Why it is Crucial for Online Businesses to Harden the Security
Reading Time: 5 minutes Since the creation of the internet nearly three decades ago, life as we know it has changed forever. What was once a fun, novel space is now lurking with hidden threats?
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Cybercrime on the rise.
Just last year, there was a 350% increase in ransomware attacks, a 250% increase in spoofing or business email compromise (BEC) attacks, and a 70% increase in spear-phishing attacks in companies, says Industryweek.com.
The latest stats show that individuals and businesses are now at greater risk of cyber-attacks than before. BeyondTrust, a cybersecurity firm, explains that IoT devices will become one of the targets for hackers in the coming years. But how can a smart TV, smart speakers, or smart printers be a threat? Well, that’s because smart gadgets are not built with cybersecurity in mind. Therefore, they can be easily exploited.
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What is eCommerce security?
Ecommerce security refers to the principles which create and promote secure online transactions. With safety protocols in place, it facilitates the buying and selling of goods or services through the internet.
As eCommerce increases by leaps and bounds, cybersecurity remains one of the most challenging aspects of running an online business. Whether small or large, no company is safe from the threats of a cyber-attack. According to a recent study carried out by Verizon, no industry is immune either. But one thing is for sure. Small online businesses are facing the most threat from cybercriminals. 43% of cyber-attacks are targeted at small businesses.
As we already know, no one is safe. But some are more prone to attacks than others. Factors such as the business model, the type of data used, the customer base, and the technologies being used are cause for concern. But often, having insufficient Internet safety protocols is the only reason.
At the moment, the top three culprits for online businesses are web-based attacks, social engineering, and malware. But as cybercrime continues to become more sophisticated, better security measures will continue to evolve. Meantime, businesses will need to bolster online security by optimizing their efforts and resources for a more secure environment.
Why is website security important?
Since the inception of the internet, various aspects of the business have shifted to the digital medium. As a result, online transactions have massively increased. In order for online businesses to be successful, they must build the consumer’s trust. Therefore, a company must implement the right security protocols. Without them, both the consumer and the retailer could be at financial risk.
But it’s not only about the loss of money that is a concern here. Many times there is sensitive information that must be protected as well. Data breaches can also harm a company’s reputation.
As a result, several people are self-limiting their use of the internet due to security concerns. This could be bad news for companies trying to start businesses online.
What does web security entail?
Online businesses must provide the following aspects for people to feel comfortable using a particular website:
1. Privacy
One of the basics of online security is privacy. With the rise of identity theft and impersonation, consumers are quite concerned about their payments and personal information falling into the hands of unauthorized individuals. Businesses all over the world are working on keeping information exchanged on their websites private.
Furthermore, the retailer is held responsible for managing and protecting consumer information. Any disclosure of data on their behalf would be a breach of confidentiality. And they must also enforce additional security measures such as data encryption, virus protection, and a firewall to ensure bank details, credit card information, and other private information remains safe.
Privacy has been linked to a brand’s trustworthiness. Once this has been established, customers are willing to trust websites with sensitive information. If a brand enforces the appropriate privacy policy, it also helps build customer loyalty. This encourages customers to continue interacting with the brand as well as participating in additional promotional offers.
So it’s easy to correlate a brand’s privacy policy with increased sales. Therefore, all eCommerce brands need to realize the importance of transparent privacy policies and the enforcement of the required safety thereof. They will experience a positive return on this investment.
Unfortunately, the converse is true if something goes wrong.
2. Integrity
People not only trust businesses with their private information, but they also expect that it will not be tampered with in any way. If the brand alters any of the data that a user enters online, the integrity of the company is compromised. Moreover, the consumer’s trust in the brand is lost.
3. Authentication
Both the merchant and the customer need to provide accurate information about themselves for the transaction to be completed.
People will not interact with a business that isn’t authentic. Likewise, a brand cannot continue a transaction with an individual who provides fraudulent data or if there is any doubt about their true identity.
Typically, passwords and credit card PINs are a way to resolve these issues. But when a substantial amount of money is involved, companies like Autocoincars, invest in additional expert security solutions to ensure a safe and secure sale.
4. Non-repudiation
Non-repudiation in cybersecurity refers to the ability to ensure that both parties of communication cannot deny the authenticity of their signatures on a document or the sending of a message that they originated. But it also adds another level of security by confirming a particular action, such as a purchase or sending an email.
It cannot be denied by the person who completed the transaction. And that is the underlying principle of eCommerce. A breach in this aspect will result in the loss of consumer trust as well as revenue.
Wrapping up
Website security is essential for all brands, big or small. Not only does it help keep online businesses safe, but it also provides a secure environment for visitors and customers to transact.
If you do not invest ineffective measures, you are putting your online presence at risk. A hacked website acquires a tarnished brand reputation as well as poor search engine rankings.
While there is no way to eliminate all the risks involved with running a business online, the goal is to reduce the chances of a cyber-attack by implementing the appropriate precautionary measures.
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