Consumer Data has special significance for the Retail Industry. It, therefore, needs special measures to protect and secure that data against possible fraud. While it is seemingly easier to arrest anomalies in the physical environment, cyber threats pose a more serious challenge. Therefore, the retail industry needs enhanced mechanisms and stronger policies in place to thwart cyber crimes on customer data.
As the Retail Industry does not operate in isolation, the need is, therefore, to educate and awaken the associated divisions to collaborate to establish cybersecurity. Some of these divisions include the Payment sector, namely banks and the card networks (both debit and credit).
There have been attempts by the Industry leaders in the retail segment to make these other participants in the payment scenario adopt advanced fraud management technology. This has led the Retail Industry Leaders Association (RILA), an organization formed in the USA, to form the Retail Cyber Security Leaders Council. This body, led by senior leaders of the retail industry, would be involved in sharing experiences faced by them in their attempts to ward off cybercrimes.
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The discussions would include the threats they confronted and solutions they brainstormed to address those threats. In the process, the council hopes to spread the awareness and the need for stronger cyber laws across the industry and all its associated segments.
RILA also plans to establish stronger laws for improving cybersecurity. The Cybersecurity Legislation, which would be known as would be drafted by discussing with senior legislators and policymakers. The retail industry is primarily concerned with the protection of the financial aspects of consumer data. The Cybersecurity Legislation being drafted would, therefore, focus on effective measures that would consider this.
The RILA would also look into adopting advanced payment mechanisms. For example, they would encourage more and more Card issuers to replace the old magnetic stripe technology with new and more sophisticated mechanisms known as smart technology like the use of chip-based technology as well as the use of the Pin security. These are embedded with dynamic security mechanisms that effectively prevent cybercrimes.
The RILA, through the Retail Cyber Security Leaders Council also plans to draft legislation that would advocate the issuing of notifications in the event of a breach of cybersecurity. This will help every segment of the Retail Industry as well as its associated branches to be informed of situations faced with each other.
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The RILA, however, would adopt a holistic approach towards addressing cyber threats. The allied organizations, which form part of the Retail Industry payments ecosystem, would be invited for a collaborative partnership to join forces in arriving at long term solutions for effective mechanisms to ward off possible cyber threats to consumer data.
RILA’s efforts have gone a long way in thwarting cyber threats. However, it continues to work towards establishing data privacy and cybersecurity. Its efforts focus on establishing effective communication with consumers to educate them about the dangers of cybercrimes. In the process, the mechanisms it plans to implement to enhance cybersecurity are targeted towards building consumer trust, the most important asset for any retail organization, Read also Pubg wallpaper.