Small and medium-sized retail and e-commerce businesses are vital to the Australian economy, but they face significant cyber threats that can put their operations at risk. Understanding these threats and implementing strong security measures is vital to protecting your business.
Introducing Cyber Wardens, a free training program delivered by the Council of Small Business Associations of Australia (Cosboa) with support from the Australian Government, designed to help small businesses like yours build a culture of cyber security.
Considering that 95% of cybersecurity breaches are caused by human error, the importance of regular training and discussions cannot be overstated. Yet, an alarming 41% of retailers discuss cybersecurity monthly or more frequently, and 21% cannot recall ever having discussed it. This lack of regular dialogue and training significantly increases vulnerability to attacks.
To further demonstrate the importance of a proactive approach, consider that the rise of online marketplaces has resulted in 25% of retailers being scammed. These incidents highlight the diversification and evolution of cyber threats that retailers must contend with.
Here are five threats retailers should be aware of and seven effective ways to protect your business from cyberattacks.
Understanding the threat
- Point of Sale (POS) System Attacks:
- Cybercriminals target POS systems to steal payment card information, compromising customer data and causing huge financial losses.
- Data System Attacks:
- Hackers can infiltrate data systems to access sensitive information, causing costly data breaches and damaging a company’s reputation.
- Web App and API Attacks:
- Attackers who exploit vulnerabilities in web applications and APIs could gain unauthorized access, disrupt online operations, or expose customer data.
- Lack of cybersecurity awareness among staff:
- Human error is the leading cause of cybersecurity breaches, accounting for 95% of incidents, and without proper training, employees can inadvertently allow cyber threats to penetrate your defenses.
- BIN (Bank Identification Number) Attacks:
- Cybercriminals use BINs to generate valid card numbers to test on payment pages – if successful, this can lead to fraudulent transactions, creating financial and reputational risks.
7 ways to protect your business
- Educate your staff about 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.
- We implement strong payment security measures. Use a payment processor with strong fraud prevention tools like Captcha, 3D Secure, rate limiting, etc. These measures help prevent multiple fraudulent transactions from a single source.
- Monitor for suspicious activity: Set alerts for unusual trading patterns or volumes. Regularly review your transactions to quickly identify and respond to signs of fraudulent activity.
- Develop a proactive cybersecurity plan: Develop a comprehensive cybersecurity strategy that includes regular training sessions, updates on the latest threats, and clear protocols for responding to incidents.
- Protect your POS system: Regularly update and maintain your POS system to protect against known vulnerabilities. Use encryption and other security measures to protect payment card information.
- Protect your web apps and APIs: Conduct regular security assessments of web applications and APIs, and promptly apply patches and updates to fix vulnerabilities and protect against unauthorized access.
- Complete the free, simple cybersecurity training by Cyber Wardens. To further strengthen your cyber security efforts, take advantage of our free Cyber Wardens training program.
- Free access: There is no cost to you or your company.
- Learn at your own pace: It only takes 2 minutes to register and complete the program at your own pace.
- Designed for small and medium-sized businesses: It is tailored to address the unique challenges faced by small and medium-sized businesses.
- easy to use: There is no IT jargon, so it is easy for small business owners and employees to understand.
Start your cybersecurity journey today
Protect your small business from digital threats with our free Cyber Wardens training – a simple, fast and effective way to secure your business, protect your customer information and maintain your reputation.
