Cyber security should be a priority among brands, as they continue to amplify their eCommerce efforts across all channels, ensuring that consumers’ data is safeguarded is more important now than ever before. Brands in the United States are especially vulnerable to fraud, as it leads the world with the highest percentage of eCommerce sales, with 77% of brands selling online, according to EVM Deployment Statistics.
With more and more transactions occurring online, cyber crimes have also grown. In 2017, data breaches hit an all time high at 1,576 - almost doubling the number in the previous year, according to the 2017 Annual Data Breach Review.
The high volume of sales taking place during the holiday season, incites greater rates of cyber attacks. According to new benchmark data from ACI Worldwide. Fraud attempts in the period from Thanksgiving Day to December 31 increased by 22%, while the number of overall transactions increased by 19%.
"Fraudsters prepare for peak holiday season just as much as merchants and consumers do," - Erika Dietrich, ACI Global Director of Payments.
During such a key selling time for brands, it’s crucial that your consumers are purchasing products and services in a secure environment. Our team has compiled several strategies your brand can implement to safeguard yourself and your consumers, against potential crime.
Frequently Monitor your Payment Card Industry (PCI) environment.
The PCI Data Security Standard is a set of security standards designed to ensure that any company, small or large, that accepts payments or transmits information via credit card, maintains a secure environment.
By staying up-to-date on your PCI environment, your brand will be aware of potential invasions to your payment system, before something goes really wrong. These regular checks may seem like an unnecessary hassle, but being compliant can significantly increase consumer confidence in your brand.
According to a Harris Interactive Consumer Survey, two-thirds of American shoppers would not return to a business after a data breach. People don’t buy from brands they don’t trust. Don’t lose business over lost data.
Get your security audited regularly.
Whether it be an internal audit by your company’s team or an external outsourced audit, this can help determine whether further security measures are necessary to keep your consumers safe.
The ultimate objective of a cyber security audit is to provide your brand with an assessment of your current policies and procedures and how effective they are in fighting off potential risks. Practice prevention, instead of cleaning up the mess of a cyber attack.
In 2017, the average cost of a data breach in North America was $1.3 million for enterprises and $117,000 for small and medium-sized businesses, according to a report from Kaspersky Lab.
Maintain Good Leadership and Education
According to the IBM Cyber Security Intelligence Index, human error is responsible for 95% of all security incidents that take place. At the end of the day, training and empowering your workforce is one of the best ways to ensure maximum cyber security.
Having scheduled cyber security trainings throughout the year can make a huge difference. A KPMG Report concluded that, “Boardroom discussions should be moving from prevention to detection, containment and response, and to addressing cyber risk as an enterprise-wide business issue. A robust and frank boardroom dialogue is vital to making cyber security a core competency across retail.”
A cyber attack could deeply harm your brand’s public image and ability to sell. By making cyber security a top priority, you’ll shield your brand and consumers from harm.
A 2017 CIO survey concludes: “Confidence in cyber security is at an all-time low.” The survey goes on to report that just 1 in 5 respondents feel “very well prepared” to respond to cyber attacks.
Is your company prepared to combat cybercrime? Let Quivers protect your eCommerce brand. When you implement the Quivers solution, you’ll receive full fraud protection and support, with Quivers taking all fraud responsibilities for orders transacted through our software. Show consumers that you're a brand they can trust.