![]() Ultimately, the company settled a class-action lawsuit and agreed to pay claims for “valid out-of-pocket expenses and charges that were incurred and plausibly arose” from the incident. Forever 21 admitted to not previously encrypting some of its POS devices.Ĭyber attack type: Malware targeting POS systemsįar from a shining example of transparency, it’s still unclear how many customers were impacted five years post-breach. After obtaining network access, the threat actors deployed malware to gather credit card data from the fashion retailer’s point-of-sale (POS) system. Over the course of seven months in 2018, attackers accessed payment card data of an unknown number of Forever 21 customers. 10 of the Biggest Cyber Attacks Against Retailers 10. Here’s a look at 10 major retail cyber attacks which underscore the depth and severity of the threat facing the sector. What’s a retail organization to do? First step: learn from the others’ mistakes. So, attacks are rising, trained security professionals are tough to find and retain, and costs are climbing. These tactics can cripple retail organizations by erasing profits and damaging reputations past the point of recovery. Ī separate report from IBM reveals that retail cyber attack victims experienced extortion in 50% of attacks and credential harvesting in 25% of attacks. But that can prove nearly impossible when 63% of retail organizations report a high turnover of security staff. Cybercriminals also focused their attention on credentials, with 45% of incidents involving such data.Īt a time when the average cost of a data breach in the retail industry is $3.28 million, retailers have to make cybersecurity a priority. Unsurprisingly, many of those involved payment data, and personal data was compromised in one out of every four attacks. And that’s a dangerous path to walk for an industry so firmly in threat actors’ crosshairs.Īccording to Verizon’s 2022 Data Breach Investigations Report, 98% of the 629 incidents in the retail sector involved a financial motive. Meanwhile, the retail industry faces additional “people” challenges, with high turnover and a large contingent of seasonal workers, meaning proactive cybersecurity can too easily slip down the list of priorities. Phishing, ransomware, advanced persistent threats, and supply chain attacks continue to climb in the retail industry, while cybercriminal innovations are uncovering new ways to exploit vulnerabilities in retail POS systems, IoT devices, endpoints, and cloud and server environments. And unlike breaches to businesses in other sectors of the economy that operate in relative obscurity, when a breach involves a major retailer, it often becomes front-page news, since far more people are aware of the company and may, in fact, be devoted customers. Retailers face growing cybersecurity risks. The bigger your name, the bigger the cyber target on your back (no pun intended for the number one breach on our list). But brand recognition is a double-edged sword when it comes to cybersecurity. ![]() To compete in an increasingly cutthroat marketplace, retailers spend vast sums in hopes of becoming household names.
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