The retail landscape has been changing for a while now.
Even before the pandemic, digitalization and consumer behaviour have gradually become more focused on e-commerce.
In recent years, retail e-commerce revenue in Canada reached $24.5 billion USD.
Retailers that have traditionally been more reliant on physical stores, such as groceries and pharmacies, have heavily adopted a stronger online presence.
To prepare for the increase in online retail in the coming years, retailers not only need to ensure that their online presence reflects their branding but also ensure that their online platform is secure and customer data is protected.
What Are Common Security Threats Facing eCommerce?
Cyber attacks have been on the rise since the surge in e-commerce over the past year.
According to the Global Information Security Survey conducted by Ernst and Young, 59% of organizations have suffered from a significant security incident over the past 12 months. In addition, 48% of executive boards believe that cyber attacks and data breaches will more than moderately impact their business over the next 12 months.
Open-source software is one of the security risks that can occur because it is free to use and easy to modify for different business needs.
However, open-source software can have many vulnerabilities in the code which can cause problems when implemented on your site.
E-skimming is another type of risk that affects the checkout page, which is where customers enter their personal and bank information.
Plugins are another security concern, especially because retailers often use many plugins to customize their e-commerce sites.
Plugins can have malicious intent or can be outdated which makes them vulnerable to malicious content.
How Can Retailers Be More Secure Online?
Using cloud computing can help retailers ensure that their e-commerce sites are cyber secure for customers.
94% of enterprises already use a cloud service.
Cloud computing provides end-to-end data encryption technology to protect the data e-commerce sites send to customers and the personal and banking information that customers provide.
Cloud services also use firewalls, antivirus programs, multi-level authentication, and intrusion detection facility to fully secure sensitive data, ensure customers are verified, and prevent malicious content.
Improving Cybersecurity is Key for Online Retail
Protecting your customers online ensures a good experience with your brand.
Implementing a tool such as Microsoft Azure can provide you with a range of cloud services to help meet your cybersecurity challenges.
At SHEA Global, we can assess the security of your e-commerce site and provide solutions to help you fill in the holes that exist so your customers can shop online with confidence. Reach out today and learn how we can help you.