industryopinion Three reasons why the
retail sector must adopt cybersecurity in 2023 By Dominik Birgelen, chief executive of oneclick.
T
he retail sector has experienced an abundance of challenges within the past decade. Digital transformation has meant retailers have had to adapt to new business models as customers
seek greater convenience when browsing and buying. eCommerce and new in-store technologies have meant that retailers are exposed to new kinds of threats: cyber. During a time of increased online transactions and offers, retailers’
customer and company data are oſten a target for hackers. Retailers possess sensitive information not only about their own company and employees but also about their customers. Te threat surface of the retail industry continues to widen as retailers leverage data-driven technologies to personalise their services. So, what does this mean from a cybersecurity perspective? It means that retailers remain on top of the hackers’ target list.
Increased threat due to online shopping Consumer purchasing habits in Europe have dramatically changed in the past few years. In 2022 alone, over half a billion are forecast to shop on the internet. Te UK is expected to have approximately 60 million e-commerce users in 2022 and it is evident that digital buying has become a norm for shoppers in the UK. As a result, the cyber risk has increased with hackers on the lookout
for the crucial data of consumers such as payment details and personal information. It is evident that online shopping habits of consumers are here to stay and retailers who are capable of catering to their customer’s demands in a secure way can gain a significant advantage in the long term.
An uncertain economic climate Current economic conditions are uncertain and the UK is expected to be in recession throughout 2023. What does this mean for retailers? Consumers who do not feel safe about shopping with a retailer can simply turn to another one. If retailers are not able to keep consumers’ data safe, not only do they risk their relationships with customers but it can result in substantial financial losses for retailers.
Reputational risks Moreover, the impacts of a cybersecurity breach can affect the
14 | April 2023
business significantly more than just financially. Cutting corners on cybersecurity not only leads to damaging fines from regulators but also a loss of reputation and consumer loyalty in case any data breach takes place due to the lack of cybersecurity. To ensure growth amongst the increased competition, retailers
cannot afford to take risks on their reputation which can take decades to recover if lost. Te question arises – what exactly should retailers do?
A combination of technologies is essential One solution alone is not enough to ensure the entire cybersecurity. Retailers must provide sufficient cybersecurity training to their staff. Tis can include best practices and mistakes to avoid, by providing knowledge about these retailers can minimise the chances of a phishing attack which occurs mostly due to the mistakes or negligence of employees. Moreover, with training, it is indispensable to deploy advanced
technologies which can help retailers remain safe and prosper in the shopping peak. Cloud-based technologies can allow retailers to implement critical cybersecurity measures that prove extremely difficult to penetrate. What’s more, cloud technologies can also support retailers’ modern omnichannel approach and can help them transform their delivery model into highly encrypted streaming and eliminate the hassle of managing individual devices. Retailers can also take advantage of Zero Trust Architecture (ZTA).
When retailers deploy ZTA, no user who wants access to the retailer’s resources in the network is trusted from the outset. Tis means every access, whether internal or external, is individually authenticated. In addition, retailers can complement ZTA with additional security layers such as shielded logins and disconnecting end-user environments that can also help them fend off bad bots. Te retail sector will continue to evolve, and with the growing
digital habits of consumers, retailers will continue to leverage data- driven technologies. It is therefore important more than ever before that retailers implement appropriate cybersecurity measures to protect their and consumers’ data. Investing in end-to-end cloud- based security solutions is a simple yet particularly effective way to combat cyber concerns of this digital-first era.
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