Organisations attempting to combat shrinkage face an increasing barrage of challenges. Shoplifting continues to be a major problem for retail and data security is now pervasive across every industry.
The increasing presence of cybercriminals and cyber terrorists pose a much greater threat, and a single hacker sitting in his bedroom can cause far more loss than any single shoplifter ever could. Wide hitting cyber-attacks may cause significant harm to the company's reputation, especially as compliance may require public disclosure of certain types of loss through cyber-attack.
In some global industries such as oil and gas, or shipping and logistics, acts of terrorism or hijacking and piracy can be devastating. According to a report issued by the World Bank, the UNOCC and Interpol, pirates took between £204 million and £248 million from high seas hijacking activity off the coast of Somalia between 2005 and 2012.
Whether loss is through hacking, hijacking or simple in-store shoplifting, losses can be prevented through the use of data gathering and software-based analysis to determine where and how losses are occurring, and how best to prevent those losses in the future.
Preventing loss and protecting profits - Managing security & loss prevention