Retail is one of the most targeted industries when it comes to cyber attacks, given the sensitive customer data these organizations possess— like personally identifiable information (PII). In fact, over 50% of global retailers were breached last year.
In today’s economy, an increasing number of larger retailers are shifting their focus to e-commerce to compete with industry giants. This means they are working with multiple vendors to process e-commerce transactions. In order to scale and become competitive online, retailers are going to need to depend on technology from various vendors.
For retail companies, their focus lies not only on benchmarking their security performance against industry peers but also on maintaining their brand and reputation. To do this, they need to prioritize assessing and continuously monitoring the security posture of many third and fourth parties with access to sensitive customer and shopper data— and the potential to compromise it.
Retail organizations need an effective means to gain visibility into the security posture of their business, as well as model different scenarios and paths of remediation to project future security performance. BitSight Security Ratings deliver a continuous, data-driven measure of security performance, giving retail companies a means to both establish their credibility in their industry as well as the ability to compare performance with other industry peers and competitors, identify direct paths to cyber risk reduction, as well as report progress over time to executives and the Board.
Third parties play a critical role in supporting key business functions, but they can also introduce significant risk of data loss and business disruption. Retailers have time and time again been targeted through their third and fourth parties. BitSight Security Ratings help global retailers continuously monitor their third parties’ security postures by enabling them to accurately assess the risk posed through e-commerce providers and other third-party services.
Retail companies can invite third-party suppliers to the BitSight platform at no additional cost in order to investigate issues and remediate risks found on their network. By leveraging the BitSight Customer Success team, their third parties can get all the insights and education they need, leading to effective risk reduction.