UK Retailers Warned of Inevitable Cyber-Attacks as Ransomware Threat Rises

Strategic Insights -

British shoppers have been told to expect another potentially crippling cyber-attack on a retailer, following a recent wave of incidents targeting Marks & Spencer, the Co-op, and Harrods. Security experts warn that ransomware attacks on UK retailers have surged in the past two months, with the sector becoming a prime target for hackers. The warning comes as a group suspected of carrying out high-profile attacks is known to rent out its malware to other gangs for a 20% cut of the profits.

Key Takeaways:

  • Ransomware attacks on UK retailers have surged in the past two months, with the sector going from the 12th most targeted to the fifth.
  • A group suspected of carrying out high-profile attacks, DragONFORCE, is known to rent out its malware to other gangs for a 20% cut of the profits.
  • The Co-op avoided a similar fate only by pulling the plug on its IT systems when attacked, causing store shortages.
  • Upmarket department store Harrods also fell prey to a cyber-assault.
  • Graeme Stewart, head of public sector at security company Check Point, believes another retailer will fall victim, stating that ransomware attacks "come in waves".
  • Dr Harjinder Lallie, of the University of Warwick, estimates that tens of thousands of businesses in the UK may have hackers inside their network without being aware of it.
  • Public sector targets, including higher education, the NHS, local government, and the MoD, are more popular with hackers than retailers.

Statistics:

  • 20%: The cut of the profits that DragONFORCE takes from renting out its malware to other gangs.
  • 2 months: The period in which ransomware attacks on UK retailers have surged.
  • 5th: The new ranking of the retail sector as a popular target for hackers.
  • 26 years: Dr Harjinder Lallie's experience in cyber-security, during which he has never seen a time like the current cyber-security threat landscape.

Sources:

  • Graeme Stewart, head of public sector at Check Point (cited in the article)
  • Dr Harjinder Lallie, University of Warwick (cited in the article)
  • Mirroring (article source)