Smart Governance
TechCybersecurity
Key for
Retailers
to attract
Consumers
C
ybersecurity is a new source
of competitive advantage for
retailers, a new report by
Capgemini's Digital Transformation
Institute revealed.
The new report, which surveyed
over 6,000 consumers and 200 retail
executives found that 77 per cent of
consumers ranked cybersecurity as
the third most important factor when
Priority 1
Work to understand customers'
expectations and ensure the required
features are fully implemented
Many retailers have not fully
implemented the cybersecurity
factors that can drive customer
satisfaction the most. These include:
encryption of stored data, clear and
transparent data privacy policy, use
of advanced anti-malware tools,
control on which data retailer can
Retailers could increase annual revenue by
as much as 5% by investing in cybersecurity
measures that shoppers trust new research
identifies that consumers are willing to spend
more online with retailers who demonstrate
strong cybersecurity and data privacy
capabilities.
store, and for how long and use
of advanced data encryption on
websites and apps.
Priority 2
Ensure cyber-defense systems
are one-step ahead of hackers. The
report reveals that inclusion of new
technologies, weak segregation of
duties, and outdated architecture
are the top three vulnerabilities that
have been exploited by hackers during
retail breaches in the last three years.
Yet less than half of the retailers
perform security audits on a daily or
weekly basis.
Priority 3
Position themselves as the safe
custodian of customer data. The
report reveals a strong disconnect
between consumers and retailers
on whether explicit permission for
storing and using data is taken.
26 | May 2018 | www.smartgovernance.in