Has anyone predicted COVID-19 outbreak? Did we take any preventive measures as soon as we got to know about the pandemic? Everyone was too casual and never understood the seriousness of the problem. Similarly, a lot of businesses know the value of POS security but don’t use preventive measures to protect the data.
There is same attitude behind negligence of businesses and delaying preventive actions against Ransomware, i.e. “It will never happen to us.” Ransomware is a kind of malware that attackers use against businesses. They simply block access to their system and lock their data, so that they can demand ransom. According to a Canada-based software firm, Packetlabs, there is a 32% rise in organizations that accepted the demand of hackers and paid ransom in 2021, from 26% in 2020. Retail and Distribution are major targets of cybercriminals for such attacks.
Consequences of cyberattacks
Retailers have a huge amount of private data of customers like their usernames, passwords, and bank details. So, the stakes are higher if they don’t use a secure Retail POS system. The consequences of a ransomware attack are even more frightening as the organization will –
- Bear serious financial losses
- Compensate affected consumers for repairs.
- Pay more for legal support, credit production, and IT support
- Risk their market reputation, which is a big blow to companies as they lose trust from the consumers for years
- Shut down their operations temporarily to fix the bug or face slowdown in business due to manual billing
Here’s what businesses can do to prevent cyberattacks –
- Avoid unknown links – No matter how catchy a website, message or link may seem, avoid those unsafe sources. Malicious links are more likely to infect your system.
- Keep OS and software up-to-date – It is the most important step, not just for businesses, but also for individuals. Always look for regular updates and security patches to make it difficult for attackers to cause any security breach.
- Avoid unknown attachments – Email attachments are also the way to your system for ransomware. Never download attachments from unknown sources.