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Retailers Face Both High Cyber Risk and Steep Losses When Hackers Hit

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Retailers Face Both High Cyber Risk and Steep Losses When Hackers Hit

Binance’s $6.3 billion hack is just the latest reminder that retailers really need to keep their systems secure.

Retailers like to stand out — but not when it comes to the shadowy and expensive world of cybercrime.

Moody’s recently ranked 21 U.S. sectors on cyber risk in the age of AI, looking at each sector’s exposure to online threats and the strength of its defenses.

The Cyber Risk Heat Map showed that retailers not only have “large digital footprints” but “moderate defenses with some of the highest modeled losses.”

“Retail is one of five sectors with the highest overall cyber risk (media, telecom, education, retail, IT hardware) and one of five with the highest modeled losses as a share of gross profit (food and agriculture, manufacturing, energy, media, retail),” Moody’s said, pointing out that media is the only other sector in both groups.

The 24/7 advantages of being able to sell online come with some pretty big risks.

Outside of retail, the giant cryptocurrency exchange Binance said Friday that hackers withdrew $6.3 billion, forcing the service to suspend withdrawals while security checks were completed. The company’s initial investigation suggested “the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.”

Closer to home and on a smaller scale, hackers threatened Asos recently — sending its app users an alert that called out the company’s data protection officer and claimed to have “fully compromised the Snowflake instance,” apparently referring to the cloud-based data storage company.


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