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MNP's TAKE: Protecting your IT assets is about more than simply protecting your revenue. It's also about safeguarding your customers' sensitive information. A hack can seriously impact trust levels for your business, causing customers to turn away - or worse, if legal action is taken.
What's important to recognize is that technology risk isn't strictly defined by the size of your revenue. When major brands get hacked they'll certainly make the headlines, but smaller business that get attacked are often that much more severely impacted. Technology risk management is essential no matter how big or small your business - and it doesn't need to be cost-prohibitive. The best approach is to identify your key threats and apply tailored solutions that are right for your operation.
To learn more about how MNP can help you implement a stronger approach to risk management, contact Trac Bo, CPA, CA, CISA, CRISC, ABCP, CGEIT, Technology Risk Services Leader, at 403.537.8396 or
[email protected], or your local MNP Business Advisor.
BY FAROKH KARANI FROM BUSINESS2COMMUNITY
It’s been a couple of rough years for the consumer retail market. High profile “hacks” of major brands such as Target, Michael’s and Home Depot, to name just a few, have shaken consumers’ trust and the sense of security they have in using their debit and credit cards to make purchases. According to a 2014 report from LexisNexis, the “True Cost of Fraud Study,” retailers lost $11.1 billion in 2013 overall due to fraud. Even more alarming is there is no sign that this trend is slowing down. In fact, retail fraud is growing at a rapid rate, with the percentage of revenue lost to cyber thieves increasing 70 percent, from .080 percent in 2013 to 1.36 percent in 2014.
Investing in IT security solutions that shut down hackers and cyber criminals before they take advantage of flaws and vulnerabilities in your retail business website and network during the holiday shopping rush is an important first step in protecting company revenues. Even better, by going that extra mile to make sure your customers’ private financial data is protected, as a small business retailer, you can also bolster your reputation as a retail brand that can be trusted.
Not only will the investment in complete end-point protection, network/gateway security and mobile device management pay off in customer loyalty and secured sales revenue, it’s also much less expensive in the long run. A recent survey by the Ponemon Institute showed the average cost of cybercrime for U.S. retail companies more than doubled from 2013 to an annual average of $8.6 million per company in 2014.
Although major retail brands are a more lucrative targets for cyber criminals, most large retailers also have extensive security policies and multilayered IT security solutions in place, leaving cybercriminals to set their sights on smaller online retailers, which they know may not have the time, resources and IT personnel to successfully thwart attacks.
Small to mid-sized etailers must invest in building customer trust, and the most effective way to accomplish this is to do as much as possible to make sure customer transaction data is safe and secure. It takes just one data breach for a business to lose long time customers, along with potential customers and your hard-earned reputation and the market momentum they’ve worked hard to earn.
Surprisingly, it’s possible for small to mid-sized retailers and etailers to compete with their larger competitors by creating a safe and secure shopping environment for their customers. Here are four key tips to keep in mind:
This post originally appeared in the
September issue of
This article was written by Farokh Karani from Business2Community and was legally licensed through the NewsCred publisher network.
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