- A third British retailer has been hit by a cyberattack
- The M&S event is probably a ransomware -attack from scatter spider
- Retailers are at risk due to high downtime costs
The luxury department store Harrods has become the third British retailer to be hit by a cyberattack within a few days when the company restricts Internet access on its sites after an attempt to access its systems.
The incident follows closely the confirmation that a previous attack targeting Marks & Spencer causing widespread power breaks in stores and the retailer’s online platform is reportedly the work of scattering spider hackers.
The third incident, a cybertack on the retail giant co-op, forced the supermarket to take down parts of its IT systems and take proactive measures to defend against attackers.
There are certainly similarities between the reports of the events, and in such a quick order it seems that there may be a connection between them, but the extent of the attacks has not yet been seen – here is what we know so far.
No known link
Despite the times and similarities, there is no official connection between the incidents, although it is likely that all three events are underway, so more information can be revealed when the attacks are taking place.
Meanwhile, security teams need to be ultra vigilant and should implement the best end point protection software to keep their organization secure.
Sonicwall’s executive VP for EMEA, Spencer Starkey explains ransomware, “keeps the victims’ business operations as hostages, which unique affects retailers and other organizations that provide daily services to their customers”.
As we have seen in the continued disturbance of the M&S attack, these events can have a devastating effect where the supermarket’s share price decreases 7%, causing millions in lost sales and downtime.
Starkey explains that these attacks are particularly detrimental to retailers as they directly affect revenue generation, providing additional leverage for attackers, warning that companies should operate with the presumption that they will inevitably be targeted, so should develop a comprehensive event response plan.
Not if but when
Concerns are rising for businesses across the country, and retail attacks have risen sharply since the development of AI tools designed to help cyber criminals send more frequent and sophisticated attacks.
The head of the National Cyber Security Center (NCSC), Dr. Richard Horne has warned that these attacks should serve as a “wake-up call” for all organizations and encourages security leaders to ensure that they have “appropriate measures to help prevent attacks and respond and recover effectively.”
EX-NSA cyber manager Cody Barrow also warns generative AI “speeds up the pacifier landscape” and that sophisticated attacks such as social engineering and adaptive malware campaigns are now available to even low-skilled attackers.
In particular, criminals are able to send an incredible number of social technical attacks designed specifically to fool victims of giving attackers access to their network.
Security Best Practice recommends using the best antivirus software, best malware -removal software and training of all staff to recognize phishing attacks.
These attacks outline how vulnerable the sector is and Barrow claims this is “due to the amount of customer data and the high cost of operational downtime”. Although the reality is that almost all sectors face more threats than ever.
“Retailers must assume that they are targets. Raised event responders, clear communication protocols and multifactor approval for administrative access are now important. Endpoint detection and response tools must be standard, not optional.” For consumers, vigilance is crucial: Update passwords, financial activity monitoring and look for scams investigating newer broker. “
