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Multi-Factor Authentication for Retail Pain or Paramount?
According to the Royal Institution of Chartered Surveyors (RICS), more than a quarter of organisations in the UK have suffered a cyber attack in the last 12 months. The retail news is splattered with regular and an escalating number of security incidents that have significantly constrained the operations of many retailers including stalwarts such as M&S and Harrods. The cybercriminals’ actions have resulted in inoperable systems and services, lost sales and revenue and even administration. So with cyber security becoming a very real threat, it is imperative that your systems are protected and risks are reduced as much as possible. Image source, BBC One element of a robust security ecosphere is multi factor authentication (MFA). By now, most digital users will have experienced one type of two-factor or multi-factor authentication during online activities, as businesses become more security conscious. What is Multi Factor Authentication? Multi factor authentication refers to authentication processes that require more than one form of authentication. For example. Instead of just being able to use your password to login to a website, you may then be prompted for another form of authentication such as a one time code (which expires after a set time), sent to your email. You are then required to enter this code to complete the login process. This additional verification check strengthens the authentication process to make sure that you, and only you, have access to the account. It may seem like an operational impedance, but everyone wants their data safeguarded, so it is unfortunately becoming a necessity. There are several types of MFA, of which some examples you may recognise below Types of Multi Factor Authentication KNOWLEDGE (Know) This method involved verifying information that you know, such as passwords or PINs. POSESSION (Have) A possession layer uses an Authenticator app, or similar, to generate time-based codes, SMS or email codes or other verification check. INHERENT (Are) Inherence makes use of biometrics like facial recognition or fingerprint identification. LOCATION (Where) GPS or IP addresses can also be used to verify a user via their location. Benefits of MFA for Retail? In the mission to address the complexities of omnichannel retailing, retailers need in turn to power their operations with a complex technology stack. This often involves an ERP system at the core. Different selling channels and operational systems covering fulfilment and accounting radiate from this single view of truth. These systems contain business critical, sensitive and confidential information which cybercriminals know would cause huge disruption if unauthorised access were to be obtained. Retail is a ripe target with a plethora of customer data as well as payment details in play. There are data privacy concerns, identity theft, malicious intent and ransoms to consider; all potential avenues for criminals to exploit your business, if they are able to penetrate security barriers. How does Eurostop keep your retail systems secure? At Eurostop, we are highly focused on providing secure systems that reduce your risk of threats. We know how important it is to keep you up and running, and selling – vital for modern businesses in an ‘always on world’. Not only does this afford you specialised retail software to manage your business, but it also provides features to ensure that you remain compliant with data privacy laws, and minimise the risk of disruption caused by the ominous online miscreants. Multi factor authentication is an important part of the security measures that we implement across our solutions to protect your business. Peter Way, Development Manager at Eurostop commented, “Data privacy and stringent access control is paramount to any development that we undertake. From the point of initial scoping, we carry out data impact protection assessments to ensure that any work that we carry out has been assessed for risk and managed as is far as is possible.” Kumar Ramanathan, Networks and Security Manager, added “Unified commerce systems command a robust awareness of security protocols and secure hosting, systems and data transfer. MFA is an important part of these barriers to keep our retailers operating uninterrupted.” If you would like to find out more about Eurostop’s unified commerce retail systems, please get in touch, we would be happy to discuss your options. Contact us at [email protected]