The spate of cyberattacks affecting retailers this week has been surprising in its scale.
Here are some top factors contributing to security breaches against these systems, which have sent retailers into chaos to recover their digital operations.
Hackers attempted this notoriety attacking Harrods following M&S and Lloyds. As the latest to suffer this embarrassment, hackers attempted to “gain unauthorised access” to some systems leading Harrods to cut off internet access to its stores.
M&S has lost £700 million of market valuation after the security breach on Friday completely upended online orders and supply chains, also compromising consumer trust. Whilst M&S stressed they were working to quickly fix a solution, in the wake of this disruption customers have been disappointed by the uncertain safety of their data.
Retailers process and store vast amounts of sensitive data about customers including payments information, which can be prime targets for cybercriminals, also Co-Op has now found out.
They faced challenges to keep 200 of its 2,300 UK stores operating as normal due to contactless payment issues.
Attackers are increasingly using social engineering methods, such as impersonating IT help desk personnel, to trick employees into revealing sensitive information. The UK’s National Cyber Security Centre has warned retailers about this growing threat.
Artificial intelligence is being relied upon to craft convincing phishing emails and automating attacks.
Many retailers operate across multiple locations with complex supply chains and third-party vendors, increasing the number of entry points for attackers.
In light of these attacks, the UK government is taking steps to bolster cybersecurity across sectors and impose stricter requirements on retailers.
Compared to industries like finance or healthcare, some retailers historically underinvest in cybersecurity, leaving gaps in defenses like firewalls, intrusion detection, and staff training.
