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!
You might also like ...
￼Price Waterhouse Cooper’s (PWC) 2011 report into security breaches noted that 93% of large organisations and 76% of small business have had a security breach in 2011, this is up from 35% of companies overall in 2008.* PWC advised in their report that the average cost to a small business is £15,000 – £20,000 and between £110,000 – £250,000 for a large organisation.
In this White Paper the Oval Group shares its view on the cybercrime challenges facing organizations and how an integrated approach to security management can lever significant insurance protection.