Why is Cybersecurity Important for the Retail Industries?

It is an undeniable fact that the retail industry faces a challenging cyberthreat environment because retail industries gathers more consumer data than ever before across an increasing range of digital platforms, providing cybercriminals with more valuable data to target and more doorways to access it. As retailers invest in new technologies to collect and manage customer data, there is a corresponding rise in the need to navigate the regulatory issues unique to these technologies and to maintain effective system controls to ensure the security of the collected data.

Hackers are getting smarter everyday
As hacker techniques are becoming more widespread and sophisticated, it is important to have a comprehensive cybersecurity strategy in place. The impact of these data breaches can be catastrophic, especially in retail, where brand reputation and loyalty are the keys to success. For retailers, more detection capability is necessary. They need access to more diverse, detection-based security controls to give them broader visibility of malicious activity in their network.

So, what are the potential solutions to these problems?
Firstly, it is best to work with an experienced managed service provider and secondly, it is important to try to centralise data and make sure IT systems are actively monitored.

Centralized IT Structure
In our experience, one of the big mistakes many retail companies make is storing data at local branch level, when this is rarely the optimal solution. After all, decentralised data increases the number of points of failure. At IPGenius Solutions, we can assist you in getting a centralised IT infrastructure in place, whilst you can also capitalise on our proactive monitoring, preventative maintenance and disaster recovery services, so that data is always secure and backed up.

With regards to maintaining security consistency in the face of a range of IoT devices from multiple vendors, we work along the principle that if a device cannot be remotely monitored, you should not include it. Remote monitoring is vital for reliable security. Retailers who fail to follow this advice are risking being hit by high costs associated with down time in the event that a device fails or becomes compromised by a cyber attack.

Ultimately, by working with us, you will be able to benefit from comprehensive business security advice and support. This will help you to keep customers’ data and your own information safe, in an age where data breaches are not only becoming more common, but where the resulting damage to your reputation can be fatal.