#CyberFLASH: Canadian retailers should be wary of hackers on Cyber Monday

n-ONLINE-SPYING-largeCanadian retailers need to be vigilant in the face of an expected upswing in security breaches during the online shopping madness of Cyber Monday, according to a cybersecurity expert.

Retailers will want to ensure their existing security systems are up to snuff and they should perform updates on their periodic vulnerability tests if there is any doubt, says Raymond Vankrimpen, a partner at Richter Advisory Group Inc. in Toronto.

“They should make sure they have done recent vulnerability testing on their e-commerce platform,” he said.

Cyber-attacks to obtain payment card and personal customer information for use in fraudulent purchases and identity theft are rising dramatically.

Among the more high-profile incidents recently reported are security breaches at 395 Dairy Queen stores and the theft of 56 million records at Home Depot.

A 2014 study by the Ponemon Institute that evaluated security-breach costs in the retail sector indicated that the cost is $105 per stolen record.

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