Cybersecurity Awareness Month 2023: How to Fortify Data to Keep Customer Information Safe in the Retail Industry

Taking place over the course of October, Cybersecurity Awareness Month serves as an opportunity to raise awareness around cybersecurity best practices, cyber threats and trends. Each sector should encourage cybersecurity awareness, and the retail industry is no exception.

Today, when shoppers crave personalized experiences, retailers have no option but to leverage data to tailor interactions. However, consumers are conscious of how their data is used. In fact, according to Statista, 39% of customers globally believe that providing clear information on how consumer data is used would help the company build trust. In his recent Forbes article, our VP of Product Development Sergey Kozhevnikov opines that personalized service is important for creating high-quality experiences, it should never come at the expense of security.

In this blog, we’ve taken a look at some simple steps retailers can follow to keep crucial data secure while using it to tailor customer experiences.

Keeping the Crucial Information Safe

Retailers must understand that it is better to be safe than sorry. In the wrong hands, highly sensitive data – such as payment details and personal information – can be used to extort companies and even the consumers whose information has been stolen. As a result, retailers face multiple consequences that negatively damage their reputation, sales, and consumer retention.

Customer Relationship Management (CRM) is one of the most important tools that retailers can use to collect and store personal data of their customers. However, they must choose their CRM tools wisely. Retailers must leverage a CRM tool that complies with regulatory requirements and keeps sensitive information highly secure. Teamwork Commerce is SOC 2 Type 1 accredited which serves as a benchmark for its ability to safeguard its clients’ data.

Our Mobile POS software features an integrated Secure CRM that uses the highest level of security to protect customer data and complies with the General Data Protection Regulation (GDPR). The technology supports GDPR through tokenization, with customer data located centrally making data security simple, easy and compliant. With our solution, retailers can securely store customer data in a separate repository and empower staff to use it when required without revealing or importing it to a local system.

3 steps to Futureproof Cybersecurity

Retailers can deploy the most effective security solutions, but can still fall victim to hackers’ advanced techniques. Cybercriminals continue to become more sophisticated in their attempts through phishing, insider threats, and malware. To ensure 360-degree protection, retailers need to take additional measures:

1. Mitigate human error

Humans are the weakest link in any business when it comes to cybersecurity. In order to minimize the risk of mistakes and negligence, retail companies should provide appropriate training to their employees that helps them understand risk and keeps them vigilant against any threats. This could include best-practices sessions, strong password techniques and identifying phishing emails. According to CISA, one recommended practice for organizations is to conduct a mock phishing simulation with employees, and recap lessons learned throughout the month.

2. Use multi-factor authentication

When their reputation, along with customers’ crucial information, is at stake, retailers cannot afford to rely on single-password access, no matter how strong it is. They must take advantage of modern security measures such as multi-factor authentication to set the seal on their cybersecurity across their entire operation.

3. Make regular updates

By performing timely updates and maintenance on a regular basis of their tech deployments, retailers can ensure they have the latest security patches and updates on their devices. As part of this, automating updates is one way that retailers can seamlessly keep their technology stack up to date and ensure they continue to provide the best possible service to customers while remaining cyber-secure. Additionally, retailers should also perform manual checks to ensure there are no gaps, and keep operating systems, antivirus software, web browsers, and applications updated.

Final Resolution on Cybersecurity for your Retail

2023 marks 20 years of Cybersecurity Awareness Month. However, rising cyberattacks clearly indicate that there is significantly more to be done in the industry to strengthen cybersecurity. It is essential to understand that cybersecurity is a shared responsibility and every sector, organization, and employee must play their part to promote cybersecurity best practices and minimize risks. Retailers who take a holistic approach and utilize cutting-edge solutions in combination with additional advanced measures and strategies can bolster their cybersecurity as well as customer trust.  

To know more about our secure CRM, book a live demo here.