As E-Commerce Booms, We Cannot Lose Sight Of Security
Repay Customer Faith With Watertight Data Protection
The modern consumer does not lack options. With hundreds, if not thousands, of e-commerce platforms vying for their attention, the margin for error has become smaller than ever before. Over a third of people would stop shopping online with a retailer if it suffered a security breach, according to KPMG, reiterating the importance of keeping their data safe.
Just as the information from the Sting CD purchase was protected back in 1994, encryption remains a focal part of how we can protect customer data. Emerging technologies are constantly improving this method of protection, and organizations are combining cloud-native encryption solutions with key management services. This enables them to keep lock and key separate: encrypt customer and sales data in the cloud but retain ownership of the encryption keys. If the former is breached, the latter ensures data cannot be accessed.
Of course, data protection is a mutual responsibility, and consumers must also act responsibly to avoid falling victim to social engineering or malware attacks. As e-commerce platforms, we can lead educational discourse — through both transparency and instruction — around cybersafety and encourage our communities to act in a safe and responsible manner with their data.
Proactive, Not Reactive
Throughout this immeasurable period of growth, it might be easy to lose sight of your platform’s security measures as other, more exciting, priorities take precedence. But cybercrime and fraud are unrelenting forces that, if neglected, have the potential to undo years of hard work. Stay proactive, not reactive, and give your customers the peace of mind that will nurture long-term brand loyalty.