The retail industry has changed rapidly in the last decade. With the rise of e-commerce, it is now more important than ever for retailers to protect their customers’ personal information online.
Cybersecurity breaches are becoming increasingly common. The average cost of a data breach is $4.24 million. It’s not easy to stay on top of all the cybersecurity threats and changes that come with technological advancements, but we have some helpful tips to share on how you can stay ahead of the curve and protect your customers.
Comply with data privacy laws and regulations
Data privacy laws and regulations are constantly changing and the digital landscape is evolving at a rapid pace. It’s important to regularly review your company’s data privacy practices and ensure they comply with the latest regulations. This way, you can rest assured the risk of data breaches is low and even if it happens, the ramifications would not be as costly.
Train your employees in cyber security best practices
Cybersecurity is a complex and ever-changing field. Many small businesses may not have the resources necessary to commit to a comprehensive cybersecurity program or solution. A great way to ensure your business stays on top of cybersecurity threats is for employees to understand cybersecurity hygiene and best practices. It is a good idea to arrange regular training for your workers on how to stay safe online.
Use multi-factor authentication
One of the most effective ways to protect your business and customers from fraud is to implement multi-factor authentication for transactions. This is a feature on popular e-commerce platforms that requires a form of identification in addition to a password before you can log into your account or complete a purchase. Your customers will have more peace of mind knowing that their personal information is being safeguarded while you’ll enjoy greater protection from malicious actors.
Scan your website for malicious codes
Another way to protect your customers’ information and retail business is to check your site for malicious codes. You should be checking your site on a regular basis to make sure that you are not harboring any cybercriminals that are trying to steal sensitive information.
By doing this, you can spot any unusual activity and address it before too many people are affected. This can be done by running security checks each day, checking for new updates on the website, and scanning the site for viruses with antivirus software.
Secure POS terminals and network
Next up, make sure your point-of-sale terminals are secure. We recommend checking with your provider to see if they offer cybersecurity protection or installing antivirus software on your POS terminal. If you have Wi-Fi, it’s also important to ensure that it is encrypted and has a password so only authorized people can log in.
Encrypt your data and network
Hackers are always looking to access the data of retailers. To secure your precious data, you need to encrypt your company’s data and network. You can also use firewalls and other protection methods that will help protect your company from outside threats.
You should always keep an eye on the latest cyber threats and stay ahead of the risk with new developments in cybersecurity. There are new threats coming out every day, so it’s important to stay ahead of the curve.