Given the increasing preference among consumers to buy what they need online, today, it is more important than ever that you safeguard your business against threats to retail cybersecurity.
The accelerated growth the industry saw last year was the most significant indicator that we need to be on the lookout for evolving threats. One particular obstacle many businesses face when it comes to protecting customer data, however, is the inherent complexity of information security.
Retailers invest in solutions to store their customer data securely and to use it in a more meaningful way too. These cloud-based storage plans, web stores, updated POS terminals, and redesigned mobile apps increase the data that moves around your network.
This can, inadvertently, create entry points for threat actors to launch attacks that compromise this data.
The most prominent trend we’re seeing in the e-commerce space is the increased risk of cyber attacks. In this vein, if you’re a CRO, you need to design a strategic plan to align your security processes with business goals and optimise the security posture of your business.
That’s where a retail cybersecurity roadmap can prove useful.
Develop a long-term security strategy to strengthen your defences
Typically, business security teams address their vulnerabilities on an ad-hoc basis. They’re generally more occupied with tackling daily threats that threaten their data and fail to develop a more long-term security strategy.
One of the first things you must include in your security roadmap, as a CRO in a retail business, is to get out of this firefighter mode and think about your security posture down the road.
This will help you align your security processes with business goals better while boosting your security posture immediately and in the long run.
A security roadmap that is created with the right insights will also help you identify your current security posture, where you want it to be in the future, and what to do to get there.
So, how can you go about creating a security roadmap for your retail business?
What are the elements that you need to include?
Segment your networks to support more powerful monitoring
The first element of any retail security roadmap is coming up with a strategy to secure your networks. You can do this via network segmentation. This way, you keep personally identifiable data, financial data, and POS information safe and secure.
Once you start using network segments, you can use network monitoring tools to identify any signs of a security breach, specifically those that involve customer data or other sensitive business information.
Make the most of malware detection tools
While network segmentation and network monitoring tools help you maximise your defensive strategies, malware detection solutions are more ideal when it comes to risk management.
A solution specifically geared for POS terminals, for instance, can be set up to run on your entire network, boosting your retail cybersecurity, keeping your POS terminals up to date, and implementing patches without delay.
Evaluate and amend your security roadmap regularly
A security roadmap is not a one-and-done undertaking. As your business’ priorities and goals change, whether in line with shifting consumer demand or according to the regulatory compliance landscape, so should the objectives outlined in your roadmap.
One way to ensure this is to conduct a PCI DSS compliance audit with the support of a PCI-qualified security assessor to ensure you are meeting your compliance standards. As a company that processes card payments, you can become a victim of credit card fraud, which is why PCI compliance must be ensured across your operations.
Become an e-commerce leader when you optimise your retail cybersecurity efforts
Developing a security roadmap will not only help your business stay in sync with your IT initiatives but also help you tap into the C-suite support you need to achieve your security plans.
It will also help your business avoid regulatory fines, remediation costs, and lost revenue due to damaging security breaches.
Follow the tips outlined in this post and develop an iterative, comprehensive, and measurable roadmap. When you focus your security investments on creating a more robust posture while achieving core business goals, you drive your business in the right direction.