Protecting consumers and their data while providing a good shopping experience has always been a challenge for retailers. Security measures such as multifactor authentication or challenge questions create friction in the buying process, but a breach that results in the loss of sensitive customer data could have a much bigger business impact than a few abandoned shopping carts.
Case in point: The 2013 data breach into Target’s payment system affected more than 41 million customer accounts and cost the company $18.5 million to resolve state investigations into the cyberattack.
