American Banker recently explored the need for retailers to consider data security rules used by banks in order to reduce security breaches. From the article:
“Target’s recent settlement with 47 states and the District of Columbia over the retailer’s 2013 data breach brought to mind this well-known John F. Kennedy quote: “There are risks and costs to a program of action—but they are far less than the long-range cost of comfortable inaction.”
As you may recall, Target spent more than $202 million in legal fees—in addition to the recent $18 million settlement—from the cyber breach that resulted in 40 million credit and debit card numbers stolen from Target holiday shoppers. American Banker goes on to note that, “as of June 6 , there have already been over 700 data breaches in 2017, exposing over 10.8 million records.”
Retailers have long been aware of the risks that exist in dealing with private customer data, but the threat of a cyberattack continues to grow as hackers increasingly set their sites on stores, hotels, restaurants and other retailers. American Banker urges retailers to preserve the trust that consumers have in their brand and ensure their data security technology is up to date, effective and secure.
CHI Corporation can assist retailers with implementing the right data security solution to achieve a consistent, secure customer experience, as well as improve the overall operations of their business. Talk to a CHI representative about our technology solutions for retailers.