and the Retail Industry
Retailers today today are under constant pressure to improve speed, agility and efficiency to increase margins, and the best way to do that on a global scale is to turn to a partner-centric strategy. Outsource the processes that are not core to your business and focus on what you do best: delivering high-quality merchandise to your customers.
The lesson learned from high-profile breaches, such as Target and the Oracle MICROS point-of-sale system, is that digital ecosystems have become increasingly interconnected, and downstream vulnerabilities from a vendor, partner or contractor can cause real damage – both to bottom line and your reputation.
Cisco’s 2017 Annual Cybersecurity Report found that:
-Nearly one in three retailers have experienced loss of revenue resulting from a cyber attack;
-Fifty-four percent of retailers have experienced public scrutiny resulting from a security breach; and
-Retail organizations perceive targeted attacks as their highest risks
HOW CYBERGRX CAN HELP
Regular assessments of all third parties with access to your network is critical for identifying weak controls that will leave you and your customers vulnerable. Wouldn’t it be easier if an exchange existed to efficiently perform ongoing risk assessments for all of your vendors, partners and contractors?
PCI DSS and other retail regulations are designed to protect your business and your customers. Are you “checking the boxes” or taking a proactive approach to risk, threats and vulnerability management?
The Target and Oracle MICROS breaches showed that most retailers don’t know which third parties represent the greatest risks to their organizations. Develop an understanding of your evolving threat landscape and how you can mitigate against threats from across your digital ecosystem.
MAINTAIN YOUR REPUTATION
A recent Ponemon report found that the impact of data breaches on brand reputation were similar to environmental disasters and poor customer service. A single vulnerability from anyone in your digital ecosystem can be exploited at the expense of your reputation.
ENABLING SAFE, COMPLIANT, AND EFFICIENT RETAILERS
Retail digital ecosystems are larger, more interconnected and growing faster than ever. As a result, they create new and evolving risks. CyberGRX enables you to strike the balance between using the necessary outsourced resources that help you grow and operate efficiently, and mitigating the cyber exposure caused by this increasing reliance.
CyberGRX allows retail organizations and their business associates to execute on the following key components of a sound TPCRM strategy:
Identify – Maintain an updated and dynamic inventory of your third parties: ensure you have a complete view of your third parties and their exposure to risk.
Assess – CyberGRX enables comprehensive, continuous risk assessments of all all partners, vendors and customers with access to your digital ecosystem, enabling retailers to develop a holistic understanding of your inherent risk from each third party.
Mitigate — CyberGRX allows third parties to understand where there are gaps and how to remediate these issues. Uncover weak third-party controls and work with the vendor, partner or customer to remediate these issues before vulnerabilities are exploited.
Monitor – CyberGRX enables you continuously monitor your third-party portfolio for data leakage and attacks. If a new attack vector is discovered, the Exchange allows third-party risk managers to understand their exposure to new risk.