Month: May 2024

May 22, 2024 /3BL/ – Today Bath & Body Works released its second annual environmental, social and governance (ESG) report, detailing the company’s commitments and journey toward a more resilient and responsible future.

In this year’s report, the company shares its approach and progress on its near- and longer-term ESG commitments across its three pillars of Engaged People, Thoughtful Products and Brighter Places.

Throughout 2023, the brand focused on growth strategies while weaving sustainability into the fabric of its operations. These efforts bring Bath & Body Works closer to fulfilling its ESG commitments, one milestone at a time.

“The decisions we make and innovations we pursue are driven by our customers’ needs and aspirations,” says Gina Boswell, Bath & Body Works CEO. “We’re not just offering products and experiences; we’re committed to shaping a future for them that’s resilient and responsible.”

Highlights from last year include:

Developed a sustainable sourcing risk assessment tool to identify the ingredients that will be the focus and foundation of its sustainable sourcing program.Launched a new pilot donation program for out-of-stock products supported by Good360 that resulted in more than 400,000 units of product donated and is now being scaled toward chain-wide adoption.Submitted its commitment letter to the Science Based Targets initiative (SBTi) to set a science-based emission reduction target.Opened an in-house Bath & Body Works Wellness Center and Pharmacy, a full-service healthcare facility and pharmacy equipped to provide a variety of affordable and accessible medical and wellness services to all associates.Additionally, Bath & Body Works developed ESG roadmaps to help lead the brand into the next phase of the ESG journey — action and impact.

“In reflecting on this past year, one of the areas of progress I’m incredibly proud of is the finalization of our ESG roadmaps,” says Jeff King, Group Vice President, Head of ESG. “This is a critical step as we continue to work cross-functionally and bridge the gap between our commitments and implementation that will enable us to prioritize ESG actions as our business grows and evolves. I’m inspired by how we continue to do the right things to achieve progress across people, products and places for years to come.”

Today the brand also released its inaugural Culture and Inclusion report which builds on the people component of the ESG report and shares the ways the business promotes inclusion across its associates, business and community. Learn more about Bath & Body Works’ continued commitment to ESG and read the report at bbwinc.com.

ABOUT BATH & BODY WORKS

Home of America’s Favorite Fragrances®, Bath & Body Works is a global leader in personal care and home fragrance, including top-selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Powered by agility and innovation, the company’s predominantly U.S.-based supply chain enables the company to deliver quality, on-trend luxuries at affordable prices. Bath & Body Works serves and delights customers however and wherever they want to shop, from welcoming, in-store experiences at more than 1,850 company-operated Bath & Body Works locations in the U.S. and Canada and more than 480 international franchised locations to an online storefront at BathandBodyWorks.com.

As previously seen on the CSRHub blog.

By Bahar Gidwani

CSRHub has been generating consensus ESG ratings for 16 years. We started with data on about 5,000 entities. In 2024, we’re able to publish data on more than 56,000 entities (companies, not for profits, government bodies).

Entities may start their reporting process by joining an organization, submitting data to a government database, or issuing a sustainability report. Some of the entities we uncover stay at an unrated or partially rated state. However, more than 26,000 entities are currently emitting enough information to enough ratings sources for us to give them complete consensus scores across the twelve subcategory topics we track. (You can read more about our rating methods here.)

How long does it take between the time when we first notice an entity and the time when we are able to give it full ratings? As the chart below shows, when we first began CSRHub, this part of the “ratings journey” took an average of over four years to complete. By 2018, the “normal” time span between when an entity starts to reveal data and when it becomes fully rated declined to less than a year.

See graph showing the number of months required for an entity to reach fully rated status has declined over time.

We believe there are at least two likely explanations for this speed up in the “maturity cycle” for entity ratings. One is that CSRHub has steadily added sources over the past 16 years. We currently add millions of new ratings details each month via sources in North America, Europe, Asia, Africa, and South America. We ingest the views of other ratings firms, not-for-profit groups, publications, expert organizations, and government databases. We have data points on more than 200,000 entities we do not yet expose on our site. If an entity starts sharing ESG data, several of our sources are likely to analyze it and express an opinion about what it means. We can then aggregate their views and start to provide a consensus score of how that entity is performing on ESG issues.

A second plausible explanation is that the rules for generating data and the pathways for distributing it have improved over the past ten years. We now have several accepted ESG reporting standards, a growing number of ESG-related regulations, and a general sense that all entities should generate and share ESG information. Even so, many entities may be surprised that anything they say will be judged—swiftly! Sustainability managers should probably wait until they have a well thought out story with metrics, before they begin their entity’s journey into ESG reporting.

We doubt that the journey from first report to rating will accelerate further—at least as far as CSRHub is concerned. We need multiple sources from various perspectives, to drive our ratings engine. We must wait to rate until a third, fourth or fifth source discovers a new entity, so that we can generate a solid estimate of its current sustainability performance. In the meantime, we expect newly-minted sustainability managers to continue to ask us about the best way to begin their journey and give them advice about how to find their best path forward.

Bahar Gidwani is CTO and Co-founder of CSRHub. He has built and run large technology-based businesses for many years. Bahar holds a CFA, worked on Wall Street with Kidder, Peabody, and with McKinsey & Co. Bahar has consulted to a number of major companies and currently serves on the board of several software and Web companies. He has an MBA from Harvard Business School and an undergraduate degree in physics and astronomy. He plays bridge, races sailboats, and is based in New York City.

About CSRHub

CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 55,000 public and private companies, and provides ESG performance scores on over 35,000 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 933 sources to produce a strong consensus signal on corporate sustainability performance.

Authored by Mike Vanderbilt, Mike Cullen

As children, we all had our bogeyman. Whatever it was that frightened us, we understood that as we grew older—and stronger, and more knowledgeable—those bogeymen, conversely, would become less frightening.

Not so in the world of cybersecurity. Unfortunately, it has proven much more difficult to outgrow the risks of real-world cyber criminals than it was the make-believe monsters that once lived in our closets.

As our knowledge and experience in the cyber world increases, the various bogeymen we now face only grow bigger, stronger and faster. Bad actors are simply more capable of wreaking more havoc more quickly than ever before. A cyberattack that used to take weeks to unfold now occurs in a matter of days. Yesterday’s adequate defenses quickly become today’s visible but ineffective security facades—the cyber equivalent of pulling the covers over one’s head and hoping for the best.

Unfortunately, this reality is turning many organizations into mere statistics. As reflected in an extensive collection of recent cyber reports spanning myriad industries, the trouble often boils down to two main culprits: innovative external threat actors and an increase in human error.

External threat actors

According to Verizon’s Data Breach Investigations Report (DBIR)—an industry staple, providing in-depth analysis and information about security incidents and data breaches—65% of breaches were the result of external threat actors and 35% (an increase of 20% over the prior year) were attributed to individuals within the organization. Yes, the external bogeymen are still on the scene and have grown more creative and aggressive. But we must also worry about our own employees exposing our systems and data or otherwise leaving us vulnerable to attack.

Consider CrowdStrike’s Global Threat Report which provides threat intelligence and an overview of the tactics, techniques and procedures (TTPs) used by cyber adversaries. Their 2023 report highlights a variety of TTPs at work, including identity-based attacks (emphasizing the importance of protecting user credentials), the surge of cloud intrusions (as noted by a 75% increase in cloud environment intrusions from 2022 to 2023), third-party exploitation (documenting the risk continually posed by supply chain vulnerabilities) and even malware-free attacks (which increased by 60% in 2023) as adversaries adopt more subtle methods like credential phishing and social engineering.

And yet, the bogeyman gets worse. It’s not just that these external threat actors are evermore present and aggressive, and that their attacks grow evermore diverse and complex—but that these attacks are also becoming evermore expensive.

Documenting the financial implications of data breaches, IBM’s Cost of a Data Breach Report 2023, highlights that the global average cost of a data breach in 2023 was $4.45 million—an increase of 2.3% from 2022 and an astonishing 15.3% from 2020. Those numbers get worse when you dive deep into specific industries (a 53.3% increase, since 2020, in healthcare data breach costs) and/or specific victims (a 22% increase in losses, from 2022, for the American public, according to the FBI: Internet Crime Complain Center (IC3) Report).

Bigger, faster, stronger—and more expensive to boot. The external threat actors of the cyber world continue to grow more capable and more dangerous with each passing day.

Human element

But these collective cybersecurity reports highlight a second trend continuing from recent years—an increase in human error (most notable through the breakdown of internal controls).

That same DBIR piece details how “74% of all breaches include the human element, with people being involved either via error, privilege misuse, use of stolen credentials or social engineering.”

And while the extent of human-centered vulnerabilities is difficult to quantify, three main weaknesses were identified by the Unit 42: Ransomware and Extortion Report, including: “unpatched vulnerabilities, lack of consistent controls across the organization and unauthorized use of legitimate access credentials.” It comes as no surprise that 92% of industries consider ransomware a top threat.

There is a positive note, however, regarding the weaknesses of the human element in these cyber reports. Organizations are responding. IBM’s Cost of a Data Breach Report found that 51% of organizations are “planning to increase security investments as a result of a breach … [including] areas such as incident response (IR) planning and testing, employee training and threat detection and response technologies.”

Additionally, evidence supports the argument that effective cybersecurity defenses and internal controls dramatically improve containment efforts. Per that same IBM report, “Among organizations that experienced a ransomware attack, those that had automated response playbooks or workflows designed specifically for ransomware attacks were able to contain them in 68 days (or 16% fewer days) compared to organizations without automated response playbooks or workflows.”

The bottom line

The facts and figures pulled and summarized from the various reports above—and plenty others beside—could be seen by some as a hodgepodge of unrelated data serving no purpose other than to stoke fears about the landscape within which our organizations operate.

We would argue, however, that there are discernible trends and commonalities—such as the continued evolution of external threat actors, the vulnerabilities of human elements and the breakdowns of internal controls—that your organization should consider moving forward. And while designing, implementing, monitoring and optimizing your cybersecurity policies and procedures might sound too mundane or too pedestrian to tangibly improve the confidentiality, availability and integrity of your systems and data, many (if not all) of the negative outcomes highlighted in these reports could have been prevented or mitigated with deeper knowledge and appropriate controls.

The better you understand your bogeyman—whether the imagined monsters in your closet or the very real threats of the cyber world—the better equipped you are to keep them at bay.

If you have questions about whether your organization is taking the proper steps to avoid being a statistic in next year’s reports, please connect with a Baker Tilly cybersecurity professional. Successfully navigating this landscape is no easy feat. Let’s go there, together.

We’ve all seen the headlines in the news focusing on wildfires, floods, droughts, and hurricanes. For those of us who care deeply about the health of our planet, it’s hard not to be concerned about the consequences of climate change.

According to the American Psychological Association (APA), “eco-anxiety” refers to “anxiety or worry about climate change and its effects.” May is Mental Health Awareness Month, and in honor of that, I decided it was timely to reflect on this issue.

Working in the field of environmental sustainability, these feelings can crop up due to my exposure to the realities around climate change. So, what do I do to cope? First, I educate myself. I know that tackling climate change will take a collaborative effort, and the more I know about these efforts and innovations, the more excited I feel about what can be accomplished.

And, secondly, I believe that small steps can make a difference. Let me share one example of this I saw on the community level. Walking in a nearby neighborhood, I saw a large sign that caught my attention: “Save Our Tree.” First, I was struck by the word “our” because residents saw a responsibility for the future of this tree. The tree is large and has a long history with the people who live nearby. The city planned to remove the tree because they felt it might impose a risk due to its proximity to the sidewalk.

This story has a happy ending, though. The city found an alternative solution after residents formed a movement and encouraged others to petition government officials. This small win gave me some hope, and I saw the power that individuals can have when they work together.

But that’s my own perspective. I decided to ask some of my colleagues also working in the field of environmental sustainability at Cisco´s Chief Sustainability Office how they are coping as well, and this is what they had to share:

Hyelom Love

“Eco-anxiety can be daunting, but there’s real power in focusing on the things we can control. First off, every choice, from the food we eat to the clothes we wear, matters. It’s about asking ourselves what we really need versus what’s just a passing want. This approach is good for the health of the planet and also kind to your bank account. It’s about making decisions that resonate with both our values and practicality.

Keeping up with environmental news and breakthroughs is another way to stay proactive. It’s not just about doom-scrolling through climate headlines; it’s also about understanding the strides we’re making in science and policy. This knowledge is key when engaging with those who are willing to step up. Together, we can shape the future we want to see—a more sustainable one with leaders who are ready to act.

Lastly, there’s something inherently grounding about spending time outdoors. Whether you’re cycling, playing soccer, or getting your hands dirty in the local community garden, these activities bring us closer to the very environment we’re striving to protect. Each moment spent under the open sky is a gentle nudge, a reminder of the planet’s beauty and our role in preserving it. The more we engage with the outdoors, the stronger our commitment to safeguarding it becomes.

By zeroing in on these three aspects—thoughtful consumption, staying informed and engaging with others, and connecting with nature—we can address our eco-anxiety with intention and clarity. It’s a balanced approach that allows us to face environmental challenges head-on, with a sense of purpose and hope.”

Natalie Stubb

“As someone who works closely on net zero strategies, I am often confronted with some of the brutal realities of what climate science predicts can happen without meaningful greenhouse gas emissions reductions across all sectors in a relatively short period of time. Eco-anxiety is tricky because while I understand the work that needs to be done both at a corporate level and in my personal life, it can sometimes feel insurmountable. On top of this, the news cycle often likes to highlight alarming climate events and showcase negative climate viewpoints.

It’s easy to fall into a negative thought spiral about the way things could go if we, as a society, don’t make some drastic changes. I try to focus on what I can control and look for opportunities to reconnect with nature.

At work, it’s helpful to remember that sustainability is good for the business, and good for the world. An increase in global renewable energy resources can create new jobs, open up new areas of scientific research, and reduce pollution. A demand for products that last longer and can be recycled can reduce waste, allow us to be creative with our designs, and give us all a little more financial freedom.

Outside of work, I’ve been engaging in outdoor hobbies that remind me of the reasons that this work matters. To me this looks like finding something to be grateful for on my daily walk with my husband, spending time in my small garden where I’m learning to grow native herbs and vegetables, and taking advantage of Cisco’s Time2Give program to volunteer at the local farmer’s market and engage with others who care about sustainability.”

Sneha Balasubramanian

“As someone deeply engaged with the climate crisis throughout my life, I feel the weight of its implications on a personal level. Recognizing the long journey ahead, I’ve found success in practicing a few strategies to deal with eco-anxiety.

Work on things incrementally. I set realistic goals for myself with the recognition that I alone cannot enable transformational change overnight. I recognize my sphere of control and try to be an effective changemaker with the access and tools at my disposal.Stay connected with close friends and family. I maintain strong relationships with those from whom I can learn, gain perspective, and share my insights with to avoid feeling overwhelmed and isolated.Build a community of people with similar interests. In my journey across the world, I’ve looked for like-minded folks to find a shared understanding and a pool of resources to inspire my outlook.Find interests outside this space to maintain a sense of balance. I’ve found it valuable to maintain and develop connections with individuals and activities outside the climate space to provide perspective.Set reasonable expectations of myself. I have learned to accept that there are certain things, like flying across the world to meet my parents, that I cannot do away with. I work with a list of necessities and nice-to-haves that are conducive to my circumstances and way of life.

With these strategies, I work towards maintaining a balance between my exposure to information, actions I take, and my inner equilibrium.”

These different tips on how to cope with eco-anxiety also happen to tie back to research-validated resilience strategies, including the power of human connection and spending time in nature. Interested in defining and creating your own habits and practices? The first small steps can include talking to others, and spending some time outside surrounded by nature.

View original content here.