Report: Combine Loss Prevention with Cybersecurity to Minimize Loss

Brick-and-mortar retailers should marry loss prevention efforts with cybersecurity to enhance their defenses. Training loss prevention employees and involving them in feeding intelligence to cyber protection teams is a top recommendation in a new intelligence report from IntSights heading into the busy holiday shopping season.

The research, titled Cyber(attack) Monday: Hackers Target the Retail Industry as E-Commerce Thrives provides a comprehensive overview of the threat landscape for retail and e-commerce organizations.

“Many retailers are finding their loss prevention staff in stores have a desire to work with the cyber security team,” said Wright in an interview with ISCSecurityNews. “They feel they have a lot to contribute in terms of intelligence. They have valuable human-intelligence collection.”

According to a 2018 National Retail Federation (NRF) study, inventory shrinkage costs U.S. retailers more than $46.8 billion per year. In addition to the financial damages companies incur from retail theft, shoppers and employees are also placed in considerable danger as a result–26.3 percent of workplace homicide victims work in sales or retail.

To combat theft, inventory shrinkage, and violence impacting consumers and workers alike, most large retailers have invested substantially in loss prevention initiatives. New facial recognition technology has proven extremely useful in tracking repeat offender thieves, but it can be very expensive. Loss prevention employees often see repeat offenses and have valuable human intelligence to share, said IntSights.  Organizations should train them in cybersecurity and partner them with the company’s information security team to help catch criminals.

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Article Written by Joan Goodchild | View all articles by Joan Goodchild