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NRF Security Survey Covers Retailer Security Concerns, Finds Retail Shrink Grew to $50.6M in 2018

June 13, 2019

Hikvision NRF Security Survey Covers Retailer Security Concerns

Hikvision on Reducing Security Concerns by Merging Physical Security with Cybersecurity

 

Security Sales & Integration (SSI) covered security concerns from the National Retail Federation’s (NRF) 2019 Security Survey that found cybersecurity increased in importance for retailers and retail shrink grew to $50.6 billion in 2018, according to the SSI article, “Retail Losses Exceed $50B as Cybersecurity Risks Weigh on LP Executives.”

“We are seeing dramatic changes in the risks faced by retailers, and loss prevention practices and priorities are evolving to meet those challenges. As criminals find new ways to steal, loss prevention teams are finding new ways to stop them. Increasingly, this is a battle focused on technology,” said NRF vice president for loss prevention, Bob Moraca, in the article.

Additional findings from the report include:

  • Retail shrink averaged 1.38 percent of sales in 2018, up slightly from 2017.
  • Robberies incurred the largest loss per incident with an average amount of $2,885.15. Employee theft was the second largest source of loss at an average of $1,264.10 per incident.
  • 43 percent of respondents said “the largest increase in fraud is occurring in stores,” according to the article.

There is a growing overlap between retail loss prevention and cybersecurity teams with the majority of those surveyed stating that cyber-related incidents have become a greater priority.

Read more about the research at this link.

For more on cybersecurity, check out this blog from Hikvision: Reducing Security Concerns by Merging Physical Security with Cybersecurity.

IMPORTANT! This model requires non-standard firmware. Do Not Install standard firmware (e.g. v.4.1.xx) on this model. Doing so will permanently damage your system. You must use custom firmware v.4.1.25 from the iDS-9632NXI-I8/16S product page.

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