Singapore – As cyber threats continue to penetrate the industry, an alarming increase in e-commerce threats and fraud risks was found affecting the current retail sector. This is according to the latest SpiderLabs report from cybersecurity firm Trustwave.
In the research, the firm identified significant trends impacting the industry, which include shifts in compliance, the rise of e-commerce, and an overview of threat actor techniques by attack stage.
According to the report, cybersecurity in the retail sector has also become more challenging due to the increasing complexity of IT environments that encompass in-store systems, online platforms, and supply chain networks.
Retailers further experience a unique threat landscape with seasonal fluctuations, third-party dependencies, physical security risks, and franchise models among the factors.
Moreover, key findings of the study revealed that 58% of attacks originated from phishing, 47% from stolen user sessions leveraging Amazon domains, and 92% from credential access techniques that are brute-force attempts.
In terms of ransomware attacks, the report also observed 15% of them were conducted by Play and LockBit, 62% from the US, and another 16% targeted food and beverage retailers.
Kory Daniels, CISO at Trustwave, said, “As we enter the holiday shopping season, the rise in e-commerce threats and the alarming trends in cyber fraud underscore the need for heightened vigilance in protecting consumer data.”
“A single incident can undermine customer trust and lead to long-term financial impacts, making robust cybersecurity measures not just a necessity but a critical component of sustainable business practices in today’s retail landscape,” Daniels continued.
“By prioritising security, we not only protect our customers but also foster trust, ensuring a secure and enjoyable experience this holiday season,” he concluded.
