French luxury brands are top targets for cyberattacks due to the desirable private data they cull from wealthy, influential individuals — and according to a new report by Kela, a cybercrime intelligence platform, companies should center their focus on employee education and heighten security measures to combat elusive threats.
The luxury sector in France is dynamic due to its “traditions, manufacturing expertise and craftsmanship,” the report said, noting that France is a leader in the segment with around $150 billion EUR in revenue in 2021; and the luxury industry drives the nation’s exports.
Its report, The Threat Landscape of Top Luxury Brands in France, homes in on 10 of France’s top luxury brands and groups to analyze cyber threats that the French luxury sector faces, such as the selling of counterfeits; refund methods that target French luxury brands, and compromised accounts and leaked credentials.
“Leading luxury brands face growing cyber threats as online criminals try to monetize clients’ data or to exploit employees’ credentials as initial points of access,” the report said. “Companies must educate their employees and apply security measures. Third-party suppliers, vendors and partners also represent a threat, therefore luxury brands must track and secure their supply chains.”
Its research found that organizations in France, and globally, should prioritize employee education via cyber training, the report said, inclusive of learning how to identify suspicious activities such as scam emails or unusual requests from unauthorized individuals or email addresses.
Kela recommends that companies also consider implementing two-step verification practices across organizations’ clients, employees and internal portals to prevent any unauthorized account access, in addition to enforcing a new and different periodical password change among the organizations’ employees and customers.
Investment in regular vulnerability monitoring and patching is also recommended, as it can ensure that “any possible entry points for initial access brokers or other network intruders are immediately blocked.”
A more obvious but potentially overlooked suggestion is the continuous monitoring of assets, the report said, as automated and scalable asset monitoring could “significantly improve maintaining a reduced attack surface, ultimately helping organizations prevent possible attempts of cyberattacks against them.” The report emphasized that “Cybercriminals continually search for new opportunities to monetize the data they obtain.”
Lastly, monitoring the cybercrime landscape aids in the discovery of important trends and threats. “Knowing the latest tactics and fraud trends may allow a company to address this evolving threat more adequately — and decrease financial losses.”
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