How retailers can balance personalisation and privacy in 2022
Customer privacy has become not the gold standard anymore, but a given, a legal requirement. Over the next year we expect to see an even bigger push on what is expected from retailers and security measures in 2022.
Historically we’ve given all sorts of data to companies, both unknowingly and willingly perhaps without question as to why it is required or what it is being used for. Governments and big tech are tightening their regulations around this area fast and will only continue to do so, but how as a Retailer, in a world where personalisation is also heavily expected, do you spin all of the plates?
Investment in building out your customer’s perception of your brand can make a customer for life, resulting in them being your biggest asset. They are the best investor you will have and should understand why you need the data they are giving you. Transparency in how you use customer data will be key to building better personalised experiences in the future. Third-party data reliant retailers will be left far behind as organisations that see the value in first-party data and act on investing here will see the brand experience enhanced significantly.
The number one way that retailers will gain a competitive advantage in 2022 will be to present personalised offers and promotions to their loyal customer base at scale. But the question is, are you able to use your customer data in this way whilst also keeping that data safe and secure?
Not only are customers becoming more selective with whom they are willing to share their data, they are increasingly wary of how it’s handled., Check out these stats:
- 44% of retail organisations were hit by ransomware in the last year
- 54% of organizations hit by ransomware said the cybercriminals succeeded in encrypting their data in the most significant attack
- 32% of those whose data was encrypted paid the ransom to get their data back in the most significant ransomware attack
As customers demand greater protection and transparency in the use of their personal information, it presents organisations with a unique opportunity to build customer trust and gain competitive advantage through accountable and comprehensive security measures.
Using the right software can help to keep sensitive data secure. Security Information and Event Management (SIEM) software provides retailers with the tools they need for compliance and to keep systems safe from threats.
As many retailers move towards cloud infrastructure and off-site SaaS, new SIEM tools are adapting to the cloud era and enabling companies to develop effective ways to collect, monitor and analyse cloud-based security data. As a result, you now have the option of implementing SIEM as an on-premises, cloud-based or fully in the cloud (cloud-native SaaS SIEM) solution.
What are the advantages of cloud-native SIEM?
Cloud-based SIEMs offer all the benefits of an on-premises SIEM, combined with convenience, adaptability, and enhanced usability. The top benefits include:
- Faster deployment – Cloud-based SIEM solutions can take just weeks to deploy as a fully operational security measure whereas on-premises deployments can take significantly longer with most time spent on shipping, fulfilment, and initial setup.
- Scalability – Cloud-based or cloud-native SIEMs can be scaled as required, and capacity can be easily increased to cover additional data sources and new applications.
- Reduce capital expenses and cut costs – With on-premises SIEM systems, the upfront costs are greater.. Cloud-based SIEM solutions can cost up to 48% less, set up on a subscription basis, allowing organisations to pay only for the resources they actively use.
- Simpler and easier to use – traditional SIEM solutions vary in complexity with many older systems delivering a slow and frustrating user experience. Cloud-based solutions, are designed for simplicity and are also much more accessible and reliable than on-site alternatives.
Why is Microsoft Azure Sentinel fast becoming the SIEM solution of choice for retailers?
Azure Sentinel is a scalable, cloud-native, security information event management (SIEM) and security orchestration automated response (SOAR) solution. It delivers intelligent security analytics and threat intelligence across the enterprise, providing a single solution for alert detection, threat visibility, proactive hunting, and threat response.
There are four main reasons Azure Sentinel stands out, not only from traditional on-premises SIEM systems but also from other cloud-based systems.
- See and stop threats before they cause harm, with SIEM reinvented for a modern world.
- Put the cloud and large-scale intelligence from decades of Microsoft security experience to work.
- Make your threat detection and response smarter and faster with artificial intelligence (AI).
- Eliminate security infrastructure setup and maintenance and elastically scale to meet your security needs—while reducing costs as much as 48 percent compared to traditional SIEMs.
Find out how you can trial Sentinel for free here.
Why you need to advance your data strategy
The financial services industry, like many other industries, have grand plans for digital transformation. A key part of this digital transformation is data & analytics.
Why Data should be the lifeblood of your organisation
When data is used effectively it empowers organisations to make decisions based on facts, trends, and statistical numbers. With data volumes growing exponentially, it’s now becoming increasingly more difficult to locate and surface the right information to be able to make better decisions about strategy and growth.