NEW TECHNOLOGY DEPLOYED TO COMBAT CYBER SECURITY THREAT IN RETAIL – press release

  • Virtualstock integrates award-winning cyber risk technology onto its retail platform to enhance security of supply chain
  • New solution gives retailers visibility of suppliers’ cyber security ratings in real time

Virtualstock, the technology company and provider of supply chain and sourcing solutions, is extending its partnership with Orpheus Cyber (Orpheus), a cyber-threat intelligence and cyber risk management company, to its retail sector solutions following a successful collaboration across its health platform.

The technology has already been made available to the 140 NHS Trusts using Virtualstock’s health platform, The Edge4Health™, to ensure the security and integrity of suppliers serving NHS trusts. Because cyber security is a key issue for suppliers and increasingly a factor in purchasing decisions, Virtualstock has extended its partnership to cover its retail supply chain platform, The Edge™.

Orpheus’ technology gives all suppliers a cyber security rating, which can be viewed by their retail customers. Suppliers are able to access reports that provide them with a detailed explanation of their specific threats and live attack surface vulnerabilities. The report also shows suppliers how to reduce their issues, improve their security and prevent them from being the weak link in the supply chain.

Vendors using Virtualstock’s platform have visibility over these ratings in real time and can ultimately choose not to trade with suppliers with poor ratings until they take steps to enhance their security. The integration of this technology means companies can make risk based-sourcing decisions, alongside the time and cost saving benefits already received.

Ed Bradley, Founder and Director of Virtualstock commented:

“We are very pleased to be extending our successful partnership with Orpheus to our retail platform. This will provide leading companies in the retail sector with a robust cyber security auditing process, helping them engage with new suppliers on the platform and reduce any potential threats.

“We are determined to ensure the security and integrity of our supply chain platform and this functionality will allow our clients to make better sourcing decisions. We believe this partnership will make our platform more secure and compelling for our customers.”

Commenting, Oliver Church, CEO, Orpheus said:

Cyber risk to supply chains is an urgent issue which is many organisations’ weak point. Adversaries are increasingly targeting supply chains because of the data they hold and the disruption that can be achieved, which is why such attacks are often very damaging.

“Consequently regulators, boards and shareholders are all asking what companies are doing to protect themselves. Orpheus’ award-winning supply chain solution available on The Edge platform means retailers can now view each of their suppliers’ ongoing cyber-security status at the click of a button. It also drives cyber security improvement among suppliers – that is an important step forward in mitigating the significant risk.”

Ends

About Virtualstock – www.virtualstock.co.uk

Virtualstock is a leading, British technology company that is transforming supply chains and marketplaces across the health and retail sectors. Its game-changing product, The Edge™, has been successful in delivering supply chain optimisation for leading retailers including Kingfisher, Dixons Carphone and John Lewis. The health equivalent, The Edge4Health is used by 139 NHS trusts, suppliers and customers.

About Orpheus

Orpheus is the only UK-government accredited cyber threat intelligence company providing cyber risk rating services. We are accredited to the highest level to provide threat intelligence and cyber resilience testing for Critical National Infrastructure (CNI) organisations in the UK, and are trusted by major organisations worldwide to help them understand and deal with the cyber threats they face as a company and within their supply chains. Our powerful and award-winning technologies collect huge volumes of cyber risk data, which we analyse using Machine Learning and our highly skilled team to enable you to stop your cyber risks before they happen.

Enquiries

MHP Communications

Alistair de-Kare Silver, Isabella Grace, Miles Watson                                    virtualstock@mhpc.com

                                                                                                                                                07551 170 451  

Orpheus Cyber – Nicky Godfrey                                                                Nicky.godfrey@orpheus-cyber.com

07815 515783