In recent times, the usage of cloud technology has scaled quite rapidly. In 2020, the market of cloud computing increased to $330 billion. Soon, traditional data centers will become obsolete, and cloud computing will make up 94% of workloads.
However, as much as cloud technology has gained momentum, so have cyberattacks. In 2018, 96% of businesses were using the cloud in some way. Simultaneously, cyberattacks almost doubled, with ransomware leading the way with 160,000 cyberattacks in 2017 compared to 82,000 in 2016.
Cloud Technology and Business Protocols
Although cloud technology vendors such as Google, Azure, and Amazon are investing in increasing cloud security.
There are still several threats to cloud technology, including lack of security strategy and architecture, account hijacking, insecure interfaces, and insider threats misconfiguration, and data breaches.
Therefore, considering the cloud as a ready-made solution for secure data storage might be a mistake. Businesses still need to implement security protocols to ensure that the information is safe.
This is because as cloud technology has been introduced, the ways to access data have increased. This might mean that employees are accessing data through their phones, tablets, or PC at home.
Even if cyber criminals obtain one password, it is easy for them to hack into other systems to access valuable data.
Cloud security is especially critical for businesses with many consumer data and uses the cloud technology for inventory management.
To increase cloud security, enterprises are using inventory software to ensure that the data is protected. It also assures that the inventory is maintained on the cloud without investing more in securing the data.
Retailing in the Era of Cloud Technology
Cloud technology has transformed the retail industry. This is because retailers can maintain their stocks, update customer data, and access data in real-time with cloud computing. However, the increase in ease of access means the issue of cybersecurity.
Thus, while on the one hand, it gives ease of operation and, on the other, a threat to security. Therefore, organizations must have cybersecurity protocols that assure that the danger is minimized while benefitting from cloud computing to streamline processes and operate efficiently.
The Retail Sector Transformation
Like the traditional brick-and-mortar stores were once a successful business model, now the sector has changed. The internet was one factor that pushed businesses to innovate rapidly. As a result, in the retail sector, providing unique customer experiences became the point of competition.
Furthermore, managing multiple supply chains to ensure that a wide variety of options are available for the customers is vital for their survival.
In this regard, data managing, storing, and analyzing data is a mammoth task. Those businesses which effectively manage their data to provide unique customer experiences stay ahead of the competition.
Nonetheless, the presence of cyberthreats in this competitive environment of the retail sector cannot be denied.
Just as cloud technology has transformed the retail landscape, so has retail software. With a vast number of reliable retail software on the market, it allows retailers many options to get an easy solution to managing the inventory and data through cloud computing and securing data.
Hacking and the POS Software
One of the crucial pieces of information that a business gets from its customer is the credit or debit card details. This sensitive information is because of the trust that the customers put in the business.
Therefore, cybersecurity in the point-of-sale system is quite critical. This is because even one case of a data breach of this sensitive information can cause a severe loss of trust amongst the customers.
Terminals of the POS machines can be compromised to supply information directly to the hackers. Therefore, whether it is a retail outlet, a store, or a restaurant, no business is safe from these hackers.
Target, one of the world’s largest retail giants, fell victim to attacks on its POS system through trojan malware. Seventy million customers’ credit card information was hacked. Target launched an action suit for $39 million. It also incurred $19.9 million in legal costs.
1,025 of Wendy’s stores were infected with POS malware, which resulted in a data breach. While the hacked records are unknown, it shows how even large retailers and food chain giants can be affected by cyberattacks despite securing the data on the cloud.
An effective cybersecurity system must be in place. However, in the era of the internet, e-commerce solutions have eased the way people shop. However, with ease comes the cybersecurity dilemma too.
The POS eCommerce system is an integral factor of online retail operations. Also, it collects customer information which includes customer contact information and payment information.
Therefore, securing the payments that the customer makes online, too, should be a priority to maintain the customer’s trust. POS attacks do not require challenging codes. They can be quickly done by someone who has a basic knowledge of the POS system.
Securing the Data – EndNote
There are many ways in which the POS system can be secured. One of them is hiring an IT security team that can ensure that your data is protected.
However, there are also options available to hire third parties who can manage the operations for you. This can give you peace of mind and help you in building your brand.
The use of cloud technology has increased rapidly. Some businesses take it as a ready-made solution for storing and managing their business data.
Even though cloud companies make sure that there are no data breaches, the mere idea of cloud computing is a threat. This is because while data can be accessed from anywhere, the information is vulnerable to data breaches.
All in all, it is vital that as a business owner, you remain vigilant when it comes to the security of your data. The way forward is implementing policies that assure your data is safe, hiring an IT security team, and onboarding a third-party.
In the age of cloud technology, where everything is possible, threats are also lurking around, which need to be countered. Best of luck ahead!
Featured Image by Mudassar Iqbal