We have all heard about the massive breaches that have occurred, but what impact does that leave with the retailers?
A recent study done by KMPG, found that 19% of customers would avoid a specific retailer if that business had experienced a breach. Another 33% reported they would stop shopping at that business for at least three months due to the fear of their information being hacked. So what does this mean for retail businesses?
First they have to worry about the financial burden of the breach itself. Second, the disaster recovery costs. Lastly they are also, according to this survey, going to see a dip in revenue as well.
What can retailers do to stay safe from breaches? There are two major issues to think about. First, proper patch management. Businesses need to ensure every piece of their systems are up to date. If companies leave systems outdated, they’re leaving open doors for potential hackers to get in. Secondly, from a managerial perspective, they need to ensure proper access administration. Knowing what your employees have access to, and properly monitoring it will help to decrease the accessibility for rogue employees to gather information they should not have access to.
Understandably, taking the time to ensure your systems are properly updated and your staff has the appropriate administration rights can be time consuming. However, look at the alternative.
From a consumer standpoint, do you agree with the survey? If one of the businesses that you frequent were to experience a breach, would you shop elsewhere?
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