Retail Executive

JAN-FEB 2018

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.

Issue link:

Contents of this Issue


Page 33 of 43

Do You Know Your Cyberattack Response Plan? Why business continuity plans and business impact analyses are critical components of crisis management. R I C K O L S O N Retail Consultant Throughout 2017 there were many notable cyberat- tacks, costing suppliers, retailers, and most recently the Danish shipping company Maersk, hundreds of mil- lions of dollars. The disruption at Maersk was caused by a ransomware virus named Petya, and it rendered their computer system useless. Other malware programs caused catastrophic disruptions in the National Health Care systems of the United Kingdom, the pharmaceu- tical company Merck, and the entire Ukrainian power, banking, and transportation infrastructure. Forty-four percent of ship operators believe their company's current IT defenses are not effective at repelling cyberattacks, and 39 percent experienced a cyberattack in the last 12 months. HOW TO PREPARE Even the best information technology teams cannot be expected to stop the most sophisticated attacks. As long as there is software or hardware that is not 100 percent controlled from design to manufacturing to implemen- tation, there is a high probability of a cyber incident. Technology is the window to your business that can al- low the crippling of physical processes, and your least prepared partner can, unfortunately, open that window. ou thought you did what every good busi- ness owner should. As your business grew, you added resources and staff. Unfortu- nately, you were set back in a matter of minutes by a cyberattack on your system, or worse yet, maybe one of your vendors was breached. Cybersecurity Ventures predicts by the end of 2019 a business will be attacked with ransomware every 14 seconds. Most companies are prepared for daily disruptions and able to immediately address these instances without much thought. They can be as simple as an inoperable shipping door or a team member calling in sick, or as complex as a severe weather storm moving through the area. But is your team equipped to handle bigger challenges? Do they have a plan for a power outage that spans several hours, days, or even weeks? Expand that thinking to vendor partners. How will vendors maintain their service to you, their customer? What is their preparedness plan? In other words, what is your company 's inter- nal business continuity plan, or vendor plan, in the event of a cyberattack? Y It's 2:00 a.m. and a ringing phone invades your slumber. Fumbling, you grab the phone, answer, and in a foggy-brained state realize disaster has disabled your busi- ness. All computer systems are down; terminal screens are black. Staff is paralyzed. An urgent project is at a standstill. Leaders try to gather as much information as possible from your IT department, and although IT has been taking calls, they have not had time to investigate. Information is fragmented and so minimal that the piec- es of your disaster puzzle cannot be put together fast enough to minimize the nega- tive effects of not having a business continuity plan. Your day is not starting well. CYBERATTACK operations By R. Olson DO YOU KNOW YOUR CYBERATTACK RESPONSE PLAN? RETAILEXECUTIVE.COM JANUARY/FEBRUARY 2018 34

Articles in this issue

Links on this page

Archives of this issue

view archives of Retail Executive - JAN-FEB 2018