As the holiday season unfolds, retailers are gearing up for a shopping frenzy, offering last-minute deals to attract consumers. However, amidst the hustle and bustle, the surge in both foot traffic and cyber threats presents a host of challenges for the retail industry. Recognising this, technology giant Cisco revealed the top technology investments designed to help retailers maintain consumer trust and ensure a successful commercial period.
Protecting consumers in the physical and digital realms
One of the paramount concerns for retailers is the protection of consumer information, given the potential impact of data leaks on both consumer and employee trust. In physical stores, the pressure is on to identify and reduce losses caused by theft, fraud, and clerical errors. Simultaneously, providing a secure environment for staff and customers is of utmost importance.
Space monitoring and AI
Cisco advocates the deployment of advanced technologies such as space monitoring, tracking, and AI-based behaviour detection to address these challenges. Retailers are increasingly adopting smart cameras equipped with AI models to identify congestion hot spots, analyse customer behaviour, and optimise stock levels based on demand predictions. This not only enhances security but also improves the overall customer experience, bringing the seamlessness of e-commerce into physical stores.
Upskilling for cybersecurity
To effectively manage cybersecurity needs and mitigate risks, Cisco emphasises the importance of upskilling and retraining staff across various departments. Whether in merchandising, compliance, operations, information security, digital, or data, education is key to adapting to the ever-changing market. By providing the right training content, retailers can reduce vulnerabilities, from in-store theft to phishing attacks.
Outsourced security strategy and management
Faced with a complex and highly adaptive threat landscape, retailers are increasingly turning to outsourced security strategy and management solutions. Cisco acknowledges the concerns of retailers regarding data governance and security implications when migrating sensitive data to cloud security systems. Data leakage and reputational damage are top concerns, highlighting the imperative for retailers to protect customer data.
Safeguarding retail ecosystems
Cisco recommends the adoption of integrated, cloud-based platforms to prevent incidents by managing distributed workforces at scale. Such platforms ensure the security of data on-premises, in the cloud, and in hybrid environments, while swiftly detecting threats throughout an organisation. Especially during peak times like the holiday season, retailers are advised to maintain an ongoing, scalable strategy rather than relying on a collection of disparate solutions, which may confuse staff and compromise security.
