Online Transactions and Interactions can Thrive When They are Secured

As the COVID-19 pandemic continued to hold society in its grasp, businesses and governments were forced to change the way they operated to ensure the health and safety of the people. Today, most western countries still “work from home” and have embraced “remote working” while businesses are shifting to online marketplaces by leveraging digital commerce. However, for small and medium enterprises (SME’s), shifting from offline to online could be a little trickier as many failed to establish the right resources to provide a safe shopping experience to their customers.

To compensate for their losses, many local brick-and-mortar stores and e-commerce businesses promoted online shopping but failed to cater to the overwhelming number of requests due to a lack of resources. Some businesses also became victims of cybercrime causing financial and reputational damage. SME’s are prone to such attacks due to a lack of cybersecurity preparedness.

As criminals continue to target online shoppers and e-commerce websites, cybersecurity will be a major competitive differentiator for businesses in the overall scramble and race for survival. However, it is the responsibility of businesses to provide online safety and cybersecurity for their customers.

Most online transactions happen based on the level of trust consumers place on the business and its online store. The trustworthiness of an online business relies on how much security the merchant can provide. The merchant must ensure that the transactions on the online marketplace are safe. The information that customers provide such as credit card details, personal information and purchasing details should be processed in a secure environment. The fundamental guiding principles of information security are considered to be Confidentiality, Integrity and Availability (CIA). To make the information secure, online businesses must ensure these triads are applied.

Confidentiality – This is the first pillar of network and data security. This means that the information is available only to the right people. Businesses must ensure that they are protecting customer information from unauthorised access.

Integrity – The merchant has to ensure that the information is accurate, up-to-date and complete. They must also ensure that handling this data can only be done by authorised people and processes.

Availability – Information must be able to be accessed where and when it is needed. High availability will allow the merchant to readily access and process information whenever needed.

Online retailers have a responsibility to keep their client data safe during and after an online transaction. Research shows that, security and privacy risks are major factors in building trust on online shopping platforms. Buyers’ online purchasing motives are always filtered through security and privacy concerns.

What can businesses do?

Small traders who are looking to improve their cybersecurity posture can follow below steps to stay protected from potential online attacks and minimise the damage it can cause.

1.     Backup data

Regardless of the size of your business you should always backup your important data regularly, make sure it’s encrypted and stored properly. Backups can help you to recover quickly if any damage occurs to your computer system or network. Test your backups to ensure you have the latest versions and have access if you need them.

2.     Protection from malicious software

Malware is software or web content, which is designed to gain access to computers or other connected devices by infecting through a number of sources. For an example, contaminated e-mails, infected websites, social media posts or corrupt files stored on external devices such as USB sticks, laptops and mobile phones that are connected to your network can disrupt your normal operations.

3.     Keep all connected devices safe

Switch on password protection for all your mobile devices, such as laptops, tablets and smartphones. Make sure your devices have activated tracking, auto lock and wipe options in case you lose them, or they are stolen. Keep your devices up to date with regular system updates. Similarly, all the applications (Apps) that you have installed also should be updated regularly. This is also called patching.

4.     Implement a password policy

It is essential that your devices, client data and business data is password protected to prevent unauthorised access. Establish a password policy and communicate it with your employees. Change all default passwords and activate two-factor (2FA) authentication for all your important accounts.

5.     Avoid scammers and phishing attacks

The most common phishing attacks are the ones sent by scammers through fake emails asking for sensitive information such as names, contact details, credit card numbers, bank details etc. Some common tricks include sending an invoice for a service appearing to be authentic, requesting you to transfer money online. Encourage and support your staff to always question suspicious emails and avoid clicking on malicious links.

6.     Invest in a proper security programme

Developing a cybersecurity strategy is as important as developing your business strategy. It is unwise to think that information can be protected by technology alone, businesses must also build that resilient culture with informed people and the right processes to support. Because security is only as strong as its weakest link.

Security strategy requires identifying cyber risks and determining appropriate security measures to mitigate and respond to the incidents efficiently. Get expert support in building that strategy for your business. Because, there’s no “one size fits all” solution to information security.

There is never a better time than now to invest in protecting businesses from cyber criminals. Without an effective cybersecurity strategy, businesses cannot maintain good cyber-hygiene. SME’s are more vulnerable to cyberattacks as they are often not prepared for such incidents. Irrespective of which business they are in, whether in selling bakery items, hardware items or services online, businesses are vulnerable to cyberattacks which can cost money, time, and reputation. By being proactive with cybersecurity hygiene, businesses can provide assurance to customers that their information is safe and secure. This includes not only investing in a proper security programme but also showcasing that you are compliant with industry best practices. Information Security is a business enabler that is closely tied to its functions and growth. 

Let security experts help you demonstrate to your clients, suppliers and partners that you are committed to cybersecurity and make them feel more confident doing business with you. Click here to find out more about how we can help you to get started.