 2023 by Policybazaar 1620 Views
Cybersecurity vigilance is crucial to safeguard against phishing...Read more
15 Mar 2024 by Policybazaar 142 Views
In a fast-paced business environment where every minute counts...Read more
13 Mar 2024 by Policybazaar 211 Views
Ransomware risks are on the rise, posing a significant threat to...Read more
13 Mar 2024 by Policybazaar 194 Views
The rise of smart automobiles has ushered in a realm of...Read more
27 Dec 2023 by Policybazaar 371 Views
Wearable technology has revolutionized healthcare, offering a...Read more
15 Dec 2023 by Policybazaar 291 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
4.5/5
Based on 47 reviews
4.5
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi