Managing the retail environment poses significant challenges. Balancing the high cost of labour, tight budgets, variable staffing needs, changing consumer behaviours and complex labour laws often puts customer loyalty, IT security, and profitability at risk.
Today’s retail executives are grappling with a highly disruptive and rapidly shifting business environment. Many retailers are struggling to drive incremental growth, and some don’t have enough cash to fund all of the ideas they want to pursue. Meanwhile, customer behaviours are changing significantly—particularly due to the ways that technology is now being used as part of the shopping process. With the Australian retail industry responsible for 1.2 million jobs nationally and given the steady movement of employees between businesses, it is imperative for retailers to think about security best practice and how technology can enhance customer service and ultimately sales.
The issue for retailers lies in balancing internal IT systems that store confidential data and customer information, with the need for their online environment to be a customer service enabler; for example, offering free Wi-Fi in-store or mobile POS devices. A retailer’s internal data environment must never meet that of the customer and would put them at risk of compromising data security, privacy, reputation and ultimately cash flow if a data breach were to occur.
Retail theft forms part of the largest crime category in Australia, costing the retail sector more than $7.5 billion each year. In addition the retail sector was the top industry target of cybercriminals in 2012, because of the lure of the large number of customer records especially payment card data.
According to Trustwave’s 2013 Global Security Report, for the first time in three years, the retail industry made up the highest percentage of investigations at 45% – higher by 15 percentage points from the previous year. This was the highest among the industries investigated by the security vendor. Retail was the largest hit due to the massive amount of payment cards used, 96 percent of data targeted by cybercriminals came from customer records such as payment card data, personal identifiable information (PII) and e-mail addresses.
There is also a well-established underground marketplace for stolen payment card data, where cybercriminals buy and sell quickly for use in fraudulent transactions.
IP Solutions offers a range of solutions to the retail industry which reduce the cost, risk and lead times associated with security and compliance. Learn how other retailers have addressed their PCI Compliance, Payments and Network Security challenges:
- PCI DSS Professional Services – IP Solutions has extensive experience assisting companies achieve and maintain compliance utilising a range of services and solutions which have the flexibility to meet the unique needs of the TMT industry.
- Credit Card Data Discovery – IP Solutions scanning tools rapidly define the scope of a PCI assessment or certification project by concentrating efforts and focussing resources in line with the PCI Councils prioritised approach. It is also the ideal tool to ensure ongoing compliance is maintained.
- Tokenisation Payments & Secure Card Storage – cardholder information is securely exchanged using tokenization technology and stored securely off site in Level 1 PCI DSS compliant encrypted datacentres, thereby reducing the risks and financial exposure associated with potential breaches within the merchant’s environment.
- IVR Pay by Phone – PCI compliant fully hosted IVR services for clients who are looking to streamline their payment operations, reduce their cost base and free up resources.
- Call Centre Compliance – reduce complexity of achieving and maintain compliance by taking the call centre out of scope for PCI. IP Solutions offers three solutions which address payment processing and PCI DSS Compliance within call centre environments.
- MerchantSecure Network Management, Security & Productivity Solution – a fully managed cloud based network security and compliance service, with onsite security appliances.
- Mobile Device Security – IP Solutions has custom built solutions which interoperate with iPhones, smartphones and tablets which enable secure payment processing via credit cards, wallets, tokens across a diverse range of devices.
- Online Security & Compliance – IP Solutions offers an extensive range of online security payment solutions ranging from virtual terminals to online payment and advanced customer billing portals.
IP Solutions is unique in its ability to offer multiple security solutions, payment types, across multiple payment channels and devices to multiple banks in Australia and overseas.
Read success stories:
- FIX Convenience Stores
- Eagle Boys
- Retailer Scenario