Starting an eCommerce business is not easy. It takes market research, product quality research, online marketing, strategies, hard word, and of course a lot of money. But it is equally true that most online businesses are likely to forget about their cybersecurity. And they realize it only when they experience a data incident that leads to legal problems, data loss, and other liabilities.
According to a recent survey, some businesses have lost more than USD 5 million only in stolen data while others have ended up with losses that are over $100 million. Although concerns about data security in online business are likely to go up during periods of grand sales—most significantly the annual Black Friday through Christmas—most security professionals admit that hackers don’t wait for the busiest sales period.
Therefore, e-commerce businesses should remain alert and proactive every time ensuring that they have every sophisticated security measure in place. The point is here that cybersecurity is a topmost business priority to consider in today’s time when cyber crimes are on the rise. You never know when a single data incident can make you out of the business.
Keeping this in mind, here are some reasons why cybersecurity has become important than ever for eCommerce business.
Customers Prefer Safe Site:
Over the years, many customers have lost their money and data due to online fraud. For example, many hackers steal their credit card info to be entered into an online store for purchasing. Therefore, the security of the eCommerce platform is as important as the product it sells. A customer is less likely to shop from the store that is not safe or experienced cyber attacks in the past. They look for certain security signs of the website.
For example, today’s customers determine the security of your online store with HTTPS or green padlock in your web address.
The Ever-Increasing Cyber Attacks:
Online stores are one of the lucrative targets for cybercriminals. They are being attacked for sensitive data and customer’s information. Specifically, small online stores are more aimed due to their “mild and cheap” security measures. Relying on basic security measures might not work in this era. The cyber attacks have become more sophisticated and can outwit your basic security tool. Therefore, it requires you to opt for IT Consultant in Singapore who can suggest the best protection for your business.
Risk of Legal Penalties:
Many nations, including Singapore, have strict cybersecurity policies. If the data incident is found to be occurred due to your negligence, you could be slapped with a huge penalty. The Cybersecurity Act in Singapore has imposed huge penalties on many businesses in the past on the grounds of being negligent towards data security. Therefore, apart from protecting your data and reputation, cybersecurity is must comply with the law.
Internal Threats Might be There:
Dealing with outside hackers is easy compared to the insider threats in your company. According to a 2019 study by Verizon, 34% of all breaches were caused by insiders in 2018. The Ponemon Institute’s study shows that the average cost of an insider-related incident is nearly $513,000. It might be some former employee who can sell your data to the competitors for money or vengeance. Or it can be someone present in your existing workforce. However, data incidents are also caused by employee’s negligence; for example, they use weak passwords or leave their devices with sensitive data exposed.
That’s why keeping check on your employees as well as educating them on cybersecurity is important for your online business. For more detailed information Read out the complete article.
Cybersecurity is as important as your other business assets and products, especially when cybercrimes are on the rise. Having robust cybersecurity measures in place not only protects your data but also establishes you as the secure brand a customer can trust.
To create a strong cybersecurity shield for your online business, make sure to assess your risks; work over the cybersecurity policy of your business, educate your employees on cybersecurity, and must opt for the IT Support for managing your business.