The digital revolution has forced all industries to go online, one such industry was retail, and with it also came the emergence of e-commerce. With millions of people now using online shopping as the preferred method, retailers are privy to a host of information. This makes them a hubspot for hackers. Moreover, physical stores using software for monitoring, transactional process, and other services to store sensitive information are also facing threats. With every passing day the hackers are getting more advanced and their attacks more nuanced. They earn profits by using this information as ransom. In 2021 the average ransom payment was $226,044, which is a 53% increase from 2020. This has forced the retail sector to up its game for data security.

How to Improve Cybersecurity

With the growing rise of cyber threats to retailers, the need for implementing stronger data security measures has become of paramount importance.

1.     Multi-factor Authentication

A multi-factor authentication provides a layered protection for data security. It is an application where a system is required to answer a combination of two or more questions or credentials to authenticate the identity of the user.

2.     Regular Back-up of Data

Regular backing of data is crucial to reduce the possibility of data leaks after a cyber attack. Retailers can automate the process so as to ensure a more efficient process.

3.     Encryption

Data encryption is required to encode sensitive information into codes and uses a special key to access any information. Encryption allows for more comprehensive data security of sensitive information, such as the credentials of users.

Cyber attacks are only getting more sophisticated, and the retail industry does collect a large amount of information that cyber criminals can benefit from. Retailers, therefore, need to finance their cybersecurity to prevent any data leaks, ransomware, phishing attacks, or more over their respective companies.

To ensure optimum protection, they should invest in a trusted third-party cybersecurity vendor.

GajShield provides it users with multifaceted security. By extending services such as data security health, multi cloud security, data leak prevention and more comprehensive solutions, organization can be ensure with extensive data security.

For more information on robust cybersecurity solutions contact us.