Since the pandemic, more retailers than ever are creating online platforms and providing omnichannel experiences. To do this, they are incorporating key technologies into their business strategies such as cloud, artificial intelligence, big data analytics (BDA), and the Internet of Things (IoT). Including these technologies in their businesses comes with significant cybersecurity risk.
Many large retailers have already had their servers compromised. These large data breaches make headlines and can lead to millions of dollars in fines, and a loss of profit as the retailer loses business. Even when there is no evidence that the data leak has led to individual customers being targeted with fraudulent use of their financial data, the leak itself is very damaging to the retailer’s reputation. Retailers need to reassure their consumers that their data is secure and out of reach from hackers. Retailers that abuse that trust will struggle to recover from the reputational damage that data leaks cause.
Leading apparel companies in cybersecurity
Digitally native retailers are more adept at incorporating cybersecurity into their strategy. E-commerce companies such as Amazon and Alibaba are both retailers and technology specialists and are therefore better positioned to develop in-house cybersecurity capabilities. However, any retailer who has incorporated digitalisation into their business needs to ensure that they are protected, partnering with tech vendors who can secure their online platforms and payment systems. Those who adopt end-to-end security will be less susceptible to cyber-attacks.
Leading adopters of cybersecurity in retail and apparel are Amazon, Alibaba and Walmart.
Discover the leading cybersecurity companies in the apparel industry
Using its experience in the sector, Just Style has listed some of the leading companies providing products and services related to cybersecurity.
The information provided in the download document is drafted for apparel industry executives and technology leaders involved in cybersecurity solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
How can retailers and apparel manufacturers improve cybersecurity?
Retailers and apparel manufacturers need to adopt a holistic approach to cybersecurity to protect their large networks of data. Here are the four main ways retailers should tackle cyber threats:
- Adopt application security solutions that cover all their applications, from those used internally to popular external apps provided for use on customers’ mobile phones.
- Train employees in identifying phishing emails and ensure that hackers cannot download malware onto these devices to access the network.
- Use firewall as a service. This is a cloud-based service that allows companies to simplify their IT infrastructure and provides capabilities such as web filtering, advanced threat protection (ATP), intrusion prevention system (IPS), and domain name system (DNS) security.
- Undergo cybersecurity ‘fire drills’ to simulate worse-case scenarios in data breaches and pinpoint areas of vulnerability. Most retailers will likely incur a data breach, and post-breach response services must be in place to respond swiftly to any future attacks to reduce the potential damage. Vulnerability management, and risk and compliance services are needed to provide internal and third-party perspectives on points of cybersecurity weakness and areas for improvement.