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Even though the data transactions are less in a restaurant setting, the owners must be acquainted with it. In the process, the expenses can be cut down, and profits can be maximized with a risk assessment.
FREMONT, CA: The rising costs of wages and food accounts to almost 70 percent of operational expenditure and a majority of restaurateurs are always on the lookout for methods to turn up a notch on profits by reducing these expenses. One area that is often not taken seriously while talking about saving expenses is the reduction of IT risks.
Risk-informed decision making (RIDM) is an ideal approach for the restaurant business to look at its operations through a looking glass. By observing from a different angle, the operational analysis can be carried out in a renewed perspective. Many companies find it tough to embrace a similar school of thought in matters concerning planning and formulation of IT policies ad expenditures.
Restaurats fail to realize the importance of achieving or maintaining the Payment Card Industry (PCI) compliance. All operations from the back office and POS systems to wireless connections for guests are vulnerable to data loss, can also be compromised. PCI compliance and proprietary information are endangered without effective policies in place. In case of processing information and transactions, some data is stored for a long-term, so maintaining the PCI compliance and security is highly critical. RIDM can be referred to, while addressing and managing IT concerns, especially for restaurants with multiple locations to support.
The size and type of business will be varied depending on the areas of vulnerability. A professional assessment for RIDM can be conducted to assist the identification of the most critical IT risks faced by an individual organization. All the IT-related actions required for the operation of the business can be managed by creating a RIDM leveraged from the stakeholders’ insights and cyber risks. With a comprehensive report, the management can efficiently determine the limit of risk a business can afford. By conducting a risk assessment, the most considerable exposure risks can be identified and prioritized to make intelligent and educated decisions on expenses.
In the case of restaurants, extra risk management is essential as the variety of issues and concerns to be tackled and solved are numerous. The primary concern starts when the public is allowed into the establishment; all devices related to the business needs to be virtually and physically secured against tampering. The increased use of devices like tablets for placing orders can sometimes be passed onto the consumers’ hands. The devices need to be secured as many people are involved in the chain of payments, creating ample chances for fraud and theft.
Mitigation of these concerns is compulsory to reduce the risk for data compromise in the restaurants’ framework. A solid RIDM and actions encourage increased risk management, freeing up the time to focus more attentively on the business of serving customers, increasing profits, and reducing costs.