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Special Reports

Retail TouchPoints Special Reports provide a comprehensive, detailed look at a specific industry trend or topic. Each article features industry insights, statistics, expert quotes and case study examples. Topics include Omnichannel Customer Service, Social Media, Retail Payment, Next-Gen Technologies and much more.

Verizon Data Breach Study: 5 Steps To Mitigate Risk

They say there is nothing new under the sun, and with respect to data breach incidents, the saying is mostly true. In fact, the most successful data breach methods from last year are still among the key methods being used this year. But there are several steps retailers can take to avoid data breaches, or at the very least mitigate their impact.1 VerizonDBIR cover

Retail TouchPoints spoke to Chris Novak, Director of Investigative Response, Verizon Enterprise Solutions and author of the Verizon Data Breach Study, who revealed that a retailer's greatest asset is its employees. In fact, the simple act of communication with, and among, store associates about the appropriate response to a data breach can be what separates a retailer from the potential loss of millions of dollars — not to mention long-term damage to the company's reputation. It's also vital to close security gaps quickly once they are discovered, given that 90% of vulnerabilities exploited by criminals are at least one year old.

Verizon’s ninth annual Data Breach Investigations Report (DBIR) provides an in-depth look at the cybersecurity landscape, drawn from more than 100,000 security incidents worldwide in 2015, with key findings that include: 

  • 97% of breaches featuring stolen credentials leveraged legitimate partner access;
  • 90% of vulnerabilities that are exploited are over one year old;
  • 70% of payment card skimming incidents can be blamed on criminal organizations; and
  • 63% of confirmed data breaches involved weak, default or stolen passwords.

Hackers Moving Faster

Financial firms were hit with the most data breaches last year, with some 795 breaches, followed by the accommodation/hotel sector (282), information sector (194), public sector (193), retail (137), and health care (115). 

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The New Rules And Tools Of Social Commerce

Social media has become a must-have for retailers of all sizes and categories. The impact of Facebook, Instagram, Pinterest and now even Snapchat is hard to deny: up to 70% of consumers discover products and brands using social media and other digital channels, according to Deloitte research. Conversely, only 30% get their initial inspiration from a branded advertisement.

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Social Analytics Intelligence: From Passive Measurement To Active Engagement

Today's retailers and brands must be active on social media because that's where shoppers are spending significant amounts of time. But it's not enough to just have a Facebook page and a Twitter account, or even to simply monitor likes, shares and retweets. Increasingly, it takes interactive activities such as contests, quizzes and polls, gamification and user-generated content.

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2016 Pricing Regroup: To Hike Or Not To Hike

Retailers might be forgiven for being just a tad schizophrenic when it comes to the topic of pricing. On one hand, they know that competitive price intelligence and price optimization are “business basics” in today’s retail environment. Consumers can compare products and prices virtually anywhere via their mobile devices, and because Amazon can shift prices multiple times per day, advanced pricing tools are a must-have for all other retailers.

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Can Retailers Keep Pace With Millennial Consumers?

Retailers know they have to adapt marketing and advertising messages to target each new generation of shoppers. But the evolution of technology over the past 20 years has forced merchants to speed up their understanding of today's more technologically advanced Millennials.

The Millennial generation has grown up with the technology revolution and is now gaining more buying power, motivating retailers to tap into more content-based campaigns that are focused on a personalized customer experience.

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