April 28, 2017//Ellen NeveuxLast Updated: November 18, 2020
The threat is real. Over the past month alone, we’ve heard news about many retailers becoming victims of cybercrime. In this blog post, we’ll round up the major security breaches affecting retail establishments and offer a solution to keep your business safe and secure.
The cost of a data breach
This week, Chipotle was well on its way to seeing an increase in revenue – but it was erased by a data breach. The taco and burrito chain – which has 2,010 locations globally – saw its Earnings Per Share (EPS) drop from $1.60 to $1.27, with revenue falling from $1.07BN to $1.05BN. The company detected unauthorized activity on a network supporting payment processing during March and April 2017.
Paying the price
Although the department store announced it had suffered a security attack back in January 2014, its recent $1.6M settlement agreement brought Neiman Marcus back into the spotlight this month. About 9,200 shoppers experienced fraud due to the data breach. The class-action lawsuit has led the retailer to focus on improving its security measures post-breach.
Credit card breach investigation underway
Last week, GameStop began investigating a security breach after sources suggested credit card payment data was up for sale online. The video game store has more than 7,000 stores worldwide, but the hacking incident was limited to online purchases from September 2016 to February 2017.
Hannaford Bros. Grocery
One of the largest incidents ever
On Monday, the East Coast grocery chain experienced one of the largest data breaches ever – 4.2 million unique credit card numbers were exposed. The credit card numbers were stolen during the card authorization process. The security breach led to 1,800 cases of fraud and affected all of its 165 stores in the north-east, 106 in Florida, as well as independent stores that sell Hannaford products.
Retailers vs. hackers
Cybercrime and malware attacks on the rise
As consumers ramp up their online buying, cybercriminals are developing new underhanded tactics to target retailers. The threats facing retailers mean they have to step up their game to ensure all their systems are safe from attackers and protect their customers’ sensitive data. This infographic details the impact of data breaches on consumers and retailers.
Top 10 legal risks for retailers
Key security issues for retail establishments
Explore the hot topics keeping retailers up at night – and offers the top 10 litigation risks and trends for the retail industry.
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