When you think of retail, what’s the first thing that comes to mind? It’s probably the sound of a credit card being processed by a cashier. Hackers also hear the noise of a register, only they’re hearing it because they’ve stolen your financial information and are spending your money on merchandise you’ll never use.
Retail data breaches are all too common. Read on to find out what kind of lessons they can teach us (and other retailers).
Talk Is Cheap, Security Is Priceless
When it comes to securing financial data stored digitally, it’s easy to say that security is a priority. It’s another thing entirely to take steps to protect sensitive information and prevent hacks.
Why don’t retailers take security seriously? Many companies believe security measures are expensive and unnecessary. What they don’t realize is that a data breach is far more costly to fix, both in terms of the penalties they could face from regulators for exposing customer information and the damage their reputations suffer after consumers discover the attack has taken place.
Encryption: An Effective Tool
Another lesson we’ve all learned from retail data breaches is that organizations need effective tools to safeguard information. But, what are they?
One of the best security tools is encryption. Encryption refers to the process of translating data into an unbreakable code. Only someone who possesses an encryption key can view encrypted data.
Education: The Final Piece of the Puzzle
In May 2014, eBay suffered a data breach. This news surprised many analysts, as the site had strong security protocols before the breach.
How did hackers manage to violate eBay’s security? Analysts suspect that eBay’s own employees willingly surrendered their login credentials through a phishing scam or social engineering.
Employees most likely thought that someone they trusted was asking for their password or encryption key, and they wanted to be helpful. Teach your staffers to treat such requests with caution and skepticism. Their suspicion can save your company’s data and reputation.
WinMagic: Encryption Experts
Do you want to learn more about how encryption can protect your business? Call WinMagic today at 1-888-879-5879. WinMagic has specialized in encryption since 1997. We’ve been winning awards since 2002.
Most recently, WinMagic won the 2015 CATAAlliance Outstanding Product Achievement Award. And we’ve got over five million satisfied users in over 80 countries. Why do they love WinMagic so much? Because we minimize security risks, ensure that they comply with regulations, and protect valuable assets. Find out more – call us today.