As digital transformation accelerates, a critical sector like retail, transport, and logistics (RTL) that caters to our everyday life, is especially susceptible to cyberattacks. This blog explores trends, common pitfalls, and opportunities in cybersecurity within this sector to help you protect your RLT business along your digital transformation journey. Financial fallout: Cybercrime’s billion-dollar toll In 2023, 12% of all cyber-attacks were directed at the retail and transport sectors. According to Statista and Global X ETFs, AI/GenAI attacks have surged by over 300%, and the projected cost of cybercrime is anticipated to increase from $9 trillion in 2024 to $13.8 trillion by 2028. Traditional security measures are now inadequate. How then, can you steer clear of these menacing attacks? Artificial Intelligence in cybersecurity: A double-edged sword With the exponential advancement of AI and Machine Learning models, unusual patterns and potential threats can now be quickly identified, allowing for proactive defense measures. However, it works both ways: cybercriminals are increasingly leveraging AI for their own dark exploits! However, in this type of an ecosystem, security becomes even more critical. The rise of IoT has added to this conundrum as more area along borders mean more entry points! In RTL, special care must be given to IoT devices like connected stores, vending machines, and connected transport systems, which must be protected through robust encryption, regular updates, and monitoring. The same applies to cloud. Whether it is public, hybrid or on-premises, enhanced encryption, secure access controls and continuous monitoring are essential to ensure sensitive data remains where it needs to be. Ultimately, Zero Trust Architecture must become the new normal. This means operating on the principle of constant verification and leaving nothing to chance. It requires continuous verification of user identity and device integrity, thus reducing the risk of unauthorized access. Avoiding cyber pitfalls As you endeavor to secure the entire perimeter and coastlines, here are 4 best practices to help you avoid security pitfalls in this increasingly dangerous context: You don’t know what you don’t know. Inadvertently, human error remains a significant threat. With the appropriate training, employees must be constantly warned against phishing attacks, mishandling security procedures and compromising data and information that is sensitive. Expect the worst, pray for the best. It never hurts to have a detailed and comprehensive incident response plan. If a breach does indeed happen, delayed responses can exacerbate the impact of an attack. You are only as strong as your weakest link. Retail and logistics companies rely heavily on third-party vendors, and this often constitutes a weak link in the security chain. These vendors must be monitored and accessed on their security practices. Avoid neglecting the basics. Regular updates and management is paramount. Cybercriminals are aware of these loopholes and will exploit them. Proactive steps to join the cyber safe zone On the positive side, how can you join the safe zone? The following 4 points are now vital in the new age of AI: Collaboration: Real-time cooperation with reliable cybersecurity firms and industry peers leads to better threat intelligence and a stronger overall defense. Investment in advanced technologies: Dedicated investment in AI/ML for security will be key to ensure robust security solutions. Learn more about how you can empower your organization to thrive in a world of growing cyber threats with Eviden’s ebook, Cyber resilience in the age of AI. Data privacy: Data privacy measures must be strengthened, by implementing robust encryption and secure data handling practices. This ensures compliance with regulations but, more importantly, builds customer trust. Public-private partnerships: The secret of good defense is to think global. Engaging in partnerships with governments can provide access to resources and intelligence that may not be otherwise available. Read about Eviden’s recent and highly successful involvement in the world’s largest NATO cyber-defense exercise. Navigating the regulatory maze Finally, special attention to regulations is particularly needed. The retail, transport, and logistics sector faces numerous compliance pressures, including PCI DSS, GDPR, HIPAA and Network and Information Security (NIS 2). These regulations mandate strong cybersecurity practices, demonstration of compliance, and reporting of security incidents. Balancing these requirements with the need to remain competitive and innovative presents a significant challenge for the sector. Among these, particular attention must be called to NIS 2, a new unified cybersecurity directive across the EU. This directive outlines the scope, mandates the implementation of measures, and enforces reporting and information obligations. It imposes strict security requirements on supply chains, regardless of organizational size. Medium and small companies often lack the resources and expertise to implement these measures, making them vulnerable and in need of support. Non-compliance exposes their delivery chains to cyber risks, leading to dramatical legal, financial, and reputational damage. Depending on individual cases, fines can range from € 7 million, up to 2% of the organization’s turnover from the previous year! Leading with advanced cybersecurity solutions Eviden is at the forefront of protecting critical infrastructures with a proactive defense — advanced cybersecurity solutions using GenAI. Deploying teams of experts, together with technology partners, we employ a multi-layered security approach, combining AI-driven threat detection, real-time monitoring, and robust incident response. Our dedicated offering provides a thorough risk analysis to ensure current security and to future-proof clients’ business strategies as they prepare for the new NIS 2 regulation. This includes strategy, risk and compliance assessment, penetration testing, solution implementation, managed security, identity services, and cloud security which can be customized to meet the specific needs of the retail, transport, and logistics sectors, ensuring a resilient protection against evolving threats. Eviden at work An example of this offering at work is a recent case wherein a major packaging company reduced its mean time to detect from 168 hours to under 24 hours. With 132 global locations, which were not comprehensively or continuously monitored, the client did not have the resources to completely monitor their assets. Eviden implemented a 24x7x365 threat monitoring service across the company’s entire distributed network, ensuring continuous monitoring of all critical business assets, regardless of location. By partnering with us, they achieved: Uncovered previously unknown threats within their network An 80% reduction in false positives 70% lesser incident investigation efforts 85% lower Mean Time to Detect (MTTD) (from 168 hours to 24 hours) 85% faster response speed to threats Securing a digital future for Retail, Transport, and Logistics The retail, transport, and logistics sector is a part of an ever-evolving field that plays a vital part in our everyday life. By staying abreast of trends, avoiding common pitfalls, and seizing new opportunities, organizations must build robust defenses against cyber threats. At Eviden, we stand by the importance of these efforts, highlighting the critical need to safeguard your digital future. Download the Eviden ebook, Cyber Resilience in the Age of AI. Connect with us to discuss how you can take your business’ cybersecurity to the next level.