Ransomware and POS Attackers to Zero in on Small Businesses, Retailers

Although most associate cyberattacks and data breaches occur with large corporations, small businesses and retailers should ramp up security measures as cybercriminals are expected target them in more ransomware and point of sale attacks. Kent Shuart, product marketing manager at Dell Sonic WALL, recently spoke at the National Retail Federation’s annual gathering in NYC.  Shuart attempted disprove the common belief that cybercriminals only go after the “big dogs.” Instead, Shuart explains that “the average small retailer has 50,000 credit cards in their system that can sell for between $5 and $10 each on the dark web.”  With ransomware becoming more sophisticated and targeted at the average small business, both increased cybersecurity and cyber insurance can help mitigate the risks of an attack. Shuart explains that many of these small businesses are at an increasing risk because they rely on outdated technology to protect critical data. These breaches can be devastating to these companies because according to Shuart, “60 percent of small and medium businesses that are breached in some manner go out of business.” With the number of these attacks predicted to rise, small businesses must invest more time, energy and money in being proactive rather than reactive.