The Impact of Internet Security Issues on the E-commerce Behavior
E-commerce businesses are sprouting like mushrooms after the rain, but the favorable climate has given birth to some new challenges. Since the payments are carried out via internet, cybersecurity poses probably the biggest of them all. Frauds, hoaxes, and schemes are not uncommon, and many are those who get their sensitive information or money stolen. That’s what you call a bad consumer experience, and for e-commerce organizations, it’s a reputation-tarnishing, and potentially a business-sinking hurdle.
Business aspects such as customer service and pricing are of the utmost importance, but what often makes a difference between dazzling success and miserable fizzle is security. People want companies to be responsible and employ advanced security measures in order to ensure smooth and safe transactions. That is to say that the trust is the foundation upon which the business greatness is built. It’s a sensitive thing: It takes a lot of time to forge, yet can be shattered in an instant, especially in the wake of security breach or information mishandling.
The first step is to grasp the risk associated with online payments and identify the potential threats. One of them is privacy, something that customers rightfully hold in high regard. Many of them are reluctant to hand over personal data unless they are confident in the service provider. Hence, all exchanged information must be kept from unauthorized parties, via data encryption. Apart from that, the e-commerce business must not alter the information or fail to prove its identity and credentials.
Layers of defense
Another crucial aspect of cyber security is the proliferation of technical attacks. Hackers are versed at compromising systems of online retailers, payment gateways, and banks, launching Denial of Service Attacks (DoS) that overwhelm the server and paralyze normal activity. That is just the tip of the iceberg because hackers mount other weapons as well: ICMP Floods, Teardrop Attacks, Phlashing, Brute Force Attacks, and distributed DOS attacks. Add to that mix some non-technical threats like phishing attacks and it is clear that numerous menaces lurk in the dark corridors of the internet.
Hence, it is always preferable to utilize multiple security measures like Secure Sockets Layer (SSL) and two-factor authentication. Moreover, e-commerce businessman must establish solid payment gateways and integrate popular options such as credit cards, but also alternative methods like Bitcoin and other cryptocurrencies. As we have indicated, the weakest link in the e-commerce chain can be anyone, not just your website. It is also possible that components like shopping card software export vulnerability into your environment.
So, chose wisely with whom you partner up and connect. It’s a good idea to find a trustworthy payment service provider that is fully compliant, or open an escrow account. For example, it can handle risk management for the card and bank payments, as well as transaction payment matching, fraud protection, and reporting. Finally, make an effort to explain your privacy protection policies and security measures you take. Raising awareness about internet safety should help users alleviate fear and stay in their comfort zone. Remember that you have to display constant vigilance and be ready to thwart any threat foolish enough to come your way.
Safe and sound
Cover all your bases, and have a risk management and prevention policies in place. Frauds are all around us, but you have to build trust with your customers and do not put them in a position to make a leap of faith every time they want to purchase something. Provide the impeccable safety of their assets and private data to nurture loyalty and reap all the benefits of it. A company that cannot assemble a safe environment for users to shop cannot hope to thrive in the competitive market arena of today.
Dan Radak is a marketing professional with ten years of experience. He is currently working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and regular contributor to Technivorz.