When you have an online store, there is more to it than simply selling items or services.
When you have customers paying online or providing you with their addresses, you need to make sure that all of that information is kept safe from hackers. Even though it may seem odd to think about why a cyberhacker would target your small, online store, the majority of hacking occurs with smaller, newer businesses, as their defences aren’t as strong.
So, why is it worth upping the cybersecurity of your online shop?
Growing Cyber Threats and AI
AI, or artificial intelligence, is everywhere, and that includes hackers using it to launch their cyberattacks.
These can look like deepfake phishing, AI-generated malware, and credential stuffing. As an online shop will have access to personal information, this makes these stores prime targets. If you don’t have strong online security systems, a single attack can expose financial information and give hackers access to customer accounts within seconds. Thus, it may be time to contact a cybersecurity team now and start asking about EDR vs MDR vs XDR defences.
Customer Trust and Reputation
As said in the intro, there is more to having an online store than selling items or goods. As a business owner, you also have to make sure that your customers are able to trust you, as this will keep them coming back and will help protect your brand’s reputation. Indeed, research has found that over 80% of consumers are unlikely to buy again from a retailer that has had a security breach that exposed personal customer data. So, getting those extra systems in place can save you a lot of money and many years trying to rebuild your company’s reputation.
Protect Payment Systems
The majority of transactions happen online, so online retailers are constantly faced with threats of payment fraud and scams. There is also the risk of card skimming attacks. So, by implementing secure payment gateways, as well as making sure your site has encryption software and tokenisation, you can protect both your company and customers from losing money.
Ensures Business Stability
When a business is attacked by ransomware, the online platform may need to be shut down for days, which leads to lost sales, as well as very unhappy customers. This can lead to chaos as you try to get your store up and running again, while also costing you a fortune in lost sales. By making sure you have cybersecurity in place, you can ensure that the business can recover quickly. Make sure you have cybersecurity options like intrusion detection, data backups, and incident response plans, which can help get your business back online quickly.
Remember, if your online shop has a data breach, it can do more damage than just financial. When you have an online shop, you need to make sure you have all the protection in place to ensure that your business and customer data are protected, to maintain the reputation of your company, and to ensure that there are no legal repercussions.
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