IoT Presents Opportunities and Concerns for Retailers

Monica Eaton-Cardone of Chargebacks911® Says IoT Infrastructure Needs Strong Security

In her latest guest post for IoTForAll, Chargebacks911 COO Monica Eaton-Cardone says IoT technology has the power to be a transformative force in the market. To make it work, though, retailers need to devote careful consideration, planning and strategy to their security.

The internet of things has a wide range of applications for business. Some high-profile examples include Amazon’s cashless, cashier-less Amazon Go stores, or the growing market for voice-enabled commerce using devices like Alexa and Google Home. That’s just the start, though. IoT technology could allow sellers to optimize fulfillment, manage inventory, and carry out countless other tasks.

There’s risk involved in IoT adoption, though. With so many integrated and interconnected devices, fraudsters could have thousands of potential points through which to attack and compromise your network.

Monica says that the way to best-leverage this technology without opening to risk is identifying users. “If you can’t do this with a high degree of reliability, then your strategy is destined to fail,” she says. “Not only will your targeting be off-balance, but you open the door for fraudsters.”

“Another point you can’t afford to overlook is data protection…Using IoT technology successfully means you’re storing a considerable amount of information; both your own internal data, as well as your customers. If hackers manage to breach your network, it could be a disaster.”