How Data Security Can Enhance Your eCommerce Success

How Data Security Can Enhance Your eCommerce Success

The world of eCommerce can be very alluring to entrepreneurs. There is indeed the possibility of selling your goods to consumers from all over the world through the internet. However, taking your business online is not without its own risks. Some of these risks can be extremely serious. To avoid some of the deepest pitfalls, you need to invest in data security. Below are some of the ways data security can enhance your eCommerce success.

Your Data Helps to Form Your Competitive Advantages

In the past, business data was simply data. It was just collected information and numbers that ended up simply taking up space on local hard drives until it was eventually erased. Today, this could be further from the case. Data, in fact, make up a large portion of modern businesses’ competitive advantages. Data regarding customers, products, sales, marketing, and more can be used to plot strategies for both the present and the future. The storage of large volumes of such data for future analysis has become known as “big data.” According to statistics, over 97 percent of organizations surveyed said they were investing in big data and AI. Such investments into recording and analyzing data to improve strategy can be expensive. While those investments can pay off, they can be wiped out in an instant if you don’t also make the proper investment into data security.

Customer Data Is Sensitive and Must Be Protected

A lot of the data stored by businesses regards information concerning customers and customer activity. As such, much of this data can be rather sensitive. It can include information like full names, street addresses, phone numbers, credit card numbers, birth dates, and more. This data must be protected while it is stored or in transit. If you are in the San Francisco bay area, for example, look for the most trustworthy IT company San Francisco has to offer to find a partner to help ensure that this data always remains secure. There are many strategies that can be used to increase your data security. This includes implementing data encryption, data loss prevention programs, next-generation firewall, two-factor authentication, and dark web monitoring tools to protect against potential leaks from hackers. Overall, you must be proactive to protect both this data and your customers.

Data Security Keeps Your Business Running Smoothly

Data security can also help you avoid interruptions in your business. Your employees oftentimes need access to this data to perform work such as performing different customer service functions. If a service rep can quickly access data regarding a customer’s previous interactions with the company, they can provide far better service than would be the case without access to this data. In fact, if this data becomes corrupted or lost, customers may not even be able to perform simple tasks like completing the checkout process on your online store. The entire system could run into serious problems. Protecting your data means being able to run your business smoothly. Avoiding such problems also means increasing your revenues that will not be lost due to such disruptions.

Data Security Prevents Lawsuits and Protects Your Reputation

Hackers spend a lot of time trying to find ways to access the data of different eCommerce businesses. Once this data is accessed, it can then be sold for a profit to cybercriminals on the dark web. That information can then be used to perform identity theft crimes that could result in customers’ bank accounts being emptied or even things like fraudulent loans being taken out in their names. After these losses, the odds of your business being hit with a class-action lawsuit are quite high. Being in such a lawsuit is quite serious due to the fact you could lose millions of dollars. However, the hit to your reputation when this information is reported on by the media can be even worse. Even customers who were not harmed in such a leak may stop doing business with your company out of fear.

Data security is an absolute necessity for all eCommerce businesses. Without it, very bad things can happen to your business. The negative fallout could last for years or even cause your company’s early demise. However, with data security, you can enhance the performance of your business through data analytics and increased efficiency. Certainly, make the necessary investment.