Why Ecommerce Platforms Need to Step Up their Data Security Game

The number of successful cyberattacks on ecommerce websites has increased from 5% to 63% over just four years. As data breaches of all kinds are now becoming shockingly commonplace, online businesses of every shape and form need to start paying more attention to their data protection protocols. While a lot of the current attention surrounding cybersecurity leaks are focused on banking, credit, and financial organizations, ecommerce platforms are quickly becoming the hottest new targets for dangerous – and sometimes even debilitating – cyber hackers.

For this rising interest in online businesses, we have the pandemic to thank. As more and more people have hopped onto the online shopping and ecommerce consumerism bandwagon, hackers have smartly cottoned on to the wealth of potential that these sites now hold.

What Makes Ecommerce Platforms So Attractive To Hackers?

The world of ecommerce experiences more than 32.4% of all cyberattacks, and over 29% of site traffic can be attributed to malicious attempts at stealing private data. When you use an ecommerce website to purchase a product, you are obligated to hand over your personal information, such as banking details, home address, and login credentials. These bits of data are exactly what hackers are after, making ecommerce platforms an easy target for hackers in 2022.

Why Ecommerce Platforms Need to Step Up their Data Security Game 1

The prestigious, international event of NeurIPS 2021 recently held a virtual-only conference which looked at various new techniques around machine learning, data analysis, and privacy preservation. Of the thousands of workshops and talks scheduled, many focused on the rising threat of cyber-attackers. Cybersecurity is extremely important for any online business with plans to grow over the coming years. As technology becomes more sophisticated, so do hackers’ techniques – which makes the task of preparing for attacks all the more important.

Why Is Data Protection For Ecommerce So Important?

60% of small ecommerce stores that experience a cyberattack go out of business within just six months. As if that wasn’t scary enough, the repercussions of experiencing a cyberattack hit deeper than just financial ruin – they can permanently damage your business’s reputation with consumers. Now that cybersecurity is finally starting to be taken seriously by businesses around the world, consumers are also becoming more adept at determining which sites will handle their data securely.

Ecommerce sites that have repeatedly failed to protect their customer’s data can only expect to receive backlash in the form of bad reviews and low sales. As awareness around proper data protection methods grows, so will the standards that consumers hold their providers to.

Cybersecurity Education Is The Future

According to the Harvard Business Review, becoming a victim of cybercrime is inevitable unless you put the proper precautions in place. Unfortunately, it only takes one weak spot to bring down an entire

company, so robust security measures are simply not an option. In addition to performing proper cyber hygiene practices, your online business will need to implement a thorough cybersecurity education regime to prevent the worst from happening. Yes, cyber-attackers are getting smarter, but so can you and your team.

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