Many companies have invested significant amounts of money in programs and technologies to improve cybersecurity— the protection of consumer data, enterprise information, and intellectual property. But while cybersecurity is often seen in terms of the cost of mitigation—or the ramifications of a breach—it is also a business driver and can be a source of competitive advantage in the retail sector.
We probed this issue in a global survey of over 6,000 consumers and 200 retail executives, as well as in interviews with experienced cybersecurity executives.
In our survey, we asked consumers to rank several criteria according to their importance when choosing a primary retailer (by that we mean the one they shop with most).
Among criteria such as product quality, product availability, and discounts, we also asked about four factors related to cybersecurity and data privacy:
- Safety of in-store devices, such as kiosks
- Safety of websites and apps
- Safety of stored personal or financial data
- Transparency of the usage of stored personal or financial data.
We found that these factors are crucial when people are deciding on a retailer. For example, our research reveals that customer satisfaction and spending can drastically be improved by cybersecurity and data protection assurance, outranking attributes such as discounts. Yet, very few retailers are leveraging this opportunity to gain competitive advantage
- Explores how cybersecurity and data protection is a business driver
- Assesses retailers’ understanding of consumer expectations for cybersecurity and data privacy
- Quantifies the gains for a retailer with a robust cybersecurity and data protection system
- Provides recommendation on how retailers can leverage cybersecurity and data privacy to drive value and growth.