May 2018 smartGOV_eMagazine_May2018 - Page 26

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 The report reveals that inclusion of new technologies, weak segregation of duties, and outdated architecture are the top three vulnerabilities that have been exploited by hackers during retail breaches in the last three years.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