4 Steps to Prevent Retail Fraud

After the massive security breach that hit Target last year, USATODAY.com released an article forecasting an increase in retail security hacks in 2014. Cyber security experts were correct. In the past year, retailers that were unable to prevent retail fraud and reported data stolen include Albertson’s, Michaels, Neiman Marcus, P.F. Chang’s, Target and SuperValu. On September 2, Home Depot joined this growing list and reports indicate the breach was running for several months. While the breach is still under investigation, reports are suggesting it to be the largest data breach to hit a retailer.

“We apologize for the frustration and anxiety this causes our customers, and I want to thank them for their patience and support as we work through this issue,” said Home Depot CEO Frank Blake.

Retail industries need to ensure they have an up to date security plan, as well as a disaster recovery plan in place. Security policies and backup solutions can protect retail industries before a crisis hits the company.

4 Steps to Prevent Retail Fraud:

  • Employee Training: All retailers should train their employees on specific company security measures and how to take necessary steps when data is exposed. This could help avoid leaking confidential data and reduce the risk of security hacks.
  • Software Updates: Keep software up to date and ensure all functions are enabled. A common mistake using security software is when alerts are ignored. Employees should also be trained on security software so they are aware when alerts need to be taken seriously.
  • Security Policy: Retailers must create a clear policy on how to dispose of secure information and steps to respond to security alerts and weaknesses so they are not ignored.
  • Backup & Disaster Recovery Plan: Ensure you have an up to date backup & disaster recovery plan to protect your essential data from loss and prevent costly downtime in the event of a catastrophic server failure. Backup solutions will protect your data before a crisis hits your company.

Don’t fall victim to a data breach. Have the appropriate security measures and monitoring in place to stop a cyber-attack before it happens. All organizations are potentially vulnerable, including corporations and small businesses, so ensure that you have an up-to-date backup and disaster recovery (BDR) plan in effect. Managed Solution provides 24/7 support and solutions to help clients meet compliance requirements, manage data and ensure security for day-to-day operations.

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