Cybersecurity in the E-Commerce/Payments Industry

Even before, the e-commerce industry was always target of cyberattacks. It’s always been the target of fraudulent acts and thieves. These pose a direct risk to business owners, especially their consumers and clients. The cost of a breach, both loss of data and customer trust, can ruin and damage the business.

Another area of vulnerability that is frequently attacked is online payment systems. Online businesses must be able to accept payments as it is the final step in a customer’s purchasing journey. These providers are being increasingly targeted by denial-of-service attacks, especially by hackers who want to disrupt an organization in a highly visible manner.

Depending on how long it lasts, the financial consequences of a payment system breach can be challenging to handle. When this happens, customers can’t pay using e-payment; this can also mean not being able to buy your products. 

Payment-related incidents keep on rising each year. To address this kind of issue, enterprises nowadays come up with a solution by integrating LoginID’s payment authentication. This allows merchants to ensure frictionless, FIDO2-certified security for their payment transactions.

Cybersecurity reinforcement and awareness can help e-commerce businesses reduce cybersecurity risks. Enterprises can avoid making the same mistakes that can lead to security breaches by learning about the threats. Integrating cybersecurity solutions into e-commerce platforms makes it harder to execute attacks and easier to block them.

Although it may seem like a burden, using 2-step verification or 2-factor authentication, or multi-factor authentication will assure you that only you and authorized users have access to your store. It’s well worth the effort, considering the possible consequences of a breach incident. You can also have a biometric digital signature to ensure that every transaction made in your business is well protected. This will ensure you also that only verified users will use your digital payment platform.

For more information about cybersecurity in the e-commerce and payments industry, here is an infographic from LoginID.

Cybersecurity-in-the-E-commerce-Payments-Industry
 

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