How Can Online Retailers Manage Security Breaches Better?
Who doesn't like online shopping?
You don't have to get off the couch to go the mall, try on hundreds of different clothes to buy just one of them, or search 10 different stores for that perfect gift. Everything you want is right in the palm of your hand.
Online shopping is slowly becoming an inherent part our lives; so much so that online spending accounted for £114bn of retail sales in 2015 alone.
But while demand for on-the-go shopping is forever increasing, so are the risks of security breaches on shopping websites. And apparently, online retailers aren't doing enough to keep them at bay.
Effective cyber security measures are needed to not only protect businesses, but also to protect customers and their personal information.
Here are some key aspects online retailers should focus on to significantly nullify the dangers of cyber threats:
1. Identity Management
Identity theft is a major problem that online retailers face, and parts of the problem are the inadequate identity management and scam prevention systems in place.
Identity management is used to monitor, authenticate, authorize, store and utilize customer/user information for online businesses.
Even a small crack in this line of defence can be a catalyst for identity theft on a massive scale.
Online retailers have to invest in robust identity management solutions that are always up-to-date on the latest trends in identity fraud, while also being flexible enough to modify or scale their systems in order to manage these threats effectively.
2. Secure Payment Systems and Data Encryption
Most retailers do use secure payment systems, but the issue lies in how they store customer data on their websites.
If retailer websites themselves aren't secure enough, the data can be easily accessed through a simple discrepancy in the system. What's the point in having secure payment systems then?
Data encryption is the answer. And while businesses use that too, most systems are simplistic or too outdated to be considered secure.
It's important that online shopping portals classify and encrypt all data using the latest and most secure techniques possible, while also ensuring that their encryption keys are also secured and out of reach of cyber criminals.
3. Incident Response
Incident response managing the aftermath of a security breach in a way that ensures damage control, faster recovery time and reduced costs.
A study by Resilient Systems found that 75 percent of organizations lack a formal incident response plan.
That is a huge number, and the solution involves investing in a good incident response platform while focusing on effective preparation, risk assessment and intelligence.
The best way online retailers can shore up their digital security is by planning and preparing from the outset, managing the threat of cyber-attacks proactively and learning from previous mistakes.
Doing this will help retailers protect themselves and their customers while mitigating and managing the adverse effects of cyber-crime on their businesses.
