According to the most recent articles from Loss Prevention Magazine, the three major areas where the management or owners have to be vigilant about are internal theft, external theft and operational compliance. These three security areas have to be implemented correctly and to adhere to procedures the management or security team have dictated to be successful. For more information about this and other topics follow the links below.
Security Breaches Trigger Retail’s Big Players to Call for Major Tech Changes
The possible credit card breach at Home Depot Inc. prompted the retailer to speed up its implementation of chip-reading credit card terminals. Major credit card companies, too, have announced they will accelerate efforts to bolster electronic payments security and protect sensitive customer data. These moves could have a large impact on consumer confidence, which has suffered as a spate of cyberattacks hit major companies. But for retailers especially, the implementation of the new systems will take time, and are not a panacea for a company’s security risks.
Home Depot CEO Frank Blake told investors Thursday that the retailer would activate chip-reading technology on its new credit-card terminals by the end of this year. He said the company is “working around the clock” to find a breach linked to stolen credit and debit cards,” the WSJ’s Shelly Banjo writes, but stopped short of confirming an actual breach occurred.
As technology draws us deeper into a new age of business enterprise, we are continuously bombarded with waves of challenges and opportunities involving those with malicious intentions. These attacks come at us from every direction as the ingenuity of these criminal minds seek new and creative ways to infiltrate our information resources and engage in cyber warfare against our businesses.
In order to survive these reprehensible intrusions, retailers must fight back. We have to defend our ground and take the necessary steps to combat the threat. This requires that we build and recruit the resources that will help us win the battles. We must become cyber warriors in our own right; defending our computer and information systems against those seeking to seize and exploit the lifeline of our business.
Operational Compliance: Inspecting What You Expect (Part 1)
The evolution of the loss prevention profession has required a change in the way that we view what we do and the way that we approach the retail environment. First and foremost, we have come to recognize that shrink is a much more complicated problem than merely looking at the theft of merchandise. Shrink is a very complex issue that must take in to consideration a variety of different issues that can lead to losses. Shrink reduction is clearly seen as a vehicle of profit enhancement, and an integral part of the retail model. Additionally, we have perspective on how we can influence company profitability in other ways as well, which has allowed us to set our sights on the bigger retail picture. As a result our shrink management strategies require a multifaceted and broad-based approach in order to successfully design and administer the process.
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