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SECURING RETAIL ENVIRONMENTS WITH SINGLE STACK SECURITY
Jonathan Wright , Head of Products and Operations , GCX , outlines security concerns facing retail businesses and discusses how to secure retail environments .
Jonathan Wright , Head of Products and Operations , GCX
R etailers face growing complexity in today ’ s everchanging industry . The UK ’ s high streets are in a critical condition as footfall continues to decline . Rising prices mean shoppers have less money to part with and this , coupled with the booming eCommerce market , high rents and restructuring plans , have meant brick-and-mortar stores have been forced to close .
Multiple factors , including the pandemic and Brexit , have caused major disruptions in global supply chains . These delays , coupled with sudden shifts in demand , left retailers scrambling to meet rising customer expectations . Big retailers like Amazon have been raising the bar on the speed of shipping , to improve network speed and agility and now , more than 40 % of senior executives expect to increase their total supply chain investment .
Security
In the UK , over 80 % of the population makes eCommerce purchases . In other words , over four in five UK consumers are digital buyers . With so many consumers shopping online , customer data such as addresses , bank details , and passwords is attractive for hackers who can profit from selling or misusing that data .
Attacks on retailers ’ digital infrastructure are becoming alarmingly common and the UK retail sector lost £ 11.3 billion to payments fraud last year , figures suggest . Even major supermarket chains like SPAR and Tesco have unfortunately fallen victim to these sophisticated attacks . Robust cybersecurity solutions are crucial to prevent website outages , which can lead to lost sales , hefty fines and damaged customer trust . Today ’ s customers expect uninterrupted online experiences . So , simply put , any downtime directly translates to frustrated shoppers abandoning carts and a tarnished brand reputation .
Consumers ’ shopping preferences
More customers want to purchase across multiple channels to get what they want . Information about products , stock and customers must be available on different platforms , including in-store , online , mobile , kiosks and in-store tablets . While businesses that provide a set of seamlessly integrated channels as an omnichannel , cater to customer preferences , opening them up to new revenue streams , they are also exposing themselves to new fraud challenges .
With such a large amount of data needed to make omnichannel businesses tick , they are a ripe target for cybercriminals looking to obtain a deep level of personal data that can be harvested for further fraud .
As the volume of threats increases , retailers must reassess their cybersecurity practices to ensure they are robust and resilient enough to protect their customers , regardless of whether they are shopping online , in-store or at a pop-up location . By prioritising digital experiences and leveraging data analytics , businesses can gain real-time insights into products , inventory and customer behaviour . This empowers them to deliver seamless customer journeys and boost revenue .
Keeping this process secure , however , can be tricky if too many disparate point solutions are deployed , as this limits visibility . Today , many retailers deploy a suite of security tools that may solve individual challenges , but when deployed together produce
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