Cybersecurity: A 2022 Checklist for CIOs | Retail Voice

Cybersecurity is still high on retailers’ list of investment priorities, but Gartner points out in its recent Cybersecurity Trends 2022 report that digital leaders are losing control in a distributed ecosystem.

Meanwhile, 66% of global CIOs plan to increase security investments this year, according to Gartner.

Additionally, strengthening cybersecurity was the most-cited business initiative influencing technology spending in an Enterprise Strategy Group (ESG) survey where 38% ranked cybersecurity above items that are typically at the top of business lists. priorities, such as improving data analytics and customer experience.

Change priorities

How retailers respond will be important as the security landscape continues to evolve and IT budgets are often constrained.

This in turn has led to a growing demand for cloud-based services, such as software as a service (SaaS), which allow retailers to scale their cybersecurity capabilities much more cost-effectively than upgrading existing ones. on-site systems.

Additionally, working with a third party brings certainty that the most advanced and cost-effective solutions are being used, as opposed to the risk of internal systems falling behind.

By using cloud services, retailers can be more agile and avoid issues that can arise if internal system upgrades are delayed or simply take too long.

Security fears dissipate

Previous concerns about the security of using cloud services have entirely dissipated.

While no solution can ever be 100% secure, it is the cloud that has focused the most investment in recent years and providers are more likely to consistently adhere to industry standards to detect, report and assess information security incidents.

External software vendors will also test these limits by undertaking ongoing penetration testing to find and correct areas of weakness.

Here is our 2022 cybersecurity checklist for retail CIOs:

1. Work even more closely with your distributed ecosystem partners, as interdependencies in their systems can lead to vulnerabilities that will become your problem and stop commerce.

2. Work with sales and marketing to agree the right balance between letting the good in and keeping the scammers out. The shift to personalization comes with the risk of increased exposure for both the retailer and the customer, and therefore requires careful monitoring. This partnership will ultimately allow retailers to have a better idea of ​​the level of security customers are willing to go through before giving up or switching to another provider.

3. Create success metrics that determine the impact of initiatives on the business rather than just the level of security. Start by documenting metrics that are not currently available, such as the labor costs involved in handling an attack, as this will then support the case for future investment.

4. Adjust your orientation according to the risk curve of trade demand, which increases particularly in the last quarter of the year and during other peak seasons.

5. Look down and up, so deal with known risks, but keep a close eye out for what might happen as scammers get more sophisticated.

You’re not alone. Cloud-based retail management software vendors are pioneering new approaches to security because not only do they have the resources to invest, but they work with multiple customers, allowing them to determine where the need for security is. innovation is the most urgent.