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Press Release -- January 23rd, 2014
Source: Verizon

The Connected Consumer – Part 3 of 3

Final video from a Verizon-sponsored panel at NRF’s ‘Big Show’ discusses how latest wave of cybercrime is impacting the Retail industry

by Maria Montenegro

In conjunction with the National Retail Federation’s ‘Big Show’ in New York City, Verizon Enterprise Solutions recently convened a group of industry thought leaders for a lively discussion around the topic, “Driving Consumer Experience and Building Trust in a Connected World.”

In this final video of a three-part series , retail experts Ravi Bagal, vice president with Verizon Enterprise Solutions, Greg Buzek, founder and president of IHL Consulting Group, and Phil Burroughs, vice president of retail and hospitality with Verizon Enterprise Solutions, discuss the current cybercrime epidemic and how it is impacting the retail industry and today’s ‘Connected Consumer.’

Cybercrime and security were major topics of conversation at this year’s NRF conference given related headline-grabbing news that was breaking in advance of and during the show. As Buzek put it so well, “this is Ocean’s Eleven kind of sophistication… in play” that we are now seeing, drawing on the sensational movie series about organized crime heists of Las Vegas casinos to paint a picture. Burroughs cited how robust security initiatives must underpin every customer end point – whether mobile Point-of-sale, online or in-store – or else, ‘it’s all for not.” He went on to say that, “it’s getting tougher and tougher and the bad guys are getting smarter and smarter.”

Burroughs also encouraged retailers to come together to address the epidemic, noting that it is an industry-wide issue and that one retailer’s breach, “is not a competitive advantage.” Finally, Buzek and Bagal warned that compliance does not equal security. Meeting industry guidelines for card transaction processing for example does not mean that a retailer’s operations are necessarily secure and can sometimes actually inhibit security. Bagal commented that a strong security defense has to be “cultural.”

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