Lenexa, KS, June 12, 2024 — FireMon, the leading network security policy management (NSPM) company that brings visibility, control, agility, and automation to enterprise cloud and hybrid network infrastructure, says its solutions deliver on the cybersecurity requirements of modern retailers looking to secure their infrastructure and maintain compliance.
Cybersecurity was one of the most frequently referenced themes in 2023 company filings. It ranked highest in terms of mentions ahead of customer loyalty. With the global retail cybersecurity market projected to achieve an 18.8% compound annual growth rate (CAGR) between 2023 and 2032, compliance and risk management have never been more important.
Retailers, with their large repositories of customer data and often inadequate security measures, are attractive targets for cybercriminals. However, given the challenging economic environment, many retailers tend to prioritize initiatives that improve store performance with security often falling by the wayside.
“Retailers have been taking a reactive approach to their IT security stance. The smaller profit margins mean that cybersecurity investment is lagging, resulting in defensive gaps appearing in mission-critical infrastructure,” said Jody Brazil, CEO at FireMon. “What makes these gaps especially concerning is that evolving compliance standards bring with them more security requirements.”
Going into effect earlier this year, the new Payment Card Industry Data Security Standard (PCI DSS) 4.0 has 63 new requirements for companies to adhere to. This necessitates a shift in thinking when it comes to cybersecurity. Retailers must prioritize compliance and risk management in their network security. Not only is this essential to safeguard data and infrastructure, but it’s also a regulatory necessity to avoid financial fines and reputational damage.
Failure to comply with regulatory requirements can result in financial fines from $5,000 to $100,000 per month. Even if they’re compliant, retailers can still be liable for additional fines if a data breach occurs. The average cost of a data breach in the US last year amounted to $9.48 million. When tallying all these potential costs, very few retailers can come out of a cybersecurity breach unscathed. There’s significant risk of having to close their doors, especially in the case of smaller businesses.
“This is where FireMon comes in. We provide enhanced network security, compliance management, and real-time visibility and control. This offers immense value to a retailer’s cybersecurity strategy. Our tools are scalable and adaptable. More importantly, they can assist retailers with risk assessment and mitigation to identify potential security gaps proactively.”
FireMon delivers everything from consolidated compliance reporting and real-time violation detection to rule lifecycle management, and risk and threat modeling. Simply put, FireMon solutions are built for compliance reporting from the ground up. These include 12 built-in compliance reports supporting internal and external frameworks, support for top compliance standards including PCI DSS, SOX, and GDPR, and over 500 included controls that can be customized using SiQL native query language.
“Cybersecurity threats are becoming more advanced. FireMon’s focus on working with retailers to achieve continuous compliance and comprehensive risk management ensures we are a trusted partner in the retail industry’s cybersecurity landscape,” concludes Brazil.
About FireMon
FireMon’s mission is to improve security operations that will in turn lead to better security outcomes. FireMon delivers industry-leading security policy management, cloud security, and asset management solutions. Our platform is the only real-time solution that reduces firewall and cloud security policy-related risks, manages policy changes, and enforces compliance. FireMon’s Cloud Defense (formerly DisruptOps) is the only distributed cloud security offering that detects and responds to issues in the fast-paced public cloud environments. Our cloud-based Asset Management solution (formerly Lumeta) scans entire infrastructures to identify everything in the environment and provide valuable insights into how it’s all connected. Learn more at FireMon.com and the FireMon Blog.
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