Why it is Crucial for Online Businesses to Harden the Security Featured Image

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?

Cybercrime on the rise.

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.

What is eCommerce security?

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.

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.
Source

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?

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.

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.
Source

What does web security entail?

1. Privacy

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

3. Authentication

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

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

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.

Originally posted at RuhaniRabin.com
Click here to subscribe now. Would You like to write at RuhaniRabin.com?

--

--

Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ruhani Rabin

Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.