Nearly unlimited access to the internet has given rise to a generation of entirely new entrepreneurs. No longer is it necessary to secure a bank loan or office space to start a business; all you need is an internet connection and something to sell.
Ecommerce businesses are the success story of the 21st century, allowing anyone with a good idea for goods and services to hang up their digital “shingle” and begin accepting revenue from anyone with digital payment method.
As a provider of top tier IT services, Medicine Bow Technologies has a slightly less rosy view of the ecommerce “gold rush,” as we’re well versed in the potential risks of conducting business solely via the internet.
We’re always surprised to hear consumers fretting about mundane issues in the ecommerce world, such as out of stock items and high shipping costs. These people are blissfully unaware that their credit card numbers and other sensitive information are being transmitted across what may be less-than-secure telecommunication lines.
As the owner of an ecommerce business, protecting your website and payment processing from cybercriminals goes a long way toward protecting your customers, as well as your own financial interests. Pepper disclaimers about a lack of liability all around your website if you want, but the first instance of hacking or credit card information theft will destroy your reputation as a safe place to do business.
Keep reading to discover some of the unique security challenges faced by ecommerce businesses, as well as how IT services from Medicine Bow Technologies can help to mitigate your risk.
Types Of Security Risks In An Ecommerce Business
According to a joint study published by researchers at Muhlenberg and Iona Colleges, there are three main types of security risks in ecommerce:
- Information Risk – Including libel, slander, copyright infringement, invasion of privacy, unauthorized release of information, credit card information intercepted in transit, flight of intellectual property due to staffing chances, etc.
- Technology Risk – Including negligent errors or omissions in software design, unauthorized access to the website, viruses, ISP crashes, credit card information interception, improper integration with internal databases and operational processes, etc.
- Business Risk – Including defamatory statements that result in libel, promotion of potentially illegal activities or products, disputes between developers and clients, changes in supplier relationships, flight of intellectual property, excessive dependence upon an unreliable ISP, unprotected domain names, improper integration with internal databases and operational processes, etc.
Ways To Mitigate Security Risks In ECommerce
- Choose a secure ecommerce platform
- Avoid storing sensitive data
- Make sure your online checkout is PCI compliant
- Require strong passwords
- Layer your security through professional IT services
IT Services From Medicine Bow Technologies Can Protect Your Business
It is the technological risks that can be most capably mitigated through IT services from Medicine Bow Technologies. Rather than apply a one-size-fits-all approach to IT services, which is the strategy of some of our competitors, MBT provides tailored IT solutions that are customized after taking the time to listen to your individual needs. As we’ve hopefully illustrated here, the IT solutions needed by a brick-and-mortar business are vastly different from those in ecommerce.