Why e-commerce security is important?

The importance of e-commerce security cannot be overstated, especially after the incidence with the Equifax where it finds itself on the business end of hacker's intention.

Just because of simple carelessness in security, the personal information of approximately 145.5 million people got bored which consists of the birth dates, driving license numbers, credit card numbers, and on the top of all, social security numbers. These 145.5 million people comprise of the 50% of the US population and hacking of the data meant that the crucial secret identifier number was exposed to almost half of the population.

The mission-critical importance of Cybersecurity

Well, one of the important features of the e-commerce is the cyber security and without following the right and complete protocols, these online stores along with themselves put the customers also at risk concerning the frauds related to the payments.

The online stores that are working at a small level are more prone to the risk of cyber fraud because of the insufficient safety precautions. The reports say that one out of every five stores become the victim of these frauds and the majority of these stores shuts down within the first six months of their operation.

Potential for massive negative consequences in case of lapse security in eCommerce

The consequences of the cyber-crime don’t only do the financial harm, but also it jeopardize the goodwill of the e-commerce site. It also stands to lose its loyal customer base as they will feel at risk to share their personal information on the website.

One Poll study found out that around 87% of the people were not liking to use the sites who lost the credit card information of the clients so it is for sure that if anyhow the data is stolen from the website, the e-commerce should prepare itself to shut off the business.

One of the examples is of Target, which faced a decline of almost 46% of sales just after the breach was out in the news. Only a few big brands were able to make a comeback in the market, but still, they had to work hard to gain the trust of the people again.

Now the question pops up that, how are we supposed to trust anything online?

Use Cybersecurity to bolster the site’s safety

Ensuring the complete security of the website should be at the top of the priority list of the e-commerce website owner. Many of the business models and enterprises are opting the SaaS i.e. software as service which is the method of delivery of the software via subscription rather than bought and installed in the personal individual computers.

In the research, it was also found that by 2020 nearly 73% of the organizations will convert their Apps into SaaS.

Another popular trend is the cloud-based application as the cloud computing services are referred as the game changer amongst the pundits of the IT industry and the reason being is wide collaboration opportunities, enterprise-class scalability and availability of agnostic devices.

As per the Gartner, the global market of the public cloud service is anticipated to grow by almost 12.6 CAGR% in 2022, reaching up to $331.2 billion from $182.4 billion in 2018. Make sure that you too opt for cloud-based security solutions to deliver an exceptional e-commerce experience online.

Note: Views are entirely based on information gathered via online and thru network. Make sure to consult with IT security consultant first.