Cybercrime is a growing threat that is having a huge impact on how people use the internet. It is changing the way consumers do business, causing massive security concerns and issues for B2B companies operating online. From cell phones to iPads, tablets to laptops, not to mention the PC, with so many of us connecting to the web through so many different devices, the stakes are higher than ever today.
Let’s take a look at the ripple effects of cybercrime on B2B companies — and how to overcome them.
Concern About Credit Card Data Hacking is Impacting Sales
Credit card leaks are becoming more commonplace and data breaches are on the rise, impacting both B2C and B2B eCommerce sites. Due to recent data breach incidents in the news, consumers are warier of posting credit card information, which prevents some online sales. Concerns over payment security cause incredibly high shopping cart abandonment rates.
McAfee, PayPal, and Verisign are just a few companies that offer trust badges that help customers feel safer due to stringent security guidelines your business has to meet to earn them. You can also improve customer confidence by ensuring that your website has both strong HTTPS encryption and updated SSL certificates.
Multi-factor Authentication for Enhanced Security
Implementing multi-factor authentication (MFA) is a proactive step to safeguard customer data and transactions. By requiring users to provide two or more verification factors, businesses can significantly decrease the chances of unauthorized system access. Common methods include SMS codes or biometric identifiers that verify identity beyond passwords.
This added security measure not only protects against data breaches but also strengthens customer trust in your company’s commitment to cybersecurity.
Connected Devices are Vulnerable Security Risks
Do you remember the story about the Smart-Refrigerator that sent spam emails to thousands of addresses? The Internet of Things (IoT) has made life easier and more convenient in many ways, but a hacker can hijack them and wreak havoc on computer systems.
Just as consumers must protect their smart devices with antivirus software, your company needs to inspire consumer confidence by protecting software with key-based digital signatures. Use a secure boot, and secure your network with an IoT turnkey solution.
Regular Security Audits
Conducting regular security audits is a smart approach for evaluating and fortifying cybersecurity defenses. These audits can highlight vulnerabilities and ensure compliance with industry regulations.
Businesses must remain vigilant against emerging threats by adapting their security strategies. Keeping pace with the latest cybersecurity developments can help prevent breaches and maintain the trust of your clients.
Ransomware is a Massive Threat to Businesses
Having your system, and your whole business held hostage to ransomware can only be solved by prevention. It’s rarely possible to track the culprits down, and law enforcement and the government aren’t going to be able to fix it.
Protect your organization from ransomware attacks through vigilant automatic backups and team training. Keeping regular data backups will give you something to roll back to if or when ransomware strikes. Educating your team about links that seem wonky and emails that look fishy is important. Instruct them to notify you immediately if they think you’ve been infected so you can disconnect networked devices and contain the damage.
Employee Awareness Programs
Companies should invest in comprehensive employee training programs designed to increase cybersecurity awareness. Educating employees to recognize phishing attacks, create strong passwords, and engage in safe online practices is highly important.
Frequent training sessions keep everyone informed about current threats and secure valuable company data. An aware team is a strong defense against potential cyber-attacks.
Cookie Consent Legislation is a Thing if You Have EU Customers
All EU countries passed privacy legislation six years ago, protecting consumers from unknowingly having their personal information tracked. Any site that targets audiences in the EU is required to notify website visitors that they use cookies, explain what data is collected through the cookies, how the information is going to be used, and specifically get permission from the visitor to use cookies to track them. If you don’t comply, there could be some unpleasant impacts, especially on eCommerce sites.
Make sure you’re automatically staying in compliance by using a third-party cookie consent management tool such as Cookiebot or Cookie Collective to add cookie consent compliance to your site.
Protect Your Company and Your Customers
Because cybercrime is seeing such explosive growth, your company can face multiple challenges. To inspire trust from your customers, it’s critical that you put solutions in place to protect data and personal information now to reduce disruptions in the future.
