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BizReport : Ecommerce : May 18, 2016

Expert: How brands can protect from POS attacks

While many big brands have switched over to chip-and-pin credit and debit cards, smaller brands have been slower to take on this new technology. Some cite budget, and some cite security concerns. One expert weighs in on how businesses can protect themselves.

by Kristina Knight

Kristina: Are budget needs still a concern?

Dax Dasilva, CEO & Founder, Lightspeed: Even though these figures show that not everyone is on board with the idea of adopting EMV, 75% of the retailers surveyed were still worried about being the victim of a breach; in fact they expressed in an open-ended answer section that they were willing to invest in new tech that was within their budgets. The key phrase is "within their budgets," however. We found that 82% of surveyed retailers have technology budgets of less than $200/month, so it's possible that these small budgets can be another reason why retailers are waiting to make the switch.

Kristina: I've seen a few polls/reports that show POS hacks are on the increase - what is driving this?

Dax; What you're seeing is mostly a reaction to retailers making a shift to EMV. Chip-and-pin cards are virtually impossible to replicate, so it will become significantly more difficult for hackers to make use of stolen data. The gap between retailers who have made the switch and those who are lagging behind has presented a window of opportunity for hackers that is quickly disappearing.

Kristina: How can mobile retailers protect themselves from these attacks?

Dax: There are a few best-practice security measures that all retailers should be taking in order to minimize the risk of a hack, particularly if they haven't adopted EMV yet. These include making sure your passwords are strong (mixing numbers, cases and symbols), installing and updating your POS software and antivirus software, making sure you have a firewall, restricting your terminal's access to the Internet, and disabling remote access. A lot of this comes down to the same best practices we've had in digital technology for the last 20 years or so; as long as retailers are diligent about keeping their systems up to date, it will minimize the chances of breaches happening.

Tags: ecommerce, ecommerce trends, EMV, Lightspeed, payment trends

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