In Accenture’s 2011 Global Risk Management Study in the Retail Industry, there were worries for those who manage supply chains because of the cost increases on property insurance and catastrophe-exposed areas. Brokers have started working on new approaches to help retailers handle these increasing costs, like Marsh’s Marine Cargo Retail Stock-Throughput program. Stock-throughput coverage lets a Marine policy to continue covering goods in order to lower a buyer’s insurance costs, as opposed to the usual transferring to Property coverage lines when it reaches a warehouse or store.
In the 2012 Retail Risk Factor Report, there was a spike in the number of retailers who listed preventing security breaches online as one of their top concerns. In Aon Analytics’ most recent Retail Risk Report, security breaches like viruses, malware and hacking made the biggest leap.
Cybercrime has become increasingly popular over the years. Back in 2007, TJX Cos. reported more than 45 million data-security breaches over the reports made in the two years’ prior. TJX Cos. operates retail stores in the U.S., Canada, Ireland and the UK. In non-criminal reports, a February 2011 case ended up ruling that asking credit card customers for their zip codes to sell their personal information to third-party marketing companies, was a violation of consumer-privacy statues. This ruling was brought after a case against cookware retailer Williams-Sonoma.