IT | Security

88% of Retail Organizations Vulnerable to Data Threats

By: Jo-Ann Smith | 9/22/2017

Target. Kmart. Home Depot. Neiman Marcus. Some of the biggest names in retail have been hit hard by data breaches in past years. Despite increased IT security spending, data breaches across all industries are accelerating. 88% of retail organizations in the US consider themselves vulnerable to data threats, with 19% experiencing a data breach in the past year, a figure which jumps to 43% for the global retail marketplace. Data from the Information Commissioner’s Office (ICO) suggests that retail firms reported twice as many data breaches in the past year, with more of those breaches attributed to a spike in cyber attacks.

With retail organizations mixing legacy systems and new technologies in mobile, big data, IoT and the cloud, security often takes a back seat. Research has shown that 9 out of 10 retail respondents believe network security is effective at protecting data from breaches, a belief which neglects the mobility of data in today’s mobile cloud-based world. This approach is not going to cut it, particularly with wide sweeping regulations coming into play such as GDPR, not to mention the financial and repetitional damage that occurs after a security breach.  A whopping 19% of shoppers say they would stop shopping at a retailer that falls victim to cyber attack, according to a KPMG study.

Retailers today possess more data then ever before, on everything from personal information to purchasing habits. These large data stores and the distributed nature of many retail organizations make retailers one of the top targets for cyber attackers. Following a wave of attacks in the past years, many retailers have taken steps to bolster transaction security (such as chip-enabled POS systems) and implementation of the PCI-DSS standard, but the threats have now shifted outside point of sale. According to a report by IBM, 26% of cyberattacks in 2016 were attributed to a 2-year-old vulnerability. We need to do better.

With an increasing reliance on vendors, mobile technology, e-commerce and the cloud, the retail risk landscape has shifted. To better protect the retail environment, organizations need new approaches to prevention, detection and response. 

With Absolute, you can detect, remediate and enforce compliance and accountability for sensitive data, wherever it is stored. Already embedded on more than 1 billion devices, Absolute offers the fastest and most effective endpoint discovery and asset management, from routine patch management queries to mission-critical remediation of device vulnerabilities. When it comes to data living off network, the Absolute platform delivers deep visibility into data on the endpoint allowing you to identify unauthorized apps to combat Shadow IT and to scan for sensitive or intellectual data - even if that data is not synced to the cloud.

With Absolute, you can easily find company devices missing critical patches and ensure they are updated, whether the endpoint is on or off the network, pre-empt security incidents by delivering insight into suspicious or anomalous activity, and respond quickly to contain threats or lock down data or devices to bolster your risk response capabilities. Plug the holes in your data security posture with the unparalleled visibility and control provided by Absolute.

Financial Services