CyberCrime
SECURITY/RISK

Study: Customized, enterprise-wide plans fight cyberthreats

BY Deena M. Amato-McCoy

Senior executives must be ready to tackle the legal and business risks associated with cyberthreats — even before they happen.

This means companies must establish enterprise-wide tactics to identify risks, appraise response metrics and apply company-specific risk mitigation strategies, according to the “2017 Data Security Incident Response Report,” from BakerHostetler. The study analyzed more than 450 cyber incidents that the firm handled last year.

"It's no longer a question of which industries are most at risk. All industries are faced with the task of managing dynamic data security risks,” said Theodore Kobus, leader of the privacy and data protection team. “Even companies in the retail, restaurant and hospitality industries, while highly regulated, had the fourth-highest rate of data security incidents.”

Phishing/hacking/malware incidents accounted for the plurality of incidents for the second year in a row, at 43% — a 12 percentage point jump from a year earlier. The only category for which phishing/hacking/malware was not the most common incident cause was finance and insurance, where employee action/mistake was the top reason, the report said.

Ransomware attacks — where malware prevents or limits users from accessing their system until a ransom is paid — have increased by 500% from a year earlier.

"Having a regularly scheduled system backup and a bitcoin wallet to pay a ransom will help with operational resiliency,” said Kobus. “Ransomware is not likely to go away, and incidents will probably increase over the short term, so companies should be prepared.”

When it comes to minimizing risk against these attacks — as well as respond promptly and thoroughly should a cyber breach occur —the top strategy is to increase awareness of cybersecurity issues through training and education, according to the report.

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IKEA_Norfolk
REAL ESTATE

Home furnishings retailer expanding

BY Marianne Wilson

West Elm is expanding in Texas.

The retailer, a division of William-Sonoma, will open its first Fort Worth location this summer. The 10,502-sq.-ft. store will be located at West 7th Fort Worth, an open-air center in the heart of the ‘Cultural District” in Fort Worth, Texas.

The West 7th development encompasses nearly five blocks of pedestrian-friendly urban elements. It is managed by Vestar.

West Elm operates 87 stores in the United States, Australia, Canada and the U.K. The new Fort Worth location will feature a selection of Texas-based makers and designers who will sell their products in the store's fall assortment of modern furnishings and décor as part of the west elm Local program and a design lab will offer West Elm’s style services.

"The Cultural District is truly special, and West 7th is proud to be an integral part of this community," said Peter Jacobsen, senior VP at The Woodmont Company, which is responsible for the center’s leasing. "We believe the commitment by West Elm and our upcoming announcements of other new retailers and restaurants is further testament to the neighborhood's evolution into one of the top urban, walkable shopping and entertainment districts in Texas."

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MartinSchneider_VF
C-SUITE

VF Corp. CIO to retire

BY Deena M. Amato-McCoy

VF Corp. is getting a new technology leader.

Martin Schneider, the company’s VP and CIO will retire at the end of 2017. Sandra Harris, VP, global business technology, will succeed Schneider as VP and CIO, effective Jan. 1, 2018. Harris also has been appointed to VF’s senior leadership team.

Schneider has led VF’s global business technology organization for more than 11 years, “a period of tremendous business growth for VF and transformational change in retail through the rise of e-commerce and mobile shopping,” said Scott Roe, VP and CFO. “He and his teams successfully managed numerous large-scale projects that enabled VF and our brands to navigate rapid technological changes, while also ensuring that our associates have the tools and resources to work anywhere in the world.”

Harris is an eight-year veteran of VF, and previously served as VP and CFO, global supply chain, shared services, and direct-to-consumer for VF. She has deep and diverse finance and business experience, and has been a key member of VF’s global business technology leadership team, according to VF.

Harris will work closely with Schneider throughout the rest of 2017 to ensure the successful transition of responsibilities.

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