BLOOMBERG BUSINESSWEEK – Four years ago, when its little card reader attachments for phones and tablets began to show up in cabs and at farmers’ markets, Square was one of the coolest, most innovative companies in Silicon Valley. Now they are facing more competition. Includes statistics from a Boston Retail Partners Survey.
INSIDE RETAIL ASIA – The threat to retailers’ data security has never been higher – but there are effective means to reduce the risk of being hacked. Includes insights from a recent BRP white paper: “Best Practices and Tools to Thwart Hackers and Protect Customer.”
CHAIN STORE AGE – Between April and June of 2014, the retail sector led all industries in data breaches with 145 million records, or 83% of the total records compromised, costing retailers $195 per record apprehended. In response, Boston Retail Partners has released recommendations for data security best practices.
PIONEER PRESS – This article offers insights and opinions on NFC payments and the new Apple Pay app, including references to statements included in a recent BRP ISIGHTS report: “How will Apple Pay Impact Retail?”
The Target breach could cost more than $1 billion!
There is no single solution to the challenge facing retailers!
This isn’t a joke….
According to John Kindervag, the vice president and principal analyst with Forrester Research, “I don’t see how they’re getting out of this for under a billion, over time,” he said, adding, “$150 million in a quarter seems almost like a bargain.” The New York Times, August 5, 2014
And Costs in the US are among the highest in the world!
Based on an independent study conducted by Ponemon Institute, consolidated findings show that malicious or criminal attacks are the most costly data breaches incidents in all nine countries. US and German companies experience the most expensive data breach incidents at $277 and $214 per compromised records, respectively.
Data security is the most important issue facing retailers today. One of the foundational principles of security is to take a layered approach. An integrated approach of combining Tokenization, EMV, and Network Segmentation is the best way to reduce a company’s risk. Anything less than all three leaves a company at the top of the target list for criminals.
Remember the intangible Costs when prioritizing your security initiatives
That’s obvious, but not everyone realizes the indirect effect data breaches have beyond the tangible costs. The impact on customer perceptions and purchase behaviors for brands that have highly publicized breaches have significant costs that could potentially exceed the tangible costs. Oh, and by the way, don’t forget that many breaches result in “key” individuals getting fired!
When evaluating and implementing changes in this rapidly changing area rely on industry experts to assist in the development of short-term and long-term designs.
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We are a comprehensive consulting firm helping many of the most successful retailers and restaurant operators solve their business and technology problems. We focus on three key areas: IT strategy, vendor selection and project implementation.