Time and space barriers have been overcome thanks to the widespread use of the Internet. The number of transactions and stores offering their goods on the Internet is increasing every year. Trade has been largely transferred to the web, introducing modern businesses to virtual reality. Unfortunately, these new perspectives are also accompanied by new challenges, the largest of which are building trust and ensuring data security on the network. To give you a more physical view on how huge the e-commerce market is, have a look at the chart below:
Running an online store is not that as easy as it may look from the outside. It is not enough to take care of logistics, conversion and customers, but you also need to know what cyber security is and how to protect your store against fraud and hackers. For many eCommerce owners, cyber security may seem so complicated that they underestimate security issues – and that may cause a lot of trouble! Why is it so?
You can even lose business continuity when a hacker blocks store servers, or expose your customers when a cybercriminal steals users’ personal information. However, online threats are not limited to malware and scams. Cybercriminals know that the more online operations performed, the greater the risk of disclosing private information. There are many different methods that can be used to invade user privacy. These are: phishing, internet scams, spam, malicious URLs, etc.
A sense of security & trust
One of the main conditions for maintaining the current pace of e-commerce development is increasing public confidence in this convenient form of exchanging goods and services. This cannot be achieved without ensuring maximum security in all processes related to e-shopping. Research shows that 52% of Internet users have left the website which they think is dangerous at least once, 87% of them said they would not have done it if she had a trusted certificate. The lack of security of the site, and thus the resignation from shopping, puts the real loss of the owner of the online store.
Online store customers like to have a wide selection of payment methods. It’s clear. Among other things, that’s why they make transactions online. They also like to have a choice in terms of the settlement form. The payment operator thoroughly verifies all stores using the system, so that the buyer can be sure that the store really exists. Fortunately, in the era of huge popularity of e-commerce, stores that do not use payment systems are incredibly rare. However, if there is something on the site that raises doubts, and in addition the store does not have a payment operator implemented, the customer should definitely light up a red lamp. This can be a signal that the site is not verified in any way, and the lack of other methods of finalizing the purchase than a traditional transfer will make it more difficult for them to recover money in case of trouble. Payments suppose to be secured by the newest certificates like SSL (Secure Socket Layer) or #D-Secure service.
And even more Responsibilities
Since May 2018, a new regulation on the protection of personal data (GDPR) has been in force, which imposes, among the other things, a number of obligations related to the collection, processing and protection of personal data. Entrepreneurs not only have to inform customers what personal data they collect, how they process it and why they do it, but also they must ensure that all collected data is accessible and changeable. This requires store owners to develop appropriate procedures.
Protect your own business
Businesses play a colossal role in protecting sensitive online data. A strict attachment to consumer data security protocols and fraud detection can increase trust. Not only will these efforts protect data and earnings but they will ease customers’ fear of mishandled or embezzle data.