With the rapid growth of POS transactions, security vulnerabilities are also growing. Multiple cyberattacks on the POS system occur every minute in restaurants and retail outlets.
Point-of-sale malware has become one of the biggest sources of the stolen financial payment card information. You will be shocked to know about the mega-breach of 2013–2015 that compromised nearly 100 million payment cards in the US. The scenario is roughly the same as it has been up to this point. Even cybercriminals have sharpened their methods to pave the way for the deployment of POS malware.
As a result, the question should not be why they continue to occur. Rather, it should be about how to protect your POS system from the rising threats of a POS attack. Let’s look at the best POS cyber security practices and applications for your system.
From personal information to credit card information, every POS application contains a huge amount of customer data. Cybercriminals can use this information to steal money or commit identity fraud on a larger scale.
So, preventing unauthorized users and hackers and creating a solid barrier against malware activities is a must for a POS system environment.
Here, POS cyber security comes into play. POS system security prevents hackers, in disguise as unauthorized users or malware functions, from accessing consumers’ personal data or electronic payment systems.
Thus, it secures the POS back-end system and ensures a safe environment for making purchases and completing transactions.
Hackers are constantly on the lookout for potential weaknesses in firewalls or holes in the security features of POS systems that might allow them to launch social engineering attack methods. They sometimes use the old login credentials to access the cardholder’s data.
Cybercriminals manipulate the victims into revealing confidential data. Under the guise of companies, the hackers send emails attached with malicious links to the recipients. Once the recipients click on the link to a bogus destination page or enter their login credentials, the malware gets deployed.
The malware spread through the organization’s POS system memory in no time. They are designed to steal information from the POS system and terminals. So, after getting deployed into a POS system, it allows the hacker to access the entire system or particularly targeted data terminals.
Then, the hacker moves the data to another location to gain access to the company’s networks and systems. They fraudulently use credit card data or sell other personal information to third parties.
The POS cyber security applications are designed to prevent data breaches and theft. Their advanced encryption process, code signing, efficiently prevents tampering, and the usage of chip readers makes it more difficult for the hackers to replicate card data, as the customer doesn’t swipe their credit or debit card while making the transaction.
This way, the POS system security application can prevent the deployment of such dangerous POS malware and all sorts of unauthorized practices.
A ransomware attack on the POS system and network could result in significant financial losses, legal issues, reputational damage, and a lengthy shutdown to correct the errors. You will end up losing all your goods due to shipment theft, and likewise, supply chain disruption will lead you to lose productivity.
Moreover, your POS system will be dealing with a lot of highly confidential data, like financial data, usernames, passwords, etc. If data breaches affect your consumers’ data and lead to major financial loss, you may have to compensate the affected customers. In addition to that, the cost to revive the system would not be affordable enough.
That’s why every organization must integrate POS cyber security with their POS system to secure their back-end system from malware, theft, or any fraudulent activities.
Now the question is: how? Once the integration process is complete, your system won’t be safe enough until you follow these best practices for securing your POS system:
After making all efforts, the hacker could gain access to your highly confidential customer data, even the encrypted information. Some of the world’s largest corporations have experienced cyber theft in their POS systems. DoorDash was hit by a data breach in 2019 that affected the data of 4.9 million customers, workers, and merchants, and even in 2022, it will impact the personal information of certain customers and drivers.
So, keep an eye out for a weak point in a firewall and data mining activities via a phishing email or message.
A POS attack is a fraudulent or malicious activity by POS malware that steals financial data stored in the POS system’s temporary memory. The hackers take advantage of the security vulnerabilities of POS systems and deploy malware to do such unethical activities.
Every year, the statistics on data breaches are truly shocking. Because of advances in fraud detection and POS cyber security technologies that reduce the risks associated with POS security breaches
Now you know how to safeguard your system and confidential data with a security solution. Hereafter, all you need to do is look for the best POS security solution that will fit your budget and the device you use. Try PosBytz highly secured Cloud based POS software that works in any device from Mobile , Tablet and Desktop in Windows , Android & IOS.
PosBytz is your comprehensive platform to manage everything you need to sell and grow your business.
PosBytz is a product of Bytize, Inc.