Cyber security in the consumer sector
Perspectives
Cyber security in the consumer sector
Thu 03 Jun 2021
The security of digital technology is essential for a consumer sector business in order to protect its brand and support its financial sustainability. The pandemic has significantly disrupted this industry – including those producing packaged goods, food and beverages, clothing and electronics – forcing businesses to upscale and accelerate their digital transformation plans to remain agile, improve productivity, adopt better data analytics and expand through digital channels and platforms.
The role of cyber security as a value creator, protector and a business enabler has never been more relevant.
What does a cyber attack on the consumer sector typically look like?
The consumer sector is not alone in experiencing an increase in cyber attacks and it has specific areas of vulnerability.
Attacks are likely to result in the following events:
- compromise of personal and payment data: identity theft and payment card fraud continue to be a wide spread issue in the consumer sector
- reputational damage caused by the loss and misuse of customer data, resulting in loss of revenue from fines, or customers choosing to move to competitors due to a loss of confidence
- loss of business continuity through Distributed Denial of Service or Ransomware attacks
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