Cyber assaults pose a significant risk to the majority of retail businesses, warns a recently published study.
In a recent analysis of the UK's top 50 retailers, cybersecurity firm KYND has identified critical vulnerabilities that pose a high risk of operational disruption. Email security proved to be the biggest liability by volume, accounting for 80% of the critical issues identified across the 50 companies analysed.
Other common vulnerabilities found by KYND include certificate misconfigurations or expired digital certificates (72%), vulnerable services (70%), outdated software (70%), and ransomware risk exposure (58%). More than a third (38%) of these retailers face multiple critical threats simultaneously across all five major categories.
These vulnerabilities can lead to costly breaches, as demonstrated by attacks on retail giants like Marks & Spencer, Harrods, and the Co-op. To address these vulnerabilities, KYND recommends improving email security, regularly auditing and updating digital certificates, implementing patch management and software updates, hardening and monitoring services, and implementing comprehensive ransomware defenses.
KYND's research emphasizes the importance of stronger configuration management, continuous monitoring, and timely patching to reduce critical exposure. The financial impact of these vulnerabilities is significant, with an attack on M&S estimated to cost up to £300 million.
KYND, a trailblazing cyber risk solutions provider, has launched in the United States and has teamed up with Millennial Shift Technologies. Their cyber risk insights will now be available to insurance customers of Millennial Shift Technologies. KYND has also been listed in the InsurTech100 for 2024.
The integration of KYND's cyber risk reporting into the mShift platform is seamless, providing accessible and actionable insights to retailers. KYND defines critical or 'red' risks as vulnerabilities which are very likely to lead to business interruption if not addressed.
For more information on KYND's cyber risk management and how it can help retailers mitigate potential cyber incidents, please visit https://www.kynd.io/.
[1] Source: KYND's Cyber Risk Report for UK Retailers [2] Source: The Financial Times [3] Source: The Guardian [4] Source: BBC News
- The collaboration between KYND, a leading insurtech firm, and Millennial Shift Technologies will make KYND's cyber risk insights available to insurance customers in the United States.
- In their Cyber Risk Report for UK Retailers, KYND identified numerous events involving cyber risk, such as email security lapses, certificate misconfigurations, vulnerable services, outdated software, and ransomware risk exposure.
- To minimize the potential financial losses due to cyber risks, KYND recommends businesses focus on stronger configuration management, continuous monitoring, timely patching, and implementing comprehensive ransomware defenses.
