Cybersecurity best practice in the retail Industry
Introduction
Reports show that 77% of consumers believe that cybersecurity and data privacy is the 3rd most important factor when selecting a retailer, having the product quality and its availability as first and second most important factors, respectively. Approximately 40% of consumers also say they are willing to increase their spending to 20% or more if their primary retailer were to assure them of their cybersecurity practices and policies. Unfortunately, e-commerce is one of the main targets for cyber-attacks because of personally identifiable information (PII) required for customers to complete transactions. This paper describes the cybersecurity best practice that organizations in the retail industry to create a more secured network environment
Scope/Description
Data and privacy law and regulations
It is important to continually review your company’s data privacy practices and ensure they comply with the latest regulations.
Awareness and Training
A great way to ensure your business stays on top of cybersecurity threats is for employees to understand cybersecurity hygiene and best practices. It is important to implement regular training for your workers on staying safe online.
Authentication
One of the most effective ways to protect your business and customers from attackers is to implement multi-factor authentication for transactions.
Data and Network Encryption
To secure company data, organizations need to encrypt company’s data and network by using firewalls and other protection methods that will help protect the company from outside threats.
Third Party access Management
It is important to know who connects to your network and why. Third party such as vendors, partners, and contractors are users with access to your organization’s resources and who can become easy victims in a supply chain attack. According to an ITRC report, the number of organizations impacted by third parties in supply chain attacks grew almost significantly since 2017.
Conclusion
Organizations should make risk assessments a top priority to identify security gaps in their environment. Assessments should be conducted on a regular Candence for maximum results. The paper shows the common security control methods that organizations within the retail industry apply to create a secure environment.
References:
“Cybersecurity Best Practices for Retailers in 2022.” Cyber Security Solutions, Compliance, and Consulting Services – IT Security, 12 Feb. 2022, https://www.infoguardsecurity.com/cybersecurity-best-practices-for-retailers-in-2022/.
“Cybersecurity in the Retail Industry.” Data Connect Technologies Pte Ltd, https://d-connect.net/cybersecurity-in-the-retail-industry/.
“15 Cybersecurity Best Practices to Prevent Cyber Attacks in 2022.” Cybersecurity Best Practices for 2022 [15 Data Protection Methods] | Ekran System, 18 Aug. 2022, https://www.ekransystem.com/en/blog/best-cyber-security-practices#8.
“Identity Theft Resource Center’s 2021 Annual Data Breach Report Sets New Record for Number of Compromises.” ITRC, 21 Jan. 2022, https://www.idtheftcenter.org/post/identity-theft-resource-center-2021-annual-data-breach-report-sets-new-record-for-number-of-compromises/.