If you’re starting an ecommerce business, one of the key elements to consider is how you are going to keep your data secure. It is a hot topic of the 21st century, and when ignored can result in the dissolution of companies on both a big and small scale.
When using an ecommerce site, consumers share highly sensitive data. From their personal details to their credit card information – a lot of data is shared, and therefore a lot of trust is required. Consumers need to feel that any company they are doing business with are respectful of the data that they have imparted with, and sensible enough to ensure that measures have been put in place to keep it safe.
Huge corporate conglomerates such as Target have been targeted and customers information leaked, but don’t assume that it’s only the large companies that are vulnerable. Smaller companies that store data from their customers are also vulnerable to cyber-attacks. The outcomes of a data breach can be scary, with the CEO and CIO resigning from the brand due to the backlash.
When the security of your company’s data is compromised untold costs are involved. To fix the issue at hand, you’ll need to spend on paying security specialists, engineers and developers to fix what has already been a catastrophic error. Your customers will know about the breach and unfortunately this will mean that they may complain or ultimately decide to switch brands to one of your competitors. The people who know about the breach will have to be advised and their customer satisfaction will plummet. This will provide unflattering attention to say the least and may persuade potential clients to not do business with your company (2). Ultimately, the costs accrued from a data breach such as stock declines and legal fees are much larger than the price of implementing measures to avoid this when setting up your ecommerce store (3).
A breach in security means that you are at the mercy of the hackers. They can do with your precious business as they please. Your site could be taken down completely or can start campaigns against your company to destroy its reputation with the information they’ve gained. They can use your internal documents such as business plans and market research analysis and sell them to your competitors (4).
When starting your ecommerce business, you need to think about who will have access to your customers data. When using plug-ins and apps, you are extending the network of people who have access to your customer’s data. You are also working off the assumption that they have security measures in place. Using one platform which creates the features that your website needs, and avoids uses third-party software, is the safest choice.