The COVID-19 pandemic pushed almost every retail business online as customers embraced e-commerce wholeheartedly. While the move to digital channels gave many businesses new sales outlets, it introduced further complications.
Data privacy issues and cybersecurity have become business pillars, and many companies have found the switch tough to execute. This, however, isn’t an issue for online American casino as the platform is secured with advanced technology.
Thanks to a raft of data breaches and unethical data-sharing practices perpetrated by big tech over the previous decade, consumers are highly sensitive to data usage. E-commerce companies, irrespective of size, cannot claim ignorance as an excuse. Data breaches cause significant brand damage and erode consumer trust.
Here are five ways e-commerce companies can protect their customers’ data and prevent costly data security lapses, or you can opt for games at crazy vegas casino to get an idea of the security technologies implemented.
Examine data collection practices
Many companies collect large volumes of data from their customers without fully planning how they’ll use these datasets. It is common for e-commerce companies to gather data directly from customers through forms and behavioural data from platforms. The rationale behind such data gathering is that more data is always better. This principle sounds great on paper but creates several vulnerabilities in practice.
For starters, asking for more data than is strictly necessary turns many consumers off since they recognize irrelevant data gathering. In addition, the more data you gather, the more you’ll have to store, increasing your analysis costs. While cloud storage is relatively inexpensive these days, you must consider the hefty fees that come from future risks such as data breaches.
You are responsible for all the data you collect. A breach that involves data disconnected from everyday business exposes you to damage needlessly. For instance, you might be gathering customer interest data and failing to leverage it during analysis. A leak involving these datasets only damages your brand, and they served no business purpose in the first place.
Collect only what you need. You will gain more trust from your audience and reduce the risk of any data breach.
Examine payment channels
One-click checkout has become popular amongst consumers these days. However, this practice doesn’t require storing customer credit card information on your servers. This is a violation of PCI compliance rules, for starters. Many companies tokenize card information and implement one-click checkouts using that process.
However, this method still exposes you to significant risks from a data breach. You’ll also paint a target on your back for malicious hackers everywhere. Payments are a highly regulated industry, and breaching those laws will have severe consequences.
Thus, the risk-to-reward profile that one-click checkouts offer doesn’t make sense for many e-commerce companies. You’ll find that using payment facilitators or processors such as Stripe or Square makes more sense. You can outsource payments-related compliance to these companies while offloading brand damage risks in case of a data breach.
Review user access
How robust are your backend systems? Many e-commerce companies suffer data breaches due to malicious insider attacks. These attacks bypass cybersecurity protection since insiders have access to sensitive systems. Many cybersecurity solutions monitor baseline network usage to flag suspicious activity, but there’s no guarantee that such alerts will arrive in time.
While it’s almost impossible to eliminate malicious insider attacks, you can take a huge step toward preventing them by reviewing data access. Check who has access to your sensitive information and how well your data security is implemented.
Review the access you provide contractors and other third-party tools. Integrating these tools and roles often creates configuration errors that can compromise data security.
Implement 2FA
Two-factor authentication is essential to modern cybersecurity. Modern cyber protection relies on passwords. However, passwords are highly suspect, and an advanced AI engine can decipher them quickly. 2FA is the best way to protect your customers and their data.
There are many factors you can use when implementing 2FA. The most common factors are a password and a code sent to the user’s personal device. Some users are reluctant to provide personal information; in such cases, a security question works well.
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