From a risk and compliance perspective, defense, finance, tech, and healthcare are generally thought of as the “riskiest” industries — but the retail sector is more vulnerable than it might appear. Organized retail crime (ORC), fraud rings, evolving regulations and other challenges all have the potential to cause significant disruption in the retail sector, and most retailers have invested considerable time and resources to mitigate them. Unfortunately, today’s retailers need to recognize that the industry has become a prime target not just for regular criminals but for cybercriminals, too.
Retailers don’t always take cybersecurity risk as seriously as they take other forms of risk. Business leaders don’t always want to approve the budget needed for another cybersecurity solution they don’t really understand, and they may not want to implement new security procedures that create unnecessary friction or don’t help sell widgets.
That’s a mistake — one that risks leaving the retail industry perilously exposed. But no store would tolerate that level of exposure with its credit card readers — or worse, with its food safety protocols. The reality is…
