Member firms of the KPMG network of independent firms are affiliated with KPMG International. They recognize the global response to the novel COVID-19 virus will have a significant impact on their business. And they know they have little time to respond. Currently, we can identify the top five digital threats as follows: Ransomware Rising . Despite the devastating impact on retail staff, there is also an opportunity for retailers to re-engage, retrain and redeploy their workforce to support new organisational priorities. It's time to face that fact and start adapting. Part of any standard marketing plan is a SWOT analysis, which assesses the strengths, weaknesses, opportunities and threats that make up a company's current business conditions. “It’s a good time for retailers to review their cyber security risk defences and make any necessary improvements. And our view suggests that smart retailers are thinking about all of the scenarios and planning accordingly. All rights reserved. Online merchandising colossus Inc. may be trampling competitors left and right, but not the dominant global force in traditional retailing, Wal-Mart Stores Inc. … A market threat is an external challenge that may negatively impact your company's ability to meet its marketing and sales goals. We want to make sure you're kept up to date. Without due protection and preparation, retailers can be left with few options to deal with the aftermath of an attack, just ahead of one of the most critical transaction windows of the year. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. {{ vm.siteSelectorList.flyout.cell1.heading }}, {{ }}, {{ vm.flyout.cell1.viewAll.newTabAllow }}, The realities of retailing in a COVID-19 world. The first is to ensure all employees receive regular security training with emphasis on phishing attacks. As entire countries come under quarantine orders and consumers around the world start to shun human contact, retailers are scrambling to adapt. The global duty free retailing market accounted for US$ 77.87 Bn in 2018 and is anticipated to grow at a CAGR of 8.44% to reach US$ 155.30 Bn by 2027. Speaking to Retailbiz, NTT Australia director of cybersecurity, John Karabin says the trend of online consumer behaviour which started in the dot com era, accelerated after the launch of the smartphone and propelled by the current pandemic, has forced businesses to compete to deliver their customer experience in a digital wild west. Whether this situation lasts weeks or months, it is clear that the global response to this virus has fundamentally changed the reality for retailers. According to the Global Information Security Survey by Ernst and Young, customer information is the most valuable type of data for most attackers. Ransomware is a form of attack in which hackers lock up parts of the organization’s system and charge a ransom to release it. The biggest threat to retail sales growth. They understand the situation is changing daily. "Cybersecurity in Retail", report discusses the cybersecurity challenges faced by retailers and analyzes the latest technology trends “Retailers may attract the undue attention of nefarious groups, more than at any other time of the year. “As the ecommerce boom continues, so too do the cybersecurity threats to retailers,” he said. They recognize the global response to the novel COVID-19 virus will have a significant impact on their business. And they know they have little time to respond. KPMG International entities provide no services to clients. Please take a moment to review these changes. It will be our aim to bring together some of the best practices, innovative responses and new ideas that we see emerging across the industry as we deal with the implications of the COVID-19 virus. Ultimately, tight monetary policy combined with trade wars and a potential reversal of fiscal policy will cause the economy to slow down and, possibly, go into recession within two to three years. by Emily Bencic November 25, 2020. The Federal Reserve responded by raising interest rates, a process which is likely to continue in 2019. With e-commerce sales set to increase by between 25-35% compared to last year this Black Friday and Cyber Monday, retailers need to be on alert for potential cyber security threats. WannaCry, for example, is a worm that is now three years old, however, remains one of the most detected pieces of malware on the internet. Our conversations suggest there are five key areas where retail execs should be focusing their attention in today's highly-fluid social, economic and health environment. More importantly, perhaps, we have been helping them think through how to prepare for the longer-term implications and remediate the shorter-term shocks. November 25, 2020. Over the coming weeks, our Consumer and Retail leaders from around the world will be sharing their views on these, and many other topics critical to the industry. Our hope is that current global efforts to contain the virus and its impacts are successful. Find out how KPMG's expertise can help you and your company. KPMG International provides no client services. Language differences are subtle and complex. When listing threats, consider the impact of shrinking markets, altered consumer tastes and purchase tendencies, raw material shortages, economic downturns, new regulations, changes that affect access to your business, and competitive threats, including new competing businesses and competitive mergers and alliances. In 2019, the market will be defined … KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. Published Mon, Nov 23 2015 12:00 PM EST Updated Mon, Nov 23 2015 12:03 PM EST. Translation, however, is not enough. The inability to communicate with customers is one of one of the biggest barriers to selling internationally. {{vm.newUser3}} Like malware, ransomware is growing and spreading to mobile devices. The long term social, economic and health impacts of the COVID-19 virus are still unknown. Unlike malware, ransomware makes it more difficult for the crook to get caught since they are not stealing credit card … full employment. Browse articles,  set up your interests, or Learn more. Cybersecurity threats remain a major concern for retailers. {{vm.newUser1}} Over the past few weeks, we have been talking with all our retail sector clients about the impact this pandemic may have on their business. Retailers recognize that COVID-19 will have a significant impact on their business and it’s time to think through the longer-term implications. Retailbiz covers every aspect of Australia’s retail sector with a focus on the innovations and technologies that are driving the industry forward. In the November Global Threat Intelligence Centre Monthly Threat Report, NTT outlines a snapshot of the threats posed to retailers, including hostile malware activity from WannaCry, Ursnif, and Emotet. In the event of a cyber-attack, it is essential for businesses to act swiftly and seek guidance from a cyber security specialist.”, How to integrate marketplaces into your e-commerce strategy. For example, the literal translation of KFC’s infamous slogan “Finger-lickin’good” in Chinese is “Eat your fingers off.” Not … They understand the situation is changing daily. They can also be the subject of more sophisticated attacks putting their customers’ data and the reputation of their business at risk. Click anywhere on the bar, to resend verification email. They can be held to ransom with Denial of Service (DoS) and ransomware attacks crippling their business operations and denying them revenue. Given below are some of the global retailing challenges commonly faced by the companies: Coping Up with Changing Technology : The organizations today are judged more based on their efficiency receiving and transmitting information. “The targeting of malware continues to pay dividends for cybercriminals. The retail industry has undergone significant transformation over the past decade, and continues to evolve quickly. We anticipate a collective $3.914 trillion in ecommerce sales this year. “We’ve seen this especially in recent months with adversaries taking advantage of the current COVID-19 pandemic by repurposing their toolset, deploying new infrastructure, and developing innovative campaigns to proactively target vulnerable organisations.”.

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