B2B Payments

Hackers Supply A Threat To Wholesale Distributor Grainger

The B2B eCommerce site Grainger, which supplies maintenance, repair and operating products globally, confirmed Tuesday (July 14) that its network fell victim to a cyberattack in early June.

Grainger’s IT security team detected the breach on June 2 and immediately launched an investigation according to the company’s cybersecurity protocols.

Upon discovering the attack, Grainger implemented enhanced security measures, notified law enforcement officials and began working with security experts to further examine the situation, the company confirmed.

But for now, all signs point to a crisis averted when it comes to the breach.

“At this time, Grainger has no evidence there is any impact to customers, suppliers or employees because there is no indication that information such as social security numbers or government identification numbers, banking information or credit/debit card information have been compromised by this incident,” Grainger said in a company release.

While the company sees no adverse impacts now, it will still offer 12 months of complementary identity protection services to both customers and employees as a precautionary measure.

It is not clear if the cybersecurity breach will have an impact on Grainger’s supplier relationships and business, but the company emphasized how seriously it is taking the situation in its statement, noting it will continue to take appropriate actions to strengthen the security of its systems.

Unfortunately, data breaches tend to rack up major financial costs for the companies impacted.

In a report issued earlier this year by security research firm Ponemon Institute and authentication tech provider Duo Security, recovery from a data breach takes an average of 45 days at a cost of $35,414 per day, with the expense split among direct labor (26 percent), cash outlay (22 percent), productivity loss (21 percent), overhead (15 percent) and indirect labor (14 percent).

As if the outlook on cybercrime wasn’t bad enough, Juniper Research estimates the average data breach cost in 2020 will top $150 million.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

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