Cybersecurity in Retail - Thematic Research
Retailers are preparing to ride the digital wave - contextualizing and implementing new technologies such as cloud, mobility, big data analytics (BDA), and the Internet of Things (IoT) - to best align with future business objectives. Technology, however, is a double-edged sword: the more they go digital, the more they expose themselves to emerging cyber risks. They need to plan now on how to mitigate their vulnerabilities and enhance their security. There is a significant market opportunity, and vendors can in turn leverage their ecosystems to offer end-to-end security solutions, exploiting technology such as artificial intelligence (AI) and forensics.
The biggest threat to retailers is that the personal consumer data they hold could be accessed by criminals unless state of the art defenses are implemented. Many large retailers have already had their servers compromised and even when there is no clear evidence that the data leak has led to individual customers being targeted with fraudulent use of their financial data, the leak itself is very damaging to the retailer’s reputation. Building trust with shoppers, reassuring them that their data is safe, is of paramount importance. Those retailers that abuse that trust will struggle to recover from the reputational damage that data leaks cause.
By 2021 the global cybersecurity market is expected to be worth more than $140 billion, up from $114 billion in 2017. However, the key issue is that retail companies need “better” rather than “more” security. Forward-thinking retailers need to pivot toward a holistic cybersecurity approach to shore up their current position. This approach will also ensure strong future-proofing elements to acknowledge ongoing changes in line with wider growth strategies.
However achieving a comprehensive cybersecurity approach requires involving people, processes, and technology that are relevant to detection, prediction, prevention, and rapid response.
In the report Cybersecurity in Retail - Thematic Research, we analyze the 12 most important cybersecurity technologies and conclude that the most important ones in terms of driving the cybersecurity industry’s revenues over the next two years are network security appliances, cloud security, and AI.
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