As the world of technology advances, cyber threats are becoming increasingly elaborate.
Modern companies, especially those who conduct their businesses online, have never been more vulnerable to security breaches and data theft. It’s a growing problem that can only be addressed with proper cybersecurity measures enforced by company management.
In this article, we’ll discuss this topic in detail to help you understand the role that cybersecurity plays in modern business models, especially when it comes to e-commerce.
So, without any further ado, let’s get right to the bottom of it!
Loss of data could mean the end of your business
When you conduct your business online, all of your important files and data are usually kept in an online format. If someone were to steal that from you, you’d lose everything you’ve worked so hard to accomplish. This especially goes for smaller businesses that are a frequent target of cyberattacks due to the lack of cybersecurity measures they usually have.
In a worst-case scenario, you’d never be able to bounce back from a large-scale cyberattack. You’d have to start everything from scratch – especially if your online store has been hacked into and compromised in one way or the other. It’s something that’s simply never worth the risk.
Again, all of this is perfectly avoidable and preventable, yet it’s something that happens to millions of e-commerce companies all over the globe. Businesses need to understand the importance of keeping their online companies as secure as possible. Otherwise, they’re likely to become a victim of a disastrous cyber attack that will prevent them from staying afloat.
Cyberattacks could lead to devastating monetary loss
E-commerce businesses rely on their websites more than any other type of business does. The website is your business! So, what would happen if it were to shut down for an entire day? How many potential customers would you lose? Even a single day of downtime could lead to catastrophic consequences, especially considering the competitive nature of the e-commerce industry.
This type of issue is especially difficult for large corporations and online shops, as their revenue loss could be measured in thousands of dollars per every hour of downtime. However, not even small and underdeveloped companies are immune to these threats. Every cent you lose to cyberattacks could have been used to further advance your business, which is the largest opportunity cost you’ll ever have to encounter.
As we’ve already mentioned before, cyberattacks aren’t something that you wouldn’t be able to prevent with a little effort and training. The risks are just too big for this issue to be ignored – it’s as simple as that.
Poor cybersecurity could lead to you losing the trust of your customers
Even the smallest e-commerce company in the world knows how important every individual customer is. Losing even a single „loud“ one could bring your reputation down, a few bad reviews are all it takes nowadays.
Now, try placing yourself in your customer’s shoes. You’ve trusted an e-commerce vendor with your data such as your name, surname, and credit card information, only for the company to get hacked – and now your sensitive information is in the hands of a stranger (who probably has malicious intent). Would you continue using their service? Would you recommend them to family and friends, or would you rather call it a scam? Yes, well, we all know the answers to these questions.
Your customers’ trust and loyalty is something that should be appreciated and rewarded, not betrayed or neglected. If you let outsiders access the data your customers have entrusted to you, how can you expect them to stay with your business?
Of course, we’re not saying a data breach is something that only happens to people who are „bad“ with running their companies. It can happen to everyone, and that’s what makes it so scary. However, almost everyone is also able to prevent this scenario from happening, which means there’s no excuse for letting it happen.
Proper cybersecurity measures ensure that compliance requirements are met
The world is slowly beginning to realize the power information holds. That’s why many countries, international organizations, and e-commerce platforms have started crafting various compliance requirements for companies that conduct their business digitally (at least a bit).
Having a trustworthy cybersecurity system will keep you out of many legal and technical troubles (and so much more), which means it’s certainly an investment worth making. If there are any compliance requirements that you need to fulfill, make sure to consult with a reputable cybersecurity firm to help you with that task.
As noted at Cytelligence, every company needs to be up to date with the latest cybersecurity advancements. Otherwise, you’re risking not respecting the compliance requirements that are set, jeopardizing your business in more ways than just once.
It enhances productivity
Not all of your employees will always be incredibly tech-savvy (especially the older ones). This puts them at risk of falling for phishing attacks and other types of security breaches, putting the entire company in danger. It’s something your staff needs to understand and be trained at properly.
All of this will help you boost employee productivity in many different ways. Your less tech-savvy colleagues will feel more comfortable using the newer technology, all while minimizing the possibility of a security breach happening inside of your company. Make sure you’ve explained the importance of cybersecurity to every employee individually – they have to know the basics (at least!).
The bottom line
Cybersecurity is an integral part of every e-commerce business out there. Without it, you’re extremely vulnerable – something that your competitors might notice and try to use against you. It’s certainly a risk not worth taking, especially if you’ve opened your small business quite recently.
We suggest that you do your research on various online security measures to ensure your business is kept protected and safe for the times to come.
Either way, we wish you the best of luck in all of your future endeavors and we hope you found our article useful.