In the retail business, nothing is more important than keeping customers happy. Nothing, that is, except keeping them safe.
It’s every retailer’s worst nightmare: a data breach that leaves the brand’s reputation in tatters and destroys consumer trust. Just ask Target, whose 2013 data breach affecting 40 million customers led to a class-action lawsuit and a $39 million settlement.
As payment systems evolve, hackers only grow more sophisticated and determined. In 2014, there were 138 data breaches involving credit and debit card numbers. Last year, that number grew to 160, exposing nearly a million consumers to potential identity theft and fraud.
So what’s the answer (short of returning to the days of C.O.D. or taking credit card numbers by phone)?