Retail Executive

NOV/DEC 2017

Retail Executive is the trusted advisor to top retail executives from the industry’s most profitable retailers. We help retail executives succeed in their job role and grow their business via exclusive, actionable, peer-driven content.

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An Industry's Evolution: The Blurring Lines Between Cybersecurity And Traditional LP As both LP and IT security are fighting the same criminal, the escalating interconnectedness will require both skillsets to converge. G U S D O W N I N G Publisher-Editor of d-ddaily.net and Executive and Newscaster on LPNN.net, the Loss Prevention News Network Yet these executives feel disconnected from the business and somewhat isolated. But this might be more of an in- dividually driven issue due to the leader's inability to en- sure the team is integrated in the total business. Putting all that aside, the fact remains that similar to every other retail executive right now, we're all, includ- ing the CEO, reinventing ourselves and retail. However, for the first time in history, we're being led by technolo- gy as opposed to steering the future. We're all trying to catch up, and it's changing every job in retail, including LP. The key is to go digital. So, how far does digital go? Scan-and-go and Amazon Go are the future of retail. Data breaches, phishing, and internal threats are growing, and real-time digital re- sponses are an absolute necessity. Yes, we have cyber fusion centers and, yes, LP sits on a number of response teams. But how much further can we go, and do we eventually become one? The answer is obvious, although I'm sure many will disagree. Technology will drive it; budgets will demand it; and academia will document it. As both LP and IT security are fighting the same criminal, the escalating interconnectedness will require both skillsets to con- verge on the same crime. The feds, states, and some cit- ies are already there. It's merely a matter of time before we're all on the same team and the silos disappear, be- cause that's what drives efficiencies. T security executives are front and center in this new and rapidly growing cyberwar, and make no mistake, this is an economic cybercrime war. Initial indications state that the Equifax breach — a leak we may hear nothing more about — was state-sponsored, and that the vast majority of hack- ers were Russian, Iranian, North Korean, and Chinese. These criminals are state-supported, state-sponsored, and state-motivated. Even if they keep the spoils of war to themselves, their governments certainly aren't stop- ping or extraditing them. Except for the occasional obligatory Chinese arrest, these organized crime gangs are disrupting Western economies, companies, and citizens to the tune of bil- lions and billions of dollars. Interestingly enough, while the security, loss preven- tion, and asset protection communities are struggling to answer the call to become more multidimensional and make a bigger impact, especially when it comes to how cybercrime is impacting their business, the IT security community has its own concerns and com- plaints. Similar to LP's frustrations, many IT security executives question reporting to the CIO and feel rele- gated to second or third fiddle due to the massive tech- nology demands put on today's CIOs. It's rare to find retailers that employ a chief security offi- cer or, even rarer still, a chief information security officer. I Cybercrime is the number one risk of every business. Quite frankly, cybercrime is the only thing that can significantly negatively impact sales and stock prices in real time. Security issues of yesteryear, excluding active shooters, workplace violence, civil unrest, and high-shrink stores, have become nuisances that most senior executives don't even want to hear about. CYBERCRIME Customer Engagement By G. Downing AN INDUSTRY'S EVOLUTION: THE BLURRING LINES BETWEEN CYBERSECURITY AND TRADITIONAL LP RETAILEXECUTIVE.COM NOVEMBER/DECEMBER 2017 36

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