Seven Ways Retail and E-Commerce Can Protect Their Business from Cyber ​​Threats

Small businesses in retail and e-commerce are key to the Australian economy, but they face significant cyber threats that could compromise their operations. Understanding these threats and implementing robust security measures is essential to protecting 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 cybersecurity.

Considering that human error accounts for 95% of cybersecurity breaches, the importance of regular training and discussions cannot be overstated. Yet, only 41% of retailers discuss cybersecurity monthly or more frequently, and a worrying 21% cannot recall ever having discussed it. This lack of regular dialogue and training significantly increases the vulnerability to attacks.

To further illustrate the importance of a proactive approach, consider that 25 percent of retailers have experienced fraud due to the rise of online marketplaces. These incidents underscore the diverse and evolving nature of cyber threats that retailers must address.

Here are five threats retailers should watch out for and seven effective ways to protect your business from cyberattacks.

Understanding the threats

1. Attacks on point of sale (POS) systems:
   • Cybercriminals target POS systems to steal payment card data, compromising customer data and causing significant financial losses.
2. Attacks on data systems:
   • Hackers break into data systems to access sensitive information, resulting in costly data breaches and damage to your company’s reputation.
3. Web Applications and API Attacks:
   • Vulnerabilities in web applications and APIs can be exploited by attackers to gain unauthorized access, disrupt networks, and expose customer data.
4. Lack of cybersecurity awareness among staff:
   • Human error is a major factor in cybersecurity breaches, accounting for 95% of incidents. Without proper training, employees can unknowingly allow cyber threats to penetrate your defenses.
5. BIN (Bank Identification Number) Attacks:
   • Cybercriminals use BINs to generate working card numbers and test them on a payment site. Successful attempts enable fraudulent transactions, creating financial and reputational risks.

Seven Ways to Protect Your Business

1. Train your staff on cybersecurity: Regularly discuss cybersecurity best practices with your employees to minimize human error. Make sure everyone understands the risks and their role in maintaining security.
2. Implementation of strong payment security measures: Use payment processors with robust anti-fraud tools like Captcha, 3D Secure, and rate limits. These measures help prevent multiple fraudulent transactions from a single source.
3. Monitor suspicious activity: Set up alerts on unusual transaction patterns and volumes. Review transactions regularly to quickly identify and respond to signs of fraud.
4. Develop a proactive cybersecurity plan: Create a comprehensive cybersecurity strategy that includes regular training sessions, updates on the latest threats, and clear incident response protocols.
5. Secure your POS systems: Regularly update and maintain your POS systems to protect against known vulnerabilities. Use encryption and other security measures to protect payment card information.
6. Secure your web apps and APIs: Conduct regular security assessments of your web apps and APIs. Quickly apply patches and updates to fix vulnerabilities and protect against unauthorized access.
7. Complete, free and easy cybersecurity training from Cyber ​​​​Wardens: To further enhance your cybersecurity, take advantage of our free Cyber ​​​​Wardens training program:

• Free and available: At no cost to you or your business.
• At your own pace: Sign up and complete the program at your own pace, it will take you just two minutes.
• Designed for small businesses: Tailored to solve the unique problems faced by smaller businesses.
• User friendly: No IT jargon, so small business owners and their employees can easily understand it.

Start your cybersecurity journey today

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