November is Retail Privacy Month
Marketers are not the only ones who are interested in profiling their audience. With the unprecedented proliferation of online “storefronts” and new technologies to support the service and retail industry, an enormous amount of data is being generated and collected.
This is a rich treasure trove and retailers want to better understand their customers. Let’s not forget these are new customers, different age ranges that possibly never shopped online before. So there is much to learn about shopping habits and preferences.
Enter Big Data and its cousin’s Machine Learning and Artificial Intelligence. But so much data in one place is so enticing for cybercriminals. They are finding new ways to infiltrate networks and they seem to be one step ahead of the most diligent cybersecurity programs. But let’s keep the eye on the Big Prize: the enormous amount of data. Such data lakes and the algorithms used for artificial intelligence are serious and potential cybersecurity threats in the retail industry because they present a great opportunity because all the data is in one place.
Using an intricate system of bots that are guided by algorithms, attackers can gather data like passwords and credit cards information. Retailers who are the victim of such attacks can lose money, and even have to shut down completely to resolve botnet attacks.
This situation also presents legal implications from a privacy perspective. Should a breach occur, may privacy regulators will need to be informed should the breach affect many countries.
It is not difficult to see how a targeted attack can impact the brand reputation of a retailer worldwide and why solid privacy and data protection and security practices are very good risk mitigation measures and directly support the retailer’s business resilience.
As machine learning grows, and attackers become more adept at finding new ways to use it, retailers and their IT teams will need to protect themselves and their customers with properly secured remote access solutions.
At Managed Privacy Canada we have developed best practices and documentation to support retailers to thrive and stay resilient. Our expertise extends beyond privacy and security, deep into understanding technology and the business operating environment.
✅ Our approach to practical privacy begins with your free 20-minute consultation. For more information, visit www.managedprivacy.ca
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