Why E-commerce Businesses Need to Focus on Security in 2021

The internet has afforded companies of all sizes and types of massive opportunities to extend their market and start trading with clients on a local, national, and international basis.

However, while the web offers great prospects to businesses, it also presents significant risks in the form of cybercrime, and the threat from online hackers and malicious attacks is now greater than ever.

The shocking costs of cyber-crime to business and consumers

The statistics behind online crime make for worrying reading and point to an activity that shows no signs of slowing:

• During 2020, the revenue generated by cybercrime is estimated to have totaled US$1 trillion globally, making it the world’s third-largest economy after America and China.
• The cost of web-based criminality has been growing year on year and is expected to reach $10.5 trillion by 2025 – a significant jump from $3 trillion in 2015.
• Next year online crime is expected to cost businesses and individuals a startling $11.4 million per minute.

If you run a business operating online, you need to be security-aware

The risks posed by cybercrime do not just threaten your business – they apply equally to your clients too. As soon as a customer invests enough faith in your firm to part with private information, sensitive data, or credit card details you have both a moral and legal responsibility to provide them adequate protection. Having a security breach can damage your company’s reputation, compromise client details, result in reduced productivity and sales, potentially lead to legal action against your firm, lose you money, and, in some extreme cases, can even bring the downfall of your business. It is not an area to be taken lightly.

Some simple steps you can take to improve your online security

By far the simplest, fastest, and most effective way to reduce the risks of your firm falling victim to a cyberattack is to ensure your website and network are secure in the first place. When you are having your website built, be sure to partner with an experienced company that uses the correct tools, and takes sufficient measures to protect your company online. Companies like the Magecloud Agency, a Magento developer London firm, use only the latest software and employ advanced security provision across all their website builds.

Furthermore, you should also entrust your network security to a professional firm, skilled in setting up IT systems to offer full protection against possible malicious attacks.

Unfortunately, there is a tendency for Small to Medium-sized Enterprises (SMEs) to consider their firms too small and insignificant – and their turnover too low – to be considered a target for online criminals. However, quite the opposite is true and the SME sector suffers most from cybercrime – partly through ignorance but also because many smaller companies simply do not invest in adequate internet security.

The takeaway

Online crime is a real and present danger for any company with an online presence and must be taken seriously. The threat cybercrime poses to firms is growing exponentially year on year and, if you run a business, you owe it to your clients (and yourself) to take steps to improve security. If you are in any doubt about your protection, you should seek expert advice as soon as possible.