May 2018 smartGOV_eMagazine_May2018 - Page 27

selecting retailers, behind product availability and quality, and above traditional factors including pricing and brand reputation. It calls for more organizations to align cybersecurity policies with customer expectations in order to take advantage of this opportunity. The report, Cybersecurity: The New Source of Competitive Advantage for Retailers; demonstrates that consumers are increasingly aware of security breaches in retail and are willing to spend more with retailers who demonstrate robust cybersecurity capabilities. Based on average annual consumer spending, this equates to a potential annual revenue uplift of 5.4 per cent. Strong cybersecurity measures increase customer satisfaction by 13 per cent; while 40 per cent of consumers would be willing to increase their online spend by at least 20 per cent more with retailers they trust. The report revealed that retailers who are able to adopt advanced cybersecurity measures could drive 5.4 per cent uplift in annual revenue. However, the report identifies a disconnect between the assurances consumers want and what retailers are doing. Seventy percent of consumers want to be assured that their financial and personal information is safe yet only 44 per cent of retailers are actively informing them. Nearly a third (29%) of consumers say their primary retailer does not communicate changes in data privacy to them. As the GDPR deadline looms ever closer, it is imperative that retailers devise strategies to mitigate this disconnect and assure consumer's that their data is safe. Currently, only 40-60%[1] of retailers have fully implemented certain components of the GDPR requirements. Retailers are also not adequately informing their customers of data breaches. Forty percent of retailers said they experienced a data breach over the past three years (2015-2017 inclusive) and had customer financial or personal data compromised, yet only 21 per cent of consumers say that they heard their primary retailer's name mentioned with a data breach. "Today's consumers are confident online shoppers and savvy about their consumer rights. They value cybersecurity highly and they want to The Small Industries Development Bank of India (SIDBI) will provide financial aid to village level entrepreneurs who operate the Common Service Centres that act as access points for the delivery of electronic services. Small Industries Development Bank of India (SIDBI) on 24 May signed a Memorandum of Understanding (MoU) with the Special Purpose Vehicle (SPV) that operates Common Service Centres (CSCs). The memorandum aims to ensure credit is easily available to village level entrepreneurs (VLEs), to provide financial support to CSCs across India and to promote the spread of Digital India. The Common Services Centres (CSC) project is one of the initiatives launched under the Digital India Programme that was initiated by the Indian Prime Minister Mr Narendra shop with retailers they can trust" says Geert van der Linden, Cybersecurity Business Lead, Capgemini's cybersecurity practice. "It's the right time for retailers to consider cybersecurity as a business priority at executive leadership level". The report includes a series of practical recommendations, based on the findings of the survey, to help retail leaders to address the increasing incidents of cyber attacks in retail, along with the growing demand from customers for greater transparency. SIDBI support to CSCs Modi. CSCs function as access points for the delivery of various digital services to citizens including banking, education, health services and passport and Aadhaar registration. The CSCs also provide access to online government services such as booking train tickets, submission of forms and bills etc. CSCs are working in 180,000 (1.8 lakh) village councils (gram panchayats) and are set to reach 250,000 (2.5 lakh) village councils (gram panchayats) by end of this year. Positioned as strategic cornerstones of the Digital India programme, as many as 291,000 thousand (2.91 lakh) CSCs are operating in the country as reported in 2016. As part of the agreement, the SIDBI will extend its financial aid to the Village Level Entrepreneurs (VLEs) of Common Services Centres, with a minimum one year of operation, under the Direct Financing Window of SIDBI. —By Rakesh Giri 27 | May 2018 | www.smartgovernance.in selecting retailers, behind product availability and quality, and above traditional factors including pricing and brand reputation. It calls for more organizations to align cybersecurity policies with customer expectations in order to take advantage of this opportunity. The report, Cybersecurity: The New Source of Competitive Advantage for Retailers; demonstrates that consumers are increasingly aware of security breaches in retail and are willing to spend more with retailers who demonstrate robust cybersecurity capabilities. Based on average annual consumer spending, this equates to a potential annual revenue uplift of 5.4 per cent. Strong cybersecurity measures increase customer satisfaction by 13 per cent; while 40 per cent of consumers would be willing to increase their online spend by at least 20 per cent more with retailers they trust. The report revealed that retailers who are able to adopt advanced cybersecurity measures could drive 5.4 per cent uplift in annual revenue. However, the report identifies a disconnect between the assurances consumers want and what retailers are doing. Seventy percent of consumers want to be assured that their financial and personal information is safe yet only 44 per cent of retailers are actively informing them. Nearly a third (29%) of consumers say their primary retailer does not communicate changes in data privacy to them. As the GDPR deadline looms ever closer, it is imperative that retailers devise strategies to mitigate this disconnect and assure consumer's that their data is safe. Currently, only 40-60%[1] of retailers have fully implemented certain components of the GDPR requirements. Retailers are also not adequately informing their customers of data breaches. Forty percent of retailers said they experienced a data breach over the past three years (2015-2017 inclusive) and had customer financial or personal data compromised, yet only 21 per cent of consumers say that they heard their primary retailer's name mentioned with a data breach. "Today's consumers are confident online shoppers and savvy about their consumer rights. They value cybersecurity highly and they want to shop with retailers they can trust" says Geert van der Linden, Cybersecurity Business Lead, Capgemini's cybersecurity practice. "It's the right time for retailers to consider cybersecurity as a business priority at executive leadership level". The report includes a series of practical recommendations, based on the findings of the survey, to help retail leaders to address the increasing incidents of cyber attacks in retail, along with the growing demand from customers for greater transparency. SIDBI support to CSCs The Small Industries Development Bank of India (SIDBI) will provide financial aid to village level entrepreneurs who operate the Common Service Centres that act as access points for the delivery of electronic services. Small Industries Development Bank of India (SIDBI) on 24 May signed a Memorandum of Understanding (MoU) with the Special Purpose Vehicle (SPV) that operates Common Service Centres (CSCs). The memorandum aims to ensure credit is easily available to village level entrepreneurs (VLEs), to provide financial support to CSCs across India and to promote the spread of Digital India. The Common Services Centres (CSC) project is one of the initiatives launched under the Digital India Programme that was initiated by the Indian Prime Minister Mr Narendra Modi. CSCs function as access points for the delivery of various digital services to citizens including banking, education, health services and passport and Aadhaar registration. The CSCs also provide access to online government services such as booking train tickets, submission of forms and bills etc. CSCs are working in 180,000 (1.8 lakh) village counci 2w&Ч6G2B&R6WBF&V6#S"RfvR6V60w&6G2'VBbF0V"6FV@07G&FVv06&W'7FW2bFRFvFF&w&R22#FW6B"5472&PW&FrFR6VG'2&W'FV@#b2'BbFRw&VVVBFP4D$vWFVBG2f6@FFRfvRWfVVG&W&VWW'0dW2b66W'f6W26VG&W2vF֖VRV"bW&FVFW"FRF&V7Bf6rvFpb4D$ࠀ( D'&W6v&#r#wwr6'FvfW&6R