From individuals to entire organizations, ransomware has affected every type of digital user. The activity of cryptovirological operators in some recent times suggests that retail business has also become a favorite target for ransomware operators.
Security experts are of the thought that retail business tends to pay the extortion money for ransomware removal to the attackers. Therefore, more cryptovirological operators want to target digital fronts of the retail ventures. With increasing digitization everywhere, a large segment of retail operations has also been shifted to the digital medium. This means a ransomware attack can extensively affect retailers, so much so that it can halt the entire retail operations.
It’ bad for the business reputation
Apart from affecting everyday operations and inflicting productivity losses, ransomware attacks can also tarnish the market reputation of retail businesses. According to one survey, more than 70 percent of consumers think of leaving a retail business if it has been hit by a cyber attack. So, losses due to high customer attrition are very likely after a retailer sustained a ransomware attack.
Majority of victim retailers pay the ransom
Another survey suggests that the majority of ransomware victims pay the attackers for ransomware removal to resume their operations. As per the survey conducted by Radware, a digital security company providing data center services, nearly one-third of the ransomware-affected retailers have paid ransom money. Retailers often resort to ransom payment because they don’t have enough digital expertise to deal with the cryptovirological attack all by themselves. Secondly, in order to protect their reputation, they try to cover up the attack by silently dealing with the attackers instead of asking for third-party help for ransomware removal.
Network segmentation, robust data backups, and adequate staff training are considered to be key elements for any retail business to prevent the damages of any ransomware activity.