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According to a study by The Ponemon Institute (www.ponemon.org), the average cost for a retailer to recover from a single logical security breach involving credit card data is $5 million, or $50 per customer for direct costs such as legal fees, notifications and fines.

And that doesn’t even take into account the blow such breaches can deliver to a retailer’s brand. Ponemon’s research revealed that nearly 20 percent of customers whose credit card information was compromised terminated their relationship with the respective retailer.

But are you protecting the information that your customers think is important? Are you safeguarding the data that concerns them most? Are you developing a proactive security strategy that stretches past basic compliance?

Today, U.S. loss prevention professionals report that their companies have a strong focus on not sharing customer information with third parties and notifying them about security concerns or possible breaches; however, many report being only somewhat focused on customer education and more secure log-ins.

Consumers expect retailers, including pharmacies, to put effort into protecting personal, identifying information. And while consumers feel safer when personal information isn't shared with third party companies and when possible breaches are immediately shared, consumers also feel more protected when companies provide education on protecting personal information and also have additional security measures and steps for online activity.

A successful strategy is based on a customized, proactive security system that goes beyond simple compliance:

▪ Assess your risk.
The key to protecting data is understanding the threats that can compromise that data.
Frequent risk assessments are integral to developing a security strategy that meets the
evolving needs of your organization.

▪ Develop a long-term relationship between LP and IT.
IT systems are integral to the protection of data, and they’re increasingly involved in securing
people and property. Continued collaboration between LP and IT can help ensure the
protection of your organization’s assets.

▪ Protect yourself from the inside out.
Antivirus measures, firewalls, patches, log file reviews and other reactive tools aren’t enough
to protect your critical systems from malicious intent. Your best line of defense is to create
rules that define the activities you will allow to occur within your critical systems and to permit
nothing more. This least-privilege environment embraces the philosophy that the fewer
privileges you allow, the more you minimize the opportunity for malicious activity.

▪ Devise a plan for proactive monitoring.
Breaches aren’t limited to the business day. That’s why the security of your critical systems
and data should be monitored around the clock. Monitoring provides an extra layer of
protection, and it enables you to identify and mitigate malicious activity in real time, not after
the damage has already been done.

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