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Cyber Security Risk Management Advice for Retailers

The best defense against cybercrime is to be on the offense. Here are some tips to protect against this ever more present and growing danger:

Diligently manage your data

Create a data map and a data retention policy that allow employees to understand what data your organization collects and maintains. This is crucial information for risk assessment, and in the event of a breach, a critical part of a cyber response plan.

Secure your network

You have an obligation to protect your retail systems and your customers personal and financial information. Data security measures include: installing two-factor authentication for employees and customers; using chip-enabled card technology; and employing end-to-end encryption.

Choose your vendor partners carefully

Outsourcing part of your operation may not outsource your liability. If your vendors are exposed, you may be exposed and ultimately liable for any loss, so it is important to choose partners who demonstrate strong cyber vigilance and who invest in a comprehensive cyber insurance policy.

Educate your employees

The majority of retail cyber breaches originate internally. Poor employee behavior like repeating passwords, email laxity, and failure to use a secure internet is a proven cause. Written and enforced cyber security policies can greatly lower this risk.

Have a cyber response plan and team in place

When the worst happens, knowing what and who your resources are can mean the difference between a quick and efficient response time, and business days and profits lost. The response team may be both internal and external, like  an IT staff, risk manager, cyber response consultant, forensic accountant, insurer, crisis P.R. team, etc.

Invest in cyber insurance with an expert partner

A global insurance company with both retail and cyber expertise can help assess and manage your risk, customize a policy aligned with your business, understand local regulations, provide resources to train your employees, connect you to cyber response and reparation professionals and mitigate any business losses or expenses.

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