Cyber risks for retailers, it’s more than just losing credit card details
Retail has changed and it’s the use and dependence on technology which is at the heart of this change.
According to research by eDigitalResearch almost half of smartphone users did some pre Christmas shopping this year on their mobile device and tablet users are “second screening” whilst watching TV. This is the process of reviewing a product immediately after seeing it advertised on TV.
It’s not just about making sure you have brand awareness in the new customer channels though, the process of transacting business is all driven by the technology we take for granted, tills, chip and pin machines and stock management tools are all driven by software that if it fails can cause retailers a massive headache. Causes of failure range from hackers and virus to simple employee error and supplier failure.
Richard Hodson, Head of Technology at Oval Insurance Broking has written an article on the perils retailers face through the increased use of technology and some of the solutions a blog on Social Media management please click HERE!
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Since the Sony PlayStation hack the media has been awash with headlines about big businesses being hacked, institutions facing daily attacks and personal information being compromised. Yet these well publicised attacks are just the tip of the iceberg, little is heard in the UK of breaches suffered by professional organisations, small businesses and public bodies. In a recent report by Detica published jointly with the UK Cabinet office “cyber crime” was estimated to cost UK businesses around £27 billion every year.
In this White Paper the Oval Group looks at how insurance can play its part in managing the effects of a data breach.