This case study explores the implementation of cyber risk automation by a large retail organization. By embracing automation, the organization aimed to streamline risk management, proactively identify risks, and protect valuable assets and customer data. This study offers insights into the strategies, benefits, and outcomes of adopting cyber risk automation, providing valuable guidance for organizations looking to modernize cyber risk management.
A large multi-brand and omni-channel retailer.
The retail organization faced various challenges in its cyber risk management processes. Fragmented control assessment solutions for both internal operations and third-party partnerships led to inefficiencies and difficulties in maintaining a comprehensive view of risks. The manual process of translating controls into risk insights further compounded the complexity, requiring significant time and effort.
Additionally, the organization struggled with manual monitoring of control effectiveness, leading to potential gaps and uncertainties in risk mitigation. Subjective and qualitative risk reporting hindered effective communication and decision-making, while control improvement prioritization was a time-consuming and manual endeavour. These challenges highlighted the need for a more streamlined and automated approach to cyber risk management.
To address these challenges, the retail organization implemented the Alfahive solution for cyber risk automation. The solution integrated and automated control and risk assessment processes, providing a centralized view of risks across the organization. By leveraging machine learning, the solution automated the process of translating controls into risk insights, saving time and improving accuracy. Integration adaptors were deployed to seamlessly ingest control inputs from various sources, ensuring a holistic and up-to-date understanding of risk.
The solution also introduced quantified risk reports, making it easier to communicate risk information to stakeholders. Additionally, the automated process facilitated control prioritization and risk treatment options, streamlining decision-making and enabling proactive risk management. With these advancements in cyber risk automation, the retail organization gained efficiency, enhanced risk visibility, and improved its overall cyber risk management capabilities.
Here are few steps briefly defined that Alfahive implemented post the kick off meeting.
The implementation of cyber risk automation in retail organization brought about significant benefits.
We invite forward-looking organizations to take advantage of our free-of-charge two-week value discovery pilot with our platform and join us in our approach to automate the cyber risk assessment for third parties.