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Retail sector considering ISAC formation to prevent data breaches
Currently, a range of industries leverage ISACs, or information sharing platforms, to boost data security, including organizations in the financial, utility, supply chain, research and education sectors. The aim of ISACs is to provide a unified resources for groups to make new threats public and share content associated with the latest malware and cybercrime activities. In this way, businesses throughout the sector are aware of the risks and can work to mitigate them.
According to Dark Reading contributor Kelly Jackson Higgins, the retail market is now contemplating forming their own ISAC, a Merchant and Retail Industry Information Sharing and Analysis Center. These platforms can also include databases to house information on current security threats and newly discovered vulnerabilities to better arm agencies in the fight against cybercrime. The ISAC consideration comes as a result of the increase in data breaches within the industry, including several widely publicized attacks on popular big box stores late last year and in early 2014.
"The retail industry is considering many different proposals and options aimed at identifying, preventing, and combating coordinated cyberattacks, including the establishment of a retail industry Information Sharing and Analysis Center, or ISAC," said David French, National Retail Federation senior vice president. "ISACs are a valuable resource with a proven track record."
Besides groups within the industry considering the formation of this security support system, the Federal Trade Commission is also being approached by Congress members, including Sen. Mark Kirk, R-Ill. and Sen. Mark Warner, D-Va, Higgins stated. Warner said created such a resource would help the sector share important data that could be leveraged to avoid the widespread theft of sensitive customer information.
"The private sector should work together to be more responsive to the serious threats consumers face from data breaches," Warner said.
The effects of a data breach
Many who have not been affected by a retail data breach do not understand the stress and damage such an event can cause. On the side of the retailer, an attack resulting in loss of information not only has a serious effect on the overall brand, but can also impact customer trust and loyalty. Furthermore, the organization must go through the painstaking process of investigating the breach and working to ensure that the vulnerability leveraged in the attack is not a weak point in the future.
Additionally, when consumer information is stolen from a retail vendor, the individual customer must also shoulder the headache as well. Shoppers must keep an eye on credit card statements and other financial records to ensure their identity hasn't been stolen, and must team with their bank to replace any affected payment cards.
Steps for prevention
So how can retailers prevent becoming a victim of a data breach and avoid putting their customers at risk? One of the first steps in this journey is to become compliant with the standards set by the Payment Card Industry. Additionally, Internet Identity recommended reviewing these guidelines on a regular basis to ensure that the company is up to date on its security.
Vendors should also implement encryption to protect both internal data and payment card information. This can be done through the use of an SSL certificate obtained through a trusted certificate authority.
"This may seem like 'Cybersecurity 101,' but the longer the key size and the stronger the algorithm, the more difficult it will be for malicious hackers to break the encryption via brute force attacks," Internet Identity stated.
The source also recommended shelving any outdated technology, including at point-of-sales terminals, in favor of more current systems. Aging components can be exploited by cybercriminals, but today's technology has components and safeguards in place to prevent attacks used in the past as well as to fight new threats.
Protect data in transit with an SSL certificate today.
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