Retail Observer

RETAILOBSERVER.COM JULY 2022 54 I n the last two years we've seen a significant increase in online shopping over the last two years – and along with that shift in consumer shopping behavior, we've seen an increase in the number of cyberattacks within our industry. In 2021, cyberattacks were up an astonishing 65%. These cyber attackers are holding businesses' data for ransom, and we're seeing these ransom requests on the rise as well. Businesses can take a number of steps to secure themselves from a potential cyberattack. The list below includes a number of cybersecurity best practices that your organization should have in place. Not only will implementing these best practices better secure you; having them in place will satisfy some of the insurance carrier requirements to ensure that you're covered in the event you are hit with a cyberattack. MULTI-FACTOR AUTHENTICATION (MFA) MFA means that you apply two or more identification factors to access a device or data. Here are four examples of Multi-Factor Authentication methods: 1. Identification through something the user possesses: a code sent via SMS, a one-time password via email, or USB tokens 2. Identification through what the user knows: Passwords, Pins, and answers to personal or sensitive questions 3. Identification through who the user is: facial, voice, retina, fingerprint or signature recognition 4. Identification through where the user is located: using AI and GPS to pinpoint the user's exact location 24/7/365 CONTINUOUS SECURITY MONITORING Investing in a monitoring service for your data and digital infrastructure is a lot like having a security system set up in your home. It's something you hope you'll never have to use, but you're thankful to have it in case you ever actually need it. At the very least, these services can provide you with the tools to identify that a cyber breach has occurred. BACKUPS Data backups provide protection from natural disasters and can reduce operational downtimes that result from cyberattacks. Cyberattacks can cause a business to be down an average of 1-3 weeks as your data and business are held hostage. NETWORK SEGMENTATION & PATCH MANAGEMENT Network segmentation simplifies the process of monitoring network traffic. It helps an organization quickly detect suspicious activity and traffic, log events, and record connections that have been approved or denied. There has been an obvious increase in the number of remote workers over the past couple of years, which means more un- known and personal devices are connected to your company's infrastructure. Any one of these devices can put your company at risk of a cyberattack. Employee training and penetration tests can help minimize the risks and identify organizational exposure. Cyber insurance can help reduce the amount you'll have to pay out in the event of a cyberattack. If you already have cyber insurance, review your policy to ensure you meet the necessary requirements. Cyberattacks are a reality. Educate yourself and your team on the potential risks to your organization, and take the steps to best protect your business. RO Eric Sindelar Consumer Electronics Trends Eric Sindelar, Connected Services CYBERSECURITY STEPS YOU MUST TAKE TO PROTECT YOUR BUSINESS

• Cover