Why is Strong Security Measures Mandatory in Retail Industry?

Why is Strong Security Measures Mandatory in Retail Industry?

By: Retail CIO Outlook | Friday, January 24, 2020

Security threats in retail businesses continue to affect both small and mid-sized organizations alike. Incorporating an overarching technological strategy to protect the data by empowering employees can help the industry from cybercrimes.

FREMONT, CA: Nearly one in three retailers have suffered revenue losses as a result of a cyberattack in the last couple of years, and retail organizations see targeted attacks as a major risk factor of the business. As a result of these observations, the retailers today can mitigate the threat of cybercrime by understanding, accepting, and recognizing the likely vectors of attack they can team with cybersecurity experts within the industry to fortify the defenses. Retailers, by now, have started to realize that they are an enormous target to cybercrime. Yet, merely 52% of companies feel that their security infrastructure is updated, and the rest 61% of companies think that they are submissive with security standards.

Even though cybercrime is one of the major topics among the retailers, not many organizations plan to make a change to these numbers. Data leakage is a kind of a theft which means leakage of unauthorized or transfer of classified information from any authorized network to the outside world.

Evolving the information security policies and the challenge of sustained compliance can affect the retailers but are entirely different when related to cyber-attacks. Instead of fraud attacks, retailers face fines and prison time when they are not submissive with changing security standards and policies.

Another topic is the intrusion of viruses.  Although there are measures where viruses can track the computer and formulate the passwords through several algorithms, scammers can log in through a user's account if the user has a very simple password.

Different other solutions would strengthen the security infrastructure of a retailer. First, the retailers can encrypt data through integrated key management that allows them to makes data unreadable. Second, the retailers will restrict access to encrypted data by changing who has access and controls to the data. Last but not least, retailers should implement security intelligence that tracks the access attempts to the encrypted data, thereby giving an insight into how the outside attackers are attempting to break the security.

Also see: Top Retail Solution Companies

See Also: Cyber Security Review 

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