Security

Cyber attacks on retailers are increasing. Hackers have become infinitely smarter at gaining access to critical systems at a time when retailers are gathering, storing and processing more data. It’s up to retailers to boost their defenses and stay safe.

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How you can use the RetailTech Model

The first stage is Research & Development, when an innovation is not fully-fledged and has not yet been adopted beyond prototypes, trials or POCs.

New technologies typically go through 5+ years of R&D, though the timeframe will vary substantially depending on the degree of innovation entailed.

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Model Stages

The Leading Edge stage indicates when an innovation has moved out of R&D and into operation. Approximately 5% of the market adopts the innovation at this stage, usually start-ups and a few industry players known for being forward-looking.

Sometimes, an innovation is picked up from another sector. As indicated in the timeline below, it typically takes 1 to 3 years to move from the Leading Edge to Early Adopters stage.

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Model Timeline

At this stage organisations are more risk averse than those at the Leading Edge, but are still keen to be in the industry’s upper quartile and adopt a new technology.

The broad timeline for technologies to remain at this stage is 2 to 5 years at which point they will have reached around 25% market adoption.

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Model Origins

By this point a technology or business innovation can be considered as Mainstream since it will have been implemented by around 50% of the market.

2-5 years is the typical timeframe for this stage.

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Model Lenses

Technologies in the Late Adopters stage have been widely adopted across the industry with 80% - 100% of the market using them after a further 5+ years.

Not all technologies end up being adopted by everyone, with some 20% of technologies never reaching full adoption.

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R&D

The first stage is Research & Development, when an innovation is not fully-fledged and has not yet been adopted beyond prototypes, trials or POCs.

New technologies typically go through 5+ years of R&D, though the timeframe will vary substantially depending on the degree of innovation entailed.

. .
5+
Leading Edge

The Leading Edge stage indicates when an innovation has moved out of R&D and into operation. Approximately 5% of the market adopts the innovation at this stage, usually start-ups and a few industry players known for being forward-looking.

Sometimes, an innovation is picked up from another sector. As indicated in the timeline below, it typically takes 1 to 3 years to move from the Leading Edge to Early Adopters stage.

. .
5%
1-3
Early Adopters

At this stage organisations are more risk averse than those at the Leading Edge, but are still keen to be in the industry’s upper quartile and adopt a new technology.

The broad timeline for technologies to remain at this stage is 2 to 5 years at which point they will have reached around 25% market adoption.

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25%
2-5
Mainstream

By this point a technology or business innovation can be considered as Mainstream since it will have been implemented by around 50% of the market.

2-5 years is the typical timeframe for this stage.

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50%
2-5
Late Adopters

Technologies in the Late Adopters stage have been widely adopted across the industry with 80% - 100% of the market using them after a further 5+ years.

Not all technologies end up being adopted by everyone, with some 20% of technologies never reaching full adoption.

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80%-100%
5+

The first stage is Research & Development, when an innovation is not fully-fledged and has not yet been adopted beyond prototypes, trials or POCs.

New technologies typically go through 5+ years of R&D, though the timeframe will vary substantially depending on the degree of innovation entailed.

The Leading Edge stage indicates when an innovation has moved out of R&D and into operation. Approximately 5% of the market adopts the innovation at this stage, usually start-ups and a few industry players known for being forward-looking.

Sometimes, an innovation is picked up from another sector. As indicated in the timeline below, it typically takes 1 to 3 years to move from the Leading Edge to Early Adopters stage.

At this stage organisations are more risk averse than those at the Leading Edge, but are still keen to be in the industry’s upper quartile and adopt a new technology.

The broad timeline for technologies to remain at this stage is 2 to 5 years at which point they will have reached around 25% market adoption.

By this point a technology or business innovation can be considered as Mainstream since it will have been implemented by around 50% of the market.

2-5 years is the typical timeframe for this stage.

Technologies in the Late Adopters stage have been widely adopted across the industry with 80% - 100% of the market using them after a further 5+ years.

Not all technologies end up being adopted by everyone, with some 20% of technologies never reaching full adoption.

More Data Brings More Exposure

Though retailers are doing more to harness data and use it to gain insight into their customers, many have not placed security high on their agenda. This is despite the imminent arrival of the General Data Protection Regulation (GDPR) in the European Union and high-profile hacking incidents, such as one on Target that affected roughly 40 million customers. The retailer ended up paying $39 million to banks whose customers had been affected.

GDPR demands robust and visible responses in systems and processes. Facing fines of up to €20 million, retailers must respond to this forthcoming regulation with the same vigor being applied by financial services organizations.

When it comes to innovation in security, Cognitive Security, based on self-learning systems, is under development. The vast amount of data being accumulated can be analyzed to adapt defenses automatically. Self-healing security can be extended across the entire kill-chain, not just outside the perimeter but inside, too, on the presumption that some hackers will always get past the perimeter.

In identity management, new biometric solutions (e.g. voice, pulse, eye, hand and vein) proliferate. The biggest winner is the customer, who will be able to choose his or her preferred biometric. The advantage of biometric data is that it’s immutable, access is controlled and customers can track who accessed their identity.

Blockchain, while well known as an electronic currency, can also be applied to retail. Numerous start-ups are exploring how to deploy blockchain in identity management. Federated identity is also expected to come to the fore, enabling a single authentication token trusted across multiple organizations. With this approach, users do not need to register countless times or remember multiple logins making them more likely to adopt digital services.

Explore the RetailTech Model for Security to understand these and other technology innovations changing the retail experience. 

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Security Expert

Graham Francis
DXC Security Practice

Arrange a meeting with Graham Francis

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