April 10, 2020
Is Your eCommerce Business Prepared for a Cybersecurity Attack?

Is Your eCommerce Business Prepared for a Cybersecurity Attack?


This week’s top stories include is your
ecommerce business prepared for a cybersecurity attack, can supplier
relationship survive Sears bankruptcy and is sustainable fashion more than a
buzzword? Remember to click the link below for the full stories and two other
featured articles. First up, is your e-commerce business
prepared for a cyber security attack? 60% of executives from small to middle
market organizations consider cyber security one of their top five risks.
But just 18% have a cyber incident plan. Target spent more than 61 million to
clean up the mess after its 2013 hack. But more importantly trust in the
retailer plummeted. And as a result, profits dropped almost 50% in the years
fourth fiscal quarter. Target’s cyber attack occurred almost five years ago.
But it’s a perfect example of what can happen a company’s unprepared for cyber
attacks. If you don’t have a plan, start with a cybersecurity risk assessment.
Next, consider penetration testing, data encryption and a cyber crime incident
plan. Next up, can supplier relationships survive Sears bankruptcy? Once the
largest U.S. retailer, Sears filed for bankruptcy earlier this
month. More than 200 suppliers stopped shipping inventory to Sears once rumors
of the chapter 11 circulated. After filing bankruptcy on October 11th, Sears
sent a note to suppliers asking for their ongoing support. But this has been
a hard pitch to suppliers who fear they won’t get paid for shipments. Responses
have ranged from filing court motions to requesting cash payments on demand.
Sears needs supplier support to continue stocking shelves. But limited and
unpredictable communication following the announcement is concerning for
vendors. And vendor insurance, which insures supplier payment even if the
retailer files for bankruptcy, is scarce and expensive. With the holiday season
nearing. Sears will be competing with ramped up retailers vying for market
share. But before Sears can think about competing for holiday shoppers it’ll
have a sock shelves. Last up, is sustainable fashion more
than a buzzword? Nearly twice as much apparel was sold in
2017 than in 2003. But over the same period garment utilization—the average number
of days that garment was worn before it was thrown away—dropped almost 40%. This
progression of fast fashion with low shelf life is feeding a growing concern
over the garment industry environmental impact. According to fashion data
research firm Edited, there was a 34.5% increase in
garments marketed with the keyword “eco-friendly” over the last three years.
This doesn’t necessarily mean garments are becoming eco-friendlier,
it simply means brands are linking products to this search term more often.
Sustainability might not become the backbone of your marketing strategy, but
it doesn’t hurt to monitor your environmental impact. Those are just the
top three stories from this week. To read the other two, follow the link in the
description below. Thanks for watching and tune in next week on Best in
Manufacturing!

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