Data Insecurity: The New Retail Reality
During a major brand data breach, the personal or credit card information of customers was compromised, raising the retailer’s breach-related costs.
Recent press accounts bring home the point: even for established, trusted retailers, one major security breach can inﬂict substantial damage in the form of short-term costs, revenue loss and ...longer-term damage to brand and customer relationships. But as the store environment evolves, the task of protecting data is becoming increasingly challenging to do well. Once, a one-dimensional strategy focused on protecting credit card data at fixed points of sale (POS) could suffice—but no longer. Now, retailers must also secure customers’ personally identifiable information—worth more than credit card information on the black market—and cope with a wide range of new store capabilities and new forms of payment. Meanwhile, organized cybercrime, now a multi-billion dollar shadow industry, grows ever-more sophisticated. To thrive in this evolving environment, retailers need a holistic approach to data security.