Then there is a security of cash and receipts where smart safes, vaults, and armored personnel carriers play a role. And finally, there is physical security to protect against false legal claim from consumers and employees, more commonly known as “slip and falls”. All of these areas of security have both physical and systems components.
When it comes to cybersecurity there are many facets as well. Just as physical security has an IT portion, cybersecurity has both physical and cyber components. And as retailers move to improve the customer experience and operations through IT, the vast array of digital touchpoints that are added can create a dizzying number of IP connected touchpoints that must be secure or will cause a data breach and many time- consuming and financial complications for retailers. This is specifically true with the proliferation and types of wireless touchpoints, from your own internal systems, including internal WiFi, dedicated frequency communications devices, Bluetooth, and WiFi hotspots for customers and suppliers.
The one area of cybersecurity that is most prevalent, yet unfortunately takes up way too much of the security budget due to regulations is payment security.
IHL research reveals that a typical retailer spends 14% of their IT budget on things related to security. And the percent related simply to credit card or PCI security ranges from 37-55% of the total of that security budget depending on the segment. And the fact that PCI takes so much of budget and causes delays, 71% of retail executives say cybersecurity concerns impede innovation.
Payment security certainly spans the stores as well as online and mobile payment security as well. Many retailers have moved to a complete payment network that is separate from their other network.