E-commerce merchants are increasingly suffering from network security and fraud. Their websites are daily attacked by fraudsters and their networks suffer from the hacks from which fraudsters acquire stolen information. These data breaches are becoming more and more costly.
Fighting Fraud
Merchants can take some security measures to cut the costs associated with network intrusion. One of these measures is to find a reliable payment processor like emerchantbroker.com that provides the top level of security for payment processing. With EMB, you can get a safe and low-cost ecommerce merchant account for your online business.
In partnership with Verifi and Ethoca, EMB helps merchants reduce card-not-present fraud by establishing a bridge between merchants and card-issuing banks. As a result, merchants become able to prevent chargebacks by getting notified of them in hours and not in weeks.
Retailers should also take such measure as appointing a Chief Information Security Officer that will save the company $7 per record in a breach. Additionally, they should also use encryption, which is even more effective in terms of savings. Even if there is no breach, security measures are important from the aspect of customer retention.
Cybersecurity Attacks Are on the Rise
2017 has started with an increased number of cybersecurity incidents. These include both theft of sensitive customer data and corporate espionage, damaging outages related to ransomware or hacking sponsored by a state. The risks associated with cyberattacks are the greatest ever. No company is 100% safe.
According to RedSeal Inc. poll of 200 CEOs, almost 46% of respondents are focused on security issues, and for 36% cybersecurity is among the top 5 priorities. RedSeal Inc. or RedSeal is a private company located in Silicon Valley that provides a cybersecurity analytics platform to Global 2000 organizations.
Nearly 85% think it will become more and more challenging to secure data and systems. This is conditioned by the fact that attacks are increasingly becoming more sophisticated and able to bypass traditional filters. On the other hand, IT environments are becoming more and more complex.
According to 87% of participants, a network security breach isn’t a matter of whether it will happen or not, but when it will happen.
A recent report shows the average cost of a breach has grown 29% since 2013. Even a simple breach can cost a company millions of dollars. The lack of consumer confidence results in over 20% of abandoned shopping carts.