Cyber risk in consumer business
Consumer businesses discuss the six main cyber risk challenges they face today
Innovative technologies are helping to fuel an unprecedented rise in consumer expectations. For today’s businesses, harnessing emerging technologies in order to redefine products, services, and consumer experiences is often the new cost of doing business. Technology investment, however, can drive more than just profit potential. Widespread initiatives around customer analytics, cloud integration, connected devices, and digital payment technology are likely leaving businesses increasingly exposed to cyber threats.
Some threats, such as credit card fraud and identity theft, are becoming all too familiar in today’s marketplace and can be significantly detrimental to customer trust and brand reputation. Other risks, such as those related to food safety and intellectual property theft, appear to be escalating, leaving many businesses (and their customers) in unfamiliar territory.
Businesses that have direct contact with consumers, such as retailers, restaurants, and consumer product companies, should consider taking the proper precautions to mitigate cyber risk during this period of digital transformation. Their growing technology footprint, along with the accelerating pace of change in business, may have a dramatic impact on the breadth and complexity of the cyber risks consumer businesses will likely need to address over the next decade.
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