Why Cyber Security Is Integral for eCommerce Success
There’s a lot of money to be made in e-commerce. This is demonstrated by the fact that online shopping continues to expand even while other sectors of the economy do not. However, operating an e-commerce business is extremely different from running a brick-and-mortar store. Unlike brick and mortar operations, many of the biggest threats to your business may be completely invisible to you and originate from thousands of miles away. If you want to succeed in e-commerce, cybersecurity is absolutely integral to your business’s long-term survival.
Your Customers Could Be Targeted
While upholding high standards for cybersecurity is important for any business, it is even more important for companies that sell goods and services over the internet. These businesses are especially at risk of having sensitive data connected to customer accounts and transactions accessed and leaked after a security breach. When this happens, the results can be disastrous. Your customers could be defrauded of thousands or even millions of dollars after their identities are stolen using this information. After that occurs, you may end up on the receiving end of a class-action lawsuit. If you did not uphold high cybersecurity standards in your company, you will likely be found negligent in court and be forced to pay out large sums of money for the damage that was done by those hackers and cybercriminals. Your business may not be able to survive the fallout. The average cost of a business-targeted hack is $200,000.
You Need to Have a Cyber Security Framework in Place
Unfortunately, most business owners lack the expertise to institute working cybersecurity protocols for their own businesses. That is understandable. The technology and software in question is extremely complex and requires a high level of technical expertise and knowledge to understand and operate. This is why you should consider implementing the NIST cybersecurity framework when developing your cybersecurity programs instead of going about it on your own. NIST stands for National Institute of Standards and Technology. The NIST is part of the US Department of Commerce and helps to create standards, regulations, measurements, and more for the benefit of technological advancement in the United States in both regards to the government as well as American businesses.
In regards to your own business, using the NIST cybersecurity framework can be extremely advantageous due to the functions it provides for your company. NIST CSF functions should include the ability to better identify potential gaps in your own network, systems, and assets that could lead to a security breach. The system can allow you to better protect the confidentiality of sensitive data. It can allow you to detect threats in real time and allow you immediately respond to cybersecurity events before they cause significant damage. It can allow you to immediately restore any services or capabilities after such an event as well. You will be able to much better weather any kind of security event, intrusion, or attack.
You Could Lose Your Credibility as a Business
Business relationships of any kind involve a great deal of trust to maintain. The relationships customers build with the businesses they purchase products or services from indeed involve a good amount of trust. Those customers trust that they will receive what they pay for without any unexpected negative consequences. After a significant hack, this trust can quickly evaporate. Consumers may assume it is too risky to even visit your online store to make a purchase. The same can be said of other companies you do business with. Vendors, suppliers, and other partners expect that you will run a professional operation in which the sensitive data they share with you will not be leaked to bad actors. If that trust is broken, it could lead to the loss of business relationships you need to compete in your market.
Overall, you don’t really have a choice when it comes to whether or not you should place a strong emphasis on cybersecurity for your e-commerce business. If you don’t, you will certainly be targeted by hackers and cybercriminals. The results of that negligence could be disastrous for your company. If you want to survive in the long term, implementing strong cybersecurity protocols is an absolute necessity. Consider integrating the NIST cybersecurity framework and other measures to ensure that your company is protected.