​Custodians of payment information and customer confidence need SIEM

The Retail Industry is vulnerable to cyberattacks and as the custodians of large amounts of sensitive customer information, ranging from credit card details to information about personal preferences. The significance of this responsibility cannot be underestimated as it directly affects consumer confidence in retail brands. Retailers must be able to detect and react to cyber threats in real-time otherwise, it is bad for business.

Copenhagen – June 18, 2018 – Success in retail today means being an expert in data collection and behavior monitoring as well as merchandising. And that’s good news for criminals. Much of the data retailers collect, credit card information, is specifically targeted by hackers who continue to perfect methods for breaching networks and stealing information undetected.

While details of the recent Dixons credit card hack are still limited, one thing is clear: almost a year has passed since the attack on the systems of the UK electronics retail giant and the parent Nordic retailers Elkjøp and Elgiganten, was compromised. The result has potentially exposed 6.9 million customers’ credit card details and 1.2 million personal data records to criminals.

“When a retailer experiences a data breach, you have two major concerns. First and foremost, is the impact it will have on your customers, followed closely by the fallout your business will face as the result of lost revenue caused by reputation erosion and potential fines related to regulatory non-compliance,” says Andrew Morris, VP for EMEA at LogPoint.

Failing to detect and respond to such a threat for extended periods of time could prove fatal for any retailer as it affects consumer confidence and ultimately the consumer decision about where to shop next. The potential loss of revenue and cost of rebuilding customer confidence and brand can be massive, not to mention fines resulting from violations of regulations such as the GDPR.

A Security Information and Event Management (SIEM) solution is central for retailers to be able to obtain actionable intelligence across their environments and provide timely detection and response to cyber threats. A SIEM solution allows retailers to improve threat detection and response by providing real-time data analysis, early detection of data breaches, data collection, data storage and accurate data reporting.

The LogPoint SIEM solution can provide a real-time, all-aspect detection across a retailer enterprise network including web application attacks, Denial of Service attacks and breaches stemming from social engineering such as phishing campaigns.

For more information about how LogPoint can help retailers keep customers’ information safe, visit our industries and solutions page for more specific support.