Retail Cybersecurity, Point-of-Sale Breaches, and Customer Loyalty

An August 2016 report from global audit firm KPMG brings important news for payment platform operators and retailers alike. In an ever-changing digital world, businesses cannot afford to play fast and loose with sensitive information: American consumers are paying attention.

 

Retail Cybersecurity: The Survey

 

19% of survey respondents indicated that they would abandon any retailer that had been the victim of a successful data breach, even if the company took steps to remediate the damage. An additional 33% said that they would avoid shopping at an affected retailer for at least three months.

 

Skepticism also exists around the security of in-store mobile payment methods. 46% of surveyed adults rated these systems as “very” or “somewhat” unsafe, with an additional 15% responding that they did not know at all.

 

The Results

 

The bottom line is clear: retail businesses need to begin prioritizing customer data security if they want to stay competitive in the Information Age. Major brands like Eddie Bauer and Target have suffered massive point-of-sale breaches over the last two years, and in August hackers infiltrated multi-outlet POS system Oracle MICROS