Introduction

This detailed case study examines how an international clothing retailer with a presence in stores and online tackled the critical task of automating technology risk management. The company faced two significant hurdles: a general lack of knowledge about cyber threats and an insufficient number of staff dedicated to managing those risks. The Chief Information Security Officer (CISO) stepped into the spotlight, leading the charge in educating the company’s tech-focused team on the intricacies of cyber risks. As a result, various departments within the company began to understand the importance of cyber risk management and were eager to contribute to safeguarding the company’s digital processes.

Client

An international omni-channel clothing retailer.

Challenge

There tailer’s risk management team was alarmingly small, with no sign of additional support on the horizon. Attempts to utilize a system of risk scores proved ineffective; the stoplight colors and numerical scores failed to clearly convey the extend of the threats to the company or how much risk they face. Even more, emerging FAIR-based cyber risk assessment methods were excessively time-consuming and too hands-on, producing results that were difficult for non-specialists to grasp. 

Solution

There tailer’s approach to overcoming these challenges involved several key steps:

• Efficient Automation: They implemented RiskNest to automate the risk assessment process, which significantly speed up the collection and analysis of cybersecurity data.
• Seamless integration: The data from the automated system was designed to integrate effortlessly with the retailer’s existing quarterly reports, ensuring that the information was both accessible and understandable.
• Comparative Analysis: By comparing their cybersecurity risk with that of other companies in the industry, the retailer gained valuable context, helping to clarify their own risk levels and potential areas for improvement.
• Seasonal Analysis: RiskNest provided a clear comparison of the cybersecurity risks during regular operation days versus the high-traffic peak seasons, highlighting the periods when the company was post vulnerable to loss.

This case study illustrates the successful strategy of a retailer in fortifying its defenses against cyber threats by implementing advanced risk management automation solutions, thereby fostering a deeper understanding of cybersecurity risk throughout the company.