Cyber Risk in Consumer Business
Benefits and risks of using new technologies.
Consumer businesses are leveraging innovative technologies to help enhance the customer experience, build loyalty, and remain competitive in a digital world. However, companies should consider balancing their expanding digital footprints with a growing focus on cyber risk. Emerging technologies are often attractive avenues of opportunity for cyber criminals looking to expose weaknesses in an organization’s digital ecosystem.
New technologies, new challenges, new risks
Innovations and new technologies make it possible to create tailor-made products and services accessible to every customer at any time. Widespread initiatives around customer analytics, cloud inte-gration, connected devices, and digital payment technology are gaining momentum and offer solutions to run smoother operations. But they are also likely leaving businesses increas¬ingly exposed to cyber threats.
The "Cyber Risk in Consumer Business" study was conducted to identify and analyze the challenges faced by companies in the consumer products, retail, restaurant, and agribusiness sectors. Qualitative interviews and online questionnaires from more than 400 C-Suite managers (CIOs, CISOs and CTOs) and other top-level managers were evaluated.
Six major challenges
Consumer businesses face numerous challenges as they attempt to handle the complex issues of cyber risk. Deloitte have identified the following six themes that companies should consider:
- Customer trust: Businesses should not only consider how perceptions of uncertainty about the privacy of personal information may impact future purchase decisions but also assure their customers that they are taking appropriate steps to mitigate cyber risk.
- Connected products: The rapid growth of connected products not only presents numerous potential benefits to consumer businesses and their customers but can also increase cyber risk. It is essential that consumer businesses ensure the security of connected products if both businesses and consumers are to reap their benefits.
- Payments: Companies that are able to leverage emerging payment technologies while maintaining a focus on the security of these platforms will be positioned to gain from their implementation. Technologies such as emerging payment systems that provide new and efficient customer experiences are also being targeted by cyber criminals.
- Intellectual property: Intellectual property (IP) drives a company’s innovation, competitiveness, and growth. The evolving nature and rising incidence of IP theft require a comprehensive cyber risk approach around identity and data access management.
- Talent and human capital: An organization’s ability to effectively and efficiently manage cyber risk should be part of its culture. Talent can be the weakest link in the cyber landscape. In order to mitigate this risk, it is imperative to attract, train, and retain top cyber talent.
Download: Cyber Risk in Consumer Business Report
Qualitative interviews and online questionnaires from more than 400 C-Suite managers and other top-level managers were evaluated.