5 Steps to Building a Robust Cybersecurity Strategy for Your Retail Business

If cybersecurity is something you are yet to place much emphasis on, now’s the time to change tact. In the last few years, there have been some astronomically bad cybersecurity attacks that have left retail businesses like yours at the mercy of incredibly dangerous digital perpetrators. You know all too well that the impact spans so much further than just costly financial losses - it can also be a devastating blow to customer trust and loyalty, which is extremely difficult to come back from. Not to mention putting a stop to business continuity.?

So, what do you need to consider in order to strengthen your cyber data measures, and how do you build a cybersecurity strategy that will help protect you against attacks that could be devastating to your business? Here are 5 steps to building your strategy…

Step 1: Establish a strong governance framework

Having a robust cybersecurity strategy in place first requires governance. Setting clear policies, roles, and responsibilities across your business is essential here, and it’s crucial to know exactly who has eyes on data, and where it sits, at all times.?

Governance ensures that cybersecurity is a priority at every level and that there are clear protocols for managing and protecting data. If you’re responsible for meeting GDPR and PCI DSS regulations, making sure these measures are integrated into your risk management framework is important. However, simply following these regulations isn’t enough to keep your data safe from harm. Let’s take a look at step 2 to see why.?

Step 2: Implement a layered security approach

An important step in developing a robust cybersecurity strategy is encryption. This is a foundational element of any cybersecurity strategy, ensuring all sensitive data - from payment details to customer information and intellectual property - stays secure and illegible, even if it somehow gets into the wrong hands. You can think of it as a knight’s shield, helping defend you against data breaches and cyberattacks.?

But, while encryption is a great proactive starting point, it is just one layer of defence. To really give your defence some oomph, having a multi-layered security approach will keep your data safer at the hands of a breach or attack. Here are a few things to consider adding to your security measures in order to protect it as best possible:

Access controls

As I mentioned above, knowing who has access to your data at all times is crucial, so one thing you can do is to implement strict access controls where you can make sure the only people able to access key sensitive data are those who are authorised to do so. Role-based access control (RBAC) systems can help manage who has access to what data, reducing the risk of internal threats.

Multifactor authentication (MFA)

Then, on top of implementing access controls, another thing to consider is multifactor authentication (MFA). Having a tool in place that requires someone to provide multiple forms of verification before gaining access to your data is a great way to fight off breaches and attacks, as, when combined with other layers of data security, it offers an extra wall of protection.?

Advanced threat detection

While having the tools in place to protect you in the face of a threat is recommended, being able to understand when such a threat might occur is immeasurably useful. There are AI-driven tools designed specifically to monitor your network traffic and detect unusual patterns that could indicate a potential cyberattack. Having this type of tool in your armoury means you’ll receive real-time alerts, allowing you to act quickly in the face of a threat.?

Step 3: Secure data throughout its lifecycle

As well as having the right tools in place, it’s also advisable to keep data secure at every stage of its lifecycle, from collection to storage, processing, and so on.?

This involves:?

Data at rest

Ensure all of your stored data is safely encrypted, wherever it might be - whether it’s on your servers, databases, and backup media. Using a strong encryption algorithm is absolutely essential, and make sure your encryption keys are stored securely. Otherwise, it’s the equivalent of leaving a key on the outside of your door, allowing anyone entry. Key management really is vital.

Data in transit

As your data’s moving across networks, you’ll want to be sure it’s protected to stop it getting into the wrong hands. Using encryption protocols helps protect data transported between different parts of the business, such as between POS systems and cloud servers.

Data in use

Even during the point in which your data is being processed, encryption is still essential. In cloud environments, this may involve encrypting data in memory and using secure enclaves to protect data during processing.

Step 4: Regularly test and update your security measures

When it comes to data security, nothing is ever finite, and cybercriminals are constantly evolving, becoming more and more sophisticated, so you should never rest on your laurels. In other words, you’ll need to make sure your cybersecurity strategy is flexible enough to adapt and evolve where needed.?

I’d recommend regularly testing your security systems through penetration testing and vulnerability assessments so you can effectively identify and address any potential weaknesses, allowing you to grow and stay on top of cybersecurity issues. On top of that, make sure to keep yourself up to date with all the latest in cybersecurity, as things move quickly and, before you know it, your strategy could be outdated. Always strive to update your encryption protocols and security policies as needed.

Step 5: Develop a comprehensive incident response plan

Even with the best preventative measures in place, breaches can still arise, which is why having a well-developed incident response plan in place is a must -? allowing you to minimise damage before it escalates. So, what do I mean by incident response plan? Well, this is a well-thought-out, well-developed plan that outlines the steps your business should take if a breach occurs. This includes isolating the affected system or systems, notifying the relevant stakeholders, and ensuring forensic investigations are initiated.?

Cybersecurity: Am I really doing enough??

While it may feel enough to be following basic regulations, this simply won’t protect you from a major cybersecurity attack. And, of course, we all know the devastation this can bring. Rather than leaving cybersecurity to chance, or settling for bare minimum security measures, adopting an effective cybersecurity strategy will help ensure you’re prepared for a threat at all times, and that you have the right tools and steps in place to ensure you can fight - or even prevent - a fire before it well and truly causes damage.?

If you need help building a robust cybersecurity strategy that will keep your data safe at all times, drop me a DM.