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Retail Business Review | Friday, April 22, 2022
This holiday season, it is necessary that the retailers invest in the security of the supply chain management to decrease the risk of data breaches and reputation damage due to cybercriminals.
FREMONT, CA: Holiday seasons can raise the cyber risks for retailers as hackers try to take advantage of the immense surge of online shoppers and in-stores. Therefore, they must remember that it is about their network and supply chain, from shipping distributors and production partners to point-of-sale technologies. So, it is crucial to shield the cyber system from hackers.
A cyber problem in the supply chain can shake the entire operations of the retailers and can cause harm to the reputation of the brand, financial performance, and regulatory repercussions. Here are some of the crucial steps to lessen the cyber risk of the supply chain during festive seasons.
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Inventory Your Supply Chain
Today business is reliant on the vendors that have access to the network for conducting several important companies. The adoption of cloud and outsourcing across retail organizations is increasing rapidly, so it has become essential to update the catalog of the third parties and service providers in the digital or brick-and-mortar supply chain in addition to their network access point. The supply system can be enormous, but security problems can affect the organization.
The inventory of vendors allows the security teams to track how cybercriminals can exploit and improve the response time.
Take Control of Your Third-Party Accounts
Retailers must ensure each vendor has an email account and credentials linked and managed by the retailer and not by the supplier organization. At this stage, the retailer can be assured that they are the first point of notification if any incident happens and when it occurs. Hence, the retailer can be in control of the entire remediation process.
Assess Your Suppliers’ Security Posture
The supplier’s security posture may not indicate that the products and services have security flaws, but poor security performance can lead to vulnerability and risk in the cyber world.
Therefore, it is better to have clear visibility of cybersecurity performance to help the retailers point out the security vulnerabilities speeding up the communication and the actions regarding security concerns.
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