28 Sep 2015

Don’t Fall Victim to a Hack Attack

It has 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 cybercriminals before they take advantage of flaws and vulnerabilities in a retail website and network during the holiday shopping rush is an important first step in protecting company revenues. Small business retailers who go the extra mile to make sure their customers’ private financial data is protected bolster their 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 is 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.

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