Now that data breaching has reached an all-time high, it’s important for retailers to amp up security measures this holiday shopping season. As the holidays draw nearer, retail businesses flourish with high traffic, providing hackers an opportunity to attack. During shopping rushes, businesses focus more on staying operational and running efficiently, leaving data security as more of an afterthought.
Breaches pose a real threat to your company’s overall profit and consumer confidence, but what creates these opportunities? Security Intelligence found that the following factors played a big role:
- Users downloading infected files or visiting malware infested websites.
- Weak passwords
- Poor network security
- Insecure system configurations
- Unpatched technology
All of these factors could be prevented if you have effective data security protection. Make sure your company has an in-depth security plan already in place and make sure all employees are trained. A fast response to security threats can help minimize damage and loss.
With retail outlets like Target, Sony, Ebay and more already suffering data breach compensation lawsuits, don’t let your company be next by boosting security measures now. Entrepreneur.com offers ideas on how retailers can better prepare for the holiday season:
- Know when to call in backup. With the advancements in technology it’s becoming harder for businesses to monitor all weaknesses at all times. It might be time to hire outside help or implement a full-time chief security officer (CISO).
- Try to avoid in-house payments. While processing payments in-house may help save money per transaction, it makes it easier for data breaches to happen. It makes all your data more vulnerable by sitting in one place.
- Add encryption and tokenization. Encryption gives all data a constant changing code for access, making it illegible to hackers. Tokenization sends data to another point without being identified.
- Be an expert on emerging payment technology. Adopting the advancements of mobile payments and EMV chip card processing, you can keep your company competitive. These new methods can also help safeguard private data.
Don’t let the hackers get what they want this holiday season. Address security challenges now while you still have time before the holiday shopping season begins.