The emergence of IoT makes it likely to help decrease shrink and other forms of loss. But with modern systems come new vulnerabilities, and IoT tools are without exclusion.
FREMONT, CA: The Internet of Things (IoT) unveils various opportunities for retailers. The emergence of IoT makes it likely to help decrease shrink and other forms of loss. But with modern systems come new vulnerabilities, and IoT tools are without exclusion.
• The Stance on IoT Retail Security:
IoT executives possess pitched security as the top care, alongside implementation, as the two are interrelated and coincidental. Proactive security protocols require attention every time a new technology is updated since criminals aim to manipulate vulnerabilities of the latest software before anyone else finds a way to stop them. But unfortunately, even when security is the main concern, not everyone will take the required moves to address it.
• Merchants Should Approach Security Risks:
The IoT security spending limit has been expected to increase tenfold in the next decade. The enormous amount spent on security measures does not mean the vulnerabilities are addressed. It is smart to deploy IoT devices on a dedicated network as it helps insulation from the risk of an external attack of data transmitted onto the network. Security requirements are a company-wide motivation, so training all employees to handle IoT security protocols is required instead of having two or three people monitoring it.
• Future of IoT Security:
The future of IoT security has been evolving with the integration of technologies like AI and blockchain in self-driven cars and financial technology. Still, it is a far cry from loss prevention in the retail Industry. From the merchant’s perspective, blockchain has numerous useful applications in many avenues, like IoT. IoT and blockchain tools can be used to form a broader strategy, and businesses can obtain ROI from faster recall and reliable data.
One way to implement is by radio frequency identification (RFID) tags that retailers can efficiently identify products, tracking of goods in the supply chain, where they are located and rapidly detect theft and other fraud. The storage of this data in a blockchain system makes it viable to conduct real-time audits and react quickly.
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