For today’s internet retailers, it’s no longer a question of whether you will get hacked—it’s a question of how quickly and efficiently you will manage the situation when you do. That’s why PCI compliant hosting has never been more important. The “2016 Trustwave Global Security Report” shows that breaches and compromises continue to abound in the retail sector, accounting for 23% of cybersecurity investigations in 2015. As such, keeping an eye on the emerging data security landscape has become essential, and it’s no surprise that PCI DSS Compliance and PCI Compliant Hosting are key components of internet retailers’ security strategies. Sound like what you’re thinking about on a daily basis? Let’s explore a little more fully some of the mounting security challenges Internet retailers will continue to face in 2016 and beyond and what internet retailers can do to deal with them.
Card-Not-Present (CNP) Fraud Rises
As U.S. retailers move to EMV cards and digital wallet solutions such as Apple Pay and Google Wallet over the course of the next few years, it’s predicted that point-of-sale card fraud will become progressively less lucrative for criminals. Unfortunately, the transition to EMV will be partially responsible for growth in “card-not-present” (CNP) fraud via the monetization of fake and stolen credit cards. The total value of fraudulent e-commerce transactions is expected to rise from $10 billion in 2014 to nearly $19 billion in 2018, effectively positioning CNP as the primary form of card fraud in the U.S.
Smaller Doesn’t Mean Safer
In the past, smaller organizations would have considered themselves too under-the-radar for an attack, figuring that with the time and effort involved, cybercriminals probably would have bigger fish to fry. Unfortunately, because automation makes finding vulnerabilities as easy as hitting “run” and waiting around for results, anyone with an internet connection is a potential target. In addition, hackers today can acquire and assemble data from multiple, less secure sources, that is just as valuable as the data they could obtain from one well-protected enterprise source. As a result, smaller organizations are more likely targets today than ever. Don’t make the mistake of thinking you aren’t one.
Rise in Ransomware
Ransomware attacks made headlines in early 2016, with Forbes reporting that a strain of malware called Locky was infecting up to 100,000 computers a day around the world by mid-February, demanding on average a ransom to the equivalent of $20 U.S. dollars in bitcoin. High-profile targets like healthcare facilities and schools drew the most attention, but it’s a safe bet that the success of these attacks will incite more just like it in other industries, including retail. The cost of unlocking your e-commerce site might seem like peanuts in comparison to a day’s worth of revenue lost—protect against both with a well-managed security strategy.
What Can Retailers Do?
Developing a robust managed security strategy is the first step. And, the foundation of any managed security strategy is PCI Compliant Hosting, a legal requirement for any entity that stores, transmits, or processes cardholder data. The best of these hosting solutions will have industry-leading firewalls to protect the network’s perimeter, enterprise-class, 256-bit AES encrypted storage and backup to protect cardholder data-at-rest combined with centralized anti-virus software to detect and remove malware and protect against ransomware.
OnRamp’s secure hosting includes these features and more, such as Advanced Log Management Service and Advanced Threat Management Service solutions, both powered by Alert Logic. Both programs offer 24×7 security and log monitoring, review, and response by a world-class Security Operations Center (SOC). They also provide real-time threat detection, incident response, and log collection, aggregation, and analysis, which means that you are able to see and respond to suspicious activity and attacks the moment they occur.
OnRamp will be demonstrating the latest in PCI-DSS compliant hosting and managed security solutions at this year’s Internet Retailer Conference and Expo (IRCE).
The IRCE 2016 conference will take place in world-class Chicago at McCormick Place West on June 7-10. E-commerce technologies and solutions providers from nearly every category in the market flock to the IRCE every year, making it the largest e-commerce trade show in the industry. Join OnRamp and the nearly 600 vendors in the 250,000 square feet exhibit hall to get caught up on the very latest products and services in e-commerce.
For the best in PCI-DSS compliant hosting and managed security solutions, visit OnRamp at booth #2108.
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