Cybersecurity threats are in the news more and more. Ransomware, phishing attacks, and website hacks are targeting essential data and information. Unfortunately, E-commerce businesses are not immune. Their purely online nature makes them the target of nefarious individuals.
Make Your Customers Feel Secure
Customers need to feel secure when they shop at your e-commerce store. If they do not feel secure, they will not think twice before visiting your competition’s website. So, naturally, this leads to a loss of revenue.
There are entire industries that have been made to provide security for e-commerce stores. For example, CIAM, also known as consumer identity access management, is designed to protect the customer-facing side of your e-commerce business.
Customers don’t want to feel like security is preventing them from navigating your site well. For example, suppose you have a customer enter their password before every interaction. In that case, they will get frustrated and navigate away to another site with less security and seamless interaction. The trick is finding the balance between the right level of protection while not impeding your customer’s ability to buy from you.
What Are the Components of eCommerce Security?
E-commerce security is the cybersecurity concept that makes electronic transactions online secure. The power of e-commerce is that people can buy and sell services over the Internet. E-commerce security adds a framework to provide security for both the buyer and the seller. As a result, security has become more important for shoppers and merchants in recent years.
E-commerce security is critical for several reasons. An essential factor of e-commerce security is protecting the sensitive data of customers on a website. This includes protecting their financial information, including bank account information and credit card information. The goal of e-commerce security is to prevent scams and fraud. When fraud is perpetrated via an e-commerce site, the reputation of the online store is damaged.
If security features are not implemented, the customers and the merchant are at risk of fraud, data breaches, and other threats. The most significant benefit merchants get from implementing e-commerce is that they get the trust of their customers. When customers feel safe buying from you, they will continue to return to your e-commerce store even if another party offers the same products or services at a reduced price. People value the feeling of security more than they value saving a few dollars.
Statistics show that 20 percent of small e-commerce businesses fall victims to fraudsters. Of those 20 percent, 60 percent end up closing down entirely due to being victimized by fraud. This emphasizes that cybersecurity is important for large businesses and small businesses. There is no room to slack off when it comes to e-commerce security.
Managed IT Services
E-commerce entrepreneurs have a lot on their plate. Growing a business, learning about their customers, and fending off competition can be time-consuming. You also have to add to that needing to handle bookkeeping, monitoring employees, and preparing taxes. So it is easy to see why some e-commerce entrepreneurs do not dedicate the time needed to online security.
It is easy to imagine a scenario where an e-commerce entrepreneur in a large city like Toronto doesn’t think they will be victimized because of the small size of their business. As a result, they may feel that it is okay to put cybersecurity on the back burner. Instead, it would be better for them to work with a Toronto-managed IT services company.
Managed IT services are basically where you entrust another entity to handle your organization’s cybersecurity. They worry about getting the right software, implementing software, creating a cybersecurity plan, and monitoring your website for you. With managed services, you pay a set fee every month based on the services you use. Managed services can free you up to spend your time focusing on growing your business while feeling secure that your e-commerce store is being protected from nefarious individuals.
Take E-Commerce Security Seriously
Protect your online store. Phishing scams, malware, SQL injections, and Trojan horses are just a few of the threats your e-commerce store will face over the next few years. It is up to you to take e-commerce security seriously. Taking the proper precautions now can go a long way in keeping your business and customers safe.