Heng Leong Hang Implements CyberArk to Enhance Identity Security and Cybersecurity Capabilities Amidst Digital Transformation
CyberArk partners with Heng Leong Hang, a leading retail brand in Taiwan, to enhance cybersecurity with the CyberArk Identity Security Platform. The implementation aims to secure privileged accounts, protect sensitive data, and prevent cyber threats across 70+ retail outlets.
The integration of CyberArk's Identity Security Platform by Heng Leong Hang represents a proactive measure in strengthening the retailer's defense against cyber threats. In the context of cybersecurity, the implementation of such systems is pivotal in mitigating risks associated with identity theft and unauthorized access, particularly in the retail sector where point of sale systems and customer data are lucrative targets for cybercriminals.
From a cybersecurity perspective, the deployment of privilege controls and automation of the identity lifecycle are critical in establishing a Zero Trust environment. Zero Trust is a security model that assumes breaches are inevitable and verifies each request as if it originates from an open network. This approach is coupled with the principle of 'least privilege,' which ensures that users have only the access necessary to perform their job functions, thereby minimizing the potential impact of a breach.
By adopting CyberArk's platform, Heng Leong Hang is not only addressing current security challenges but also laying the groundwork for secure expansion into cloud-based services. This is particularly relevant as businesses increasingly migrate to cloud environments, which present unique security concerns. The automation of security processes mentioned can lead to increased operational efficiency and compliance with regulatory requirements, which are key considerations for any business in today's digital landscape.
The collaboration between Heng Leong Hang and CyberArk underscores the broader trend of digital transformation within the retail industry. As retailers expand their online presence and adopt cloud computing, the importance of robust cybersecurity measures escalates. The protection of sensitive customer and employee data is not just a legal obligation but also critical to maintaining consumer trust and brand reputation.
For the retail industry, cybersecurity is not only a matter of protecting assets but also a competitive differentiator. Retailers like Heng Leong Hang that invest in advanced cybersecurity infrastructure can leverage this as part of their value proposition to customers, who are increasingly aware of and concerned about data privacy. Furthermore, such investments can have a positive impact on the company's bottom line by preventing costly data breaches and the associated fallout, including customer churn and regulatory fines.
It's also worth noting the potential for operational improvements. By automating identity management and security processes, Heng Leong Hang may reduce the time and resources spent on manual security checks and compliance protocols, potentially leading to a more streamlined operation and improved customer service.
The announcement from CyberArk and Heng Leong Hang has implications for investors and stakeholders in both companies. For CyberArk, this partnership is an opportunity to demonstrate the efficacy of its Identity Security Platform in a real-world retail environment, potentially leading to further adoption in the sector and positive impacts on revenue growth.
For Heng Leong Hang, the investment in cybersecurity infrastructure is a strategic move that could mitigate financial risks associated with data breaches. While the upfront costs of implementing such a system can be significant, the long-term savings from avoiding breaches and the potential for improved operational efficiency can provide a return on investment. Additionally, the enhanced security posture may attract more customers to Heng Leong Hang's digital platforms, contributing to revenue growth.
Investors in the retail sector should monitor the effectiveness of Heng Leong Hang's cybersecurity measures as an indicator of the company's risk management capabilities and its potential impact on market share and profitability. Similarly, CyberArk's performance in the retail industry could serve as a bellwether for its growth prospects in this vertical.
03/13/2024 - 09:15 AM
CyberArk Addresses Threat Exposure to Hundreds of Employees Across More Than Seventy Retail Outlets in Taiwan
NEWTON, Mass. & PETACH TIKVA, Israel --(BUSINESS WIRE)--
CyberArk (NASDAQ: CYBR ), the identity security company, today announced that Heng Leong Hang , a well-established and renowned retail brand in Taiwan with more than 70 stores, has chosen the CyberArk Identity Security Platform as the foundation of its evolving cybersecurity strategy. Applying the right levels of privilege controls, the CyberArk Identity Security Platform secures human and machine identities and flexibly automates the identity lifecycle – all with continuous threat detection and prevention to enable Zero Trust and enforce least privilege. This implementation will help better safeguard the company's core systems and customer data.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240313938642/en/
Edward Hsieh, CyberArk and Timo Lu, Heng Leong Hang (Photo: Business Wire)
In the digital age, especially with the pervasiveness of AI, the retail industry faces increasingly severe cybersecurity challenges. Heng Leong Hang is acutely aware of the substantial cybersecurity exposure faced by hundreds of employees in its stores across Taiwan . Threats include theft of sensitive employee and customer data as well as risks to point of sale systems.
Heng Leong Hang is often targeted by cyberattacks, prompting management to focus on delivering improved management and control of its privileged accounts. With the company undergoing digital transformation, this need has become more urgent. Heng Leong Hang not only needed to enhance security of its on-premises IT infrastructure but also the security of its business services, including its website, e-commerce services, and AWS cloud resource environment.
To address these challenges and strengthen its cybersecurity strategy, Heng Leong Hang opted to work with CyberArk to enhance how employee identities are authenticated and secured as well as locking down privileged access, a priority attack vector.
As a result, the company has implemented several components of the CyberArk Identity Security Platform. These tools not only protect employees with highly privileged access and workstation endpoints, but also allow for automated security processes, enhancing employee work efficiency and reducing the burden of compliance.
Timo Lu, Head of Information Department at Heng Leong Hang, stated: "The size of our employee pool is our biggest challenge. To solve cybersecurity issues, we first need to address personnel and privileged access issues. This is why identity security is so crucial. CyberArk's solutions have not only improved access management and control but also elevated Heng Leong Hang's security posture to a new level. CyberArk significantly reduced the cyber risks associated with identity theft, exceeding my expectations."
Edward Hsieh, Regional Director of CyberArk in North Asia , commented: "We are delighted to have the opportunity to assist Heng Leong Hang in successfully strengthening its overall cybersecurity architecture, thereby protecting its employees, customers and business operations. This not only enhances the trust of their employees and customers, but also provides the necessary security foundation for Heng Leong Hang in an increasingly digitalized cloud-based business environment."
To read more about Heng Leong Hang’s story, visit: https://www.cyberark.com/customer-stories/heng-leong-hang/
About CyberArk:
CyberArk (NASDAQ: CYBR intelligent privilege controls https://www.cyberark.com CyberArk blogs LinkedIn Twitter Facebook YouTube
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313938642/en/
press@cyberark.com
Source: CyberArk
What is the name of the retail brand in Taiwan partnering with CyberArk?
How many stores does Heng Leong Hang have in Taiwan?
What is the main focus of the CyberArk Identity Security Platform implementation at Heng Leong Hang?
Securing privileged accounts, protecting sensitive data, and preventing cyber threats
Who is the Head of Information Department at Heng Leong Hang?
What is the role of Edward Hsieh in CyberArk?
Regional Director of CyberArk in North Asia
