From high-profile organized POS data breach, digital retail crimes, and employee thefts to the exponential growth of disrupting technologies and decentralized payment methods, the retail enterprise is under siege from all elevations. Data is collected at all stages of the shopping process—from browsing and buying online, to paying with a credit card or mobile wallet at a retail store. More technology and data have many benefits for consumers and retailers, but they also increase the risk of security breaches. According to 2018 National Retail Security Survey, the impact of shrinkage on the retail industry continues to be sizeable. With an average shrink rate of responding retailers about 1.33 percent of sales, tools used to deter both internal and external crime have dropped in use. Although Malware and other cyber issues get the bigger slice of the attention pie, aspects such as shoplifting and robbery are also plaguing the retail enterprises.
As startling as it may seem, disrupting trends and technologies are just working as a mirage rather than a polestar for the retail space! High-profile breaches such as Target, Home Depot, and Neiman Marcus wasn’t the first, and it certainly won’t be the last. Smart criminals, lethargic audit team, or outdated security measures, there are plenty of reasons which lead to a shrink in retail organizations’ revenue.
Only a retail organization with a clear roadmap and an employed strategy of continuous investment in cyber security measures can bridge all possible security gaps. Only that organization can be called “A Store with a View!”
In this edition of Retail CIO Outlook, we present to you “Top 10 Retail Security Solution Providers - 2018.”