Cyber security a key challenge in retail sector
Point of Sale (POS) system hacks, card and online payments are problematic security issues for retailers
With the retail industry entering the digital era, consumers are connecting with the new sales platform and marketing techniques. These advance technologies also bring new risks for which retailers are taking necessary steps to ensure a potent cyber security structure is in place.
Sunil Kripalani, Senior VP (Global Sales and Marketing) of eScan, said, “The retail industry remains as the most preferred industry for cybercriminals to seek consumer data. Whereas the online retail industry has become a prime hunting ground for cybercriminals, especially with the new payment technologies that are transforming the way consumers shop, whether it’s online, via mobile or in-store.”
The cyber criminals are no longer using traditional attack methods. These new-age cybercriminals are using new trends such as credential thefts and advanced exploits. It is essential that retailers adapt to effective cybersecurity measures, not only to reduce the risk of a cyber-attack but also to ensure customer loyalty.
Retailers should also include a multi-pronged approach that includes sensitive data governance and real-time cyber threat monitoring and management. Kripalani explained that in order to ensure better security businesses should build a robust cyber security strategy to reduce the element of human error within the security infrastructure. To achieve this, retailers should conduct training programs for their employees, which would help mitigate the threats arising from the cyber universe and enlist a total security solution, which provides them with security across platforms and devices.
While the future of cybersecurity is intertwined with the developments in the cyber space and information technology, over the next decade, more things will become automated and all the data will find its way to the cloud, where it might get difficult to control the dataflow and access to the information.
Kripalani said, “Following steps in regards with cybersecurity are monitoring the security framework and network environment on a regular basis. Schedule a timely audit of security and compliance, join a retailers only community, which enables free flow of information that would help them strengthen their security framework, updating their security and antivirus technologies to stay abreast with the developing threats from the cyberspace, ensuring security and privacy is given paramount importance when creating an app for their product or services and create a security policy enabling safe computing practices for the employees to adhere.”