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August 12, 2021

As retailers of every shape and size look to boost sales and improve efficiency by harnessing the power of on-line sales, they are increasingly vulnerable to attack from cyber criminals, putting the survival of their business in jeopardy.

FACT – Sixty percent of UK retailers experienced a cyber-attack in 2020. [1]

The growth of electronic card payments and Point-of-sale (POS) systems are an increasingly popular point of attack for acquiring transaction data, giving cyber-criminals immediate access to valuable information such as card numbers and personal identification numbers (PINs).

Insider threats in retail are also rising. Employee turnover is high, and the typical retailer has many points of insider vulnerability, including seasonal and traditional employees.

These trends are giving rise to a new breed of criminals. Instead of stealing money or physical goods, these cyber-criminals focus on stealing information — especially the valuable cardholder data that flows between consumers and retailers.

Some attacks use advanced technology that take advantage of weaknesses in the IT infrastructure, whereas others can be as simple as an insider copying data to portable media and then walking out the door.

Whether an attack is simple or sophisticated, the results can be disastrous. Retailers today must understand the potential threats and take action to protect themselves and their customers from harm.

Cyber insurance from MGAM is designed to protect retail businesses from exactly these kinds of situation. From phishing attacks to data breaches; from malware to ransomware attacks, the MGAM Cyber policy offers a response service 24/7.

Within 2 hours of an insured activating the service, an incident manager will make contact and recommend an appropriate response.

[1] Source – Ponemon Institute

To find out more about how MGAM can help protect your clients visit our website or contact:
Monica King Divisional Director UK SME

T: +44 (0) 203 946 9114
M: +44 (0)7585 809677