POS systems must be secure to avoid the costly aftermath of a breach

By: Teamwork Retail

Retailers are a popular target of cybercriminals, as they accept and store valuable consumer information. When it comes to any point-of-sale system, businesses must make sure their solutions are safeguarded to avoid becoming the next high-profile security breach victims.

A new joint IBM and Ponemon Institute survey indicated the average loss generated by a single data breach is $3.8 million, up 23 percent from just two years ago. The average value of each stolen or lost record in these incidents is $154. Unfortunately for retailers, this figure is even higher, reaching $165 – a dramatic increase from the $105 documented in 2014.

Larry Ponemon, chairman and founder of the Ponemon Institute, explained there are three main reasons why the costs associated with data breaches are rising.

“First, cyberattacks are increasing both in frequency and the cost it requires to resolve these security incidents. Second, the financial consequences of losing customers in the aftermath of a breach are having a greater impact on the cost. Third, more companies are incurring higher costs in their forensic and investigative activities, assessments and crisis team management,” Ponemon said.

Retailers with vulnerable POS systems should consider upgrading to more secure solutions. Cloud computing has become a viable option not only for POS tools, but for security purposes.

The best cloud based POS system is monitored 24/7 at secure data centers that include regulated climate control, long-term power generators, continuous hardware updates and physical barriers that keep information safe.

Companies cannot afford to experience security breaches due to inadequate equipment. Their brands are on the line, as are their coffers. All it takes is one incident to undo all of the progress a business has made over the years. By adopting a cloud POS system that is backed by trusted vendors, retailers can safeguard consumer content and keep cybercriminals at bay.

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