Why Security And Privacy Control Are Crucial While Implementing An eCommerce Solution?
The balance is quintessential for the existence of every entity; the same rule applies in the modern digital world as well. With the widespread penetration of internet and easier access to smartphones and electronic devices that are making lives easier, the contamination of cybercrime is also increasing simultaneously. Henceforth, it becomes imperative for companies to opt for best-in-class and effective security and privacy controls while implementing any eCommerce solution.
As per Statista, eCommerce revenue is projected to grow up to 2958.8 billion USD by 2024, which is in real terms a large share of the overall revenue generated across the world. These statistics are sufficient to point the need for multi-level security and privacy control measures. Today’s customer doesn’t just look for a secure transaction but also looks forward to complete privacy about the product or service they opt for.
The Modern Security Protocols
Client authentication and repudiation along with data integrity is critical for successful online business. The authentication process usually may have several stages that may include customer’s private information. Both client-server network security and data & transaction security ensure confidentiality and valid transaction authentication methods.
Moreover, security and privacy are essential complaint issues for the eCommerce players because once compromised, it may lead to legal penalties and damaged reputation. As far as transactions are considered eCommerce platform should integrate the third-party secure payment gateways. Furthermore, the sensitive information of the client like credit/debit card information should be stored in the offline mode to keep it secured from the cybercriminals.
HTTPS, the new buzz in the digital world acts as a turnkey solution that helps vendors, merchants and sellers on the online platforms to keep their transactions secured and safe from any kind of cyber-attack. In a layman term, the data transmitted should be encrypted using Secure Socket Layer (SSL) to keep is completely safe. SSL doesn’t just help as an additional security layer over a firewall but also makes the eCommerce site in compliance with PCI DSS standards. Today, the data security standard is adopted by every prominent credit/debit card company across the world and makes money transactions safer. The duty to secure customer data and transaction process doesn’t end here as there is a constant need for security patches up-gradation.
General awareness for the customers is also an important step towards better security. Customers should never entrust any malicious or fake website or mobile app with their credit/debit card or bank account details. Once leaked the customer data can be misused by cybercriminals to break into their account. Even the customers should also be kept aware of fraud websites that can cause harm to them.
The Importance of Privacy Control
No customer would be comfortable with getting his private information into the public domain. Therefore, it becomes a mandate for the e-commerce solution providers to keep customer information secure and private. Whether it is done by SSL encryption or suggesting customers to create strong passwords for their accounts, eCommerce players must provide secured access to all of its customers. In fact, the government compliances also suggest the same in the form of privacy rights that customer information needs to be kept private and confidential.
There is a direct correlation between the advancement in technology and an increase in cybercrime activities, which compels online market players to keep on upgrading their security systems and stay safe from any kind of privacy breach. The modern age credit card companies showcase an ideal example of privacy control measure, where they not only just provide additional security to their customers’ accounts but also create awareness amongst their customers through regular communication over emails, social media platforms, and other media.
In recent times TPA (Third Party Administrators) have taken up a major role in helping eCommerce players to ensure safety and privacy on their online platforms. These companies, in agreement with the online merchant/ online business, create layers of security for their websites and mobile applications, so that both the company and their customers can have a smooth and reliable experience.