Retail Security in the Age of Big Data
Modern retailers and customers alike embrace and make use of technology is multiple ways. This generates a huge volume of information such as POS transactions, log files, usernames and passwords, credit card details, social media interactions, site statistics and many other such things.
Retailers have discovered that the more of this “big data” they manage to collect and analyze, the better they can tweak their business to make it more profitable and more customer-oriented. For instance, by analyzing the purchasing history of a specific customer, a retailer can adjust his communication to match the interests and the preferences of this individual. Analyzing the purchasing behavior is the way to go, if you want to create a successful and profitable business.
Big Data Protection
Unfortunately, data protection has become of utmost importance, as it can be considered one of the strongest currencies of our modern times. Collecting the information is way less expensive than storing and protecting it. Data security is extremely important, so retailers need to take all cautions to keep the details of their clients private.
At the same time, retailers have to protect their own data as well. Since the digital environment is full of threats, they have to detect and fix all vulnerabilities before their systems get hacked. Theft of customer data and credit card details can easily generate a huge mess. Consumers are also aware of this trend, so they tend to choose retailers who offer them the best security levels. Security has become an extremely important asset.
Since there is so much at stake, retailers need to implement complex measures comprising firewalls as well as physical security features. They need to embrace a holistic approach, in order to offer their customers a safe shopping experience and the guarantee their private information isn’t going to be stolen or misused.
READ ALSO: 10 Tips To Improve Your Cyber Security
Six Tips For Improving Security
PLM Global suggest setting a system able to securely handle a large amount of transactions, while finding the right balance between the availability and the security of collected data.
Implementing strong security solutions to protect the server where data gets stored; always use data encryption before storage; secure the LAN and the wireless networks.
Implementing strong authentication rules, in order to make sure only authorized individuals can access certain data, while also monitoring all privileged users in the company.
Applying a solid encryption strategy that would help maintaining the privacy of confidential information.
In addition, retailers should consider adding a layer of security intelligence with the following features:
- Real-time analytics for detecting unusual or suspect behavior and loss of data;
- Monitoring of the way critical data is stored and accessed, and of the way this information is protected and encrypted.
In this struggle for acquiring market share, data is one of the most valuable assets for retailers. Since it enables them to learn more about their customers and about their buying habits and preferences, it comes without saying that investing in protecting and analyzing this data is an absolute must for all organizations that want to thrive in such a competitive environment.
A smart investment in this area may lead to an increase of the online sales volumes, as people feel safer entering their credit card details to make a purchase.
At the same time, the need for protecting big data becomes stringent, as back-end servers are chocked full of customer data. Retailers who invest in implementing a solid data security strategy have better means to protect their brand and to increase customer loyalty and repeat purchases. They know how to make use of their data for marketing purposes, being therefore able to communicate more effectively with their customers.
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