#1 CYBER SECURITY
The world of digital is fundamentally changing the security landscape. The rapid expansion of emerging technologies that enable digital capabilities and provide on-demand services is adding to the security risks that threaten retailers’ businesses. Cloud and mobility adoption means that almost 50 percent of most organizations’ IT landscapes exist outside the control of their CIOs. Rapid business expansion can mean retail organizations struggle to identify who has responsibility for an individual process when it is threatened. As attack surfaces continue to widen across systems, devices, people, partners and infrastructure, it’s evident that embracing technology as a key driver of growth can amplify opportunities for complex cyber attacks.
Success in tomorrow’s digital retail business will largely depend on security decisions made today. Crucially, retail business and security leaders are increasingly focused on interlocking security strategy and cyber defense capabilities to strengthen business resilience and brand trust that are so essential in today’s connected retail world.
There are new threats: open networks with consumer-owned devices can be attacked in fundamentally different ways than closed networks and proprietary devices. Cloud computing changes both threats and attack surface. There are richer digital targets such as analytics data, personal shopper data, loyalty data, payment information, etc. and this data is of increasing value and susceptible to attack. Due to all of these factors there is a new classes of attackers: the richer targets and increased impact provide motive, while the new threats and attack surface offer the opportunity. Bottom line is that retailers must invest more heavily in cyber security capabilities ― and this priority will roll well beyond 2019. The overall impact changes in nature and magnitude as loss or compromise of digital assets more directly impacts the digital retail business.
Retailers must take a 360-degree approach that addresses the spectrum of security issues across people, process and technology. Retailers must establish comprehensive threat protection that takes into account customers, employees, contractors, vendors, applications and systems. Think beyond the perimeter firewall to secure cloud, mobile, and IoT operations and data wherever it resides. As a result, retailers can better maintain, operate and optimize business operations. In retail, central concerns include payment card regulatory compliance and theft of customer data.
Despite all of the resources invested in traditional information security approaches, many organizations still fall prey to cyber attacks and are unprepared to deal with rapidly blurring enterprise boundaries. With the stakes growing higher ― including potential impacts on shareholder value, revenue and compliance ― security is now a priority agenda item in the retail boardroom and across the c-suite.