US Retailers Prompted to Invest Money on Cyber Security in 2014 due to Ongoing Breaches
There is ongoing pressure towards US retailers, so that they focus more on how to enhance their cyber security systems. In avoidance of similar breaches such as those we have been experiencing so far, we need to be made thoroughly aware of the vulnerabilities in the existing system targeting cyber security. The recent incidents having to do with data compromise on Target and Neiman Marcus have validated the spreading concerns about the lack of proper equipment and software, when it comes to securing the US retail stores under any circumstances.
Now, retailers have been forced by the Government, the banks and of course the customers themselves to reinforce their attempts towards providing top notch security that does not jeopardize sensitive data in any way. The oxymoron of the situation is the fact that US retailers hold back on the money they spend on security systems, but they are more than happy to chip in when it comes to improving their marketing and promotion online. So, it is perfectly OK to lure customers and increase your sales figures, but it is not that big of a deal to reassure that the customers get fully protected throughout their financial transactions.
Both Visa Inc. and MasterCard Inc. have set a deadline fro all the US retail stores till the coming of October 2015 for the “chip and PIN” system to be put into effect. This will better the security and will diminish any breaches and flaws in the payment sector. Point-of-sale systems are at risk and so this seems like the best way for retailers to go for. On the bright side, the money spent on cyber security on behalf of the US retailers is estimated to increase by almost 6%, according to IDC Retail Insights. So, let us all hope for the best!