Price check: How much can a data breach cost your retail store?

When you run with the herd, you often miss the subtle signs that the pack is going in the wrong direction.

Many retail organizations are currently focusing the majority of their efforts on implementing an omnichannel strategy, but a lack of online presence might not be the potential nail in the coffin. Without visibility into network security, companies leave themselves vulnerable to cyber attacks that could have a devastating impact on the business' livelihood.

Crunching the numbers

There's a growing disconnect forming between small businesses and the threat of being hacked. News headlines about data breaches often cover large, Fortune 500 corporations, but roughly 70 per cent of all attacks are aimed at small organizations, according to the National Cyber Security Alliance. In fact, 88 per cent of retail companies feel vulnerable to a cyberattack, Chain Store Age reported.

Retail companies are trusted with more sensitive information about customers than ever before. This ranges from names and addresses to credit card details. Each consumer record stolen during a data breach costs organizations $172 in reparations, a study by The Ponemon Institute found.

Roughly 60 per cent of small businesses that suffer a cyberattack never open their doors again, according to Inc. Magazine. The financial cost and damage to reputation are far too great to overcome, but could have been prevented with an investment in network analytics.

Enhance your security

Retailers must take precautions to remain compliant with the Payment Card Industry Data Security Standard (PCI-DSS). One of the ways they can do so is by incorporating a PCI-certified network and analytics platform to gain visibility into traffic patterns. This is especially effective at identifying threatening trends before it's too late, and closing any open endpoints you may have initially missed.

Under the new trend of omnichannel shopping, retail organizations find themselves giving more access to WiFi to enable cross-channel purchasing. Unfortunately, this can leave the data being submitted vulnerable. A PCI-certified network can provide the same high-quality service already available, but with added protection for multiprotocol label switching (MPLS). This is also extended to mobile users to provide all-round support for the company's information.

Switching to this type of service also enables companies to gain real-time visibility into network traffic through intuitive solutions like Live Monitoring. It allows businesses to be one step ahead of hackers, and hopefully stop an attack in its tracks before it’s too late.

Don't forget there's more than one path to success, and protecting your omnichannel strategy is just as important as having one. Contact a NetFortris representative today to learn more.

Team NetFortris
About the author: