Among retailers that host e-commerce sites, the massive surge in online shopping has led to new infrastructure expenditures. Because most consumers will avoid physical stores in the months ahead, many retailers with stretched budgets are investing in website re-builds and revamps. Although your firm’s exciting new e-commerce infrastructure might attract consumers, it’s likely to attract hackers as well. E-commerce based businesses receive the highest volume of attacks per sector, and cyber attacks can cost organizations millions in clean-up fees.
In an age when most firms are fighting cash flow problems, poorly secured infrastructure could easily lead to further economic setbacks. To avoid this, dedicate a portion of existing funds to cyber security improvements. In addition to providing cyber protections, advanced security can help you improve client conversion rates, increase sales, and grow revenue streams. Read on to learn more.
Converting by Cultivating Consumer Trust:
More than 80% of online shoppers are wary of websites that aren’t familiar. Consumers want to trust your brand, but need reasons to do so. Your cyber security measures play a critical role in building customer relationships online. Where is your firm with Payment Card Industry (PCI) compliance? How about Security Socket Layer (SSL) badges? Obtaining and advertising your implementation of these methods and tactics can influence consumers’ decisions.
In addition to providing cyber protections, advanced security can help you
improve client conversion rates, increase sales and grow revenue streams.
Mastering PCI Compliance:
In the early 2000s, Payment Card Industry Compliance requirements were introduced as a data
security standard. To be PCI compliant, organizations must:
• Maintain a firewall
• Restrict access to cardholder data
• Regularly update anti-virus software or programs
• Monitor network access
While PCI compliance isn’t legally mandated, banks often penalize non-compliant merchants.
Financial penalties range from a few thousand dollars to hundreds of thousands of dollars.
Non-compliant firms may also see inflated insurance premiums and lower claim payments.
On your organization’s website, choose a highly visible location where you can include a statement about your organization’s PCI compliance. Describe what it means to be PCI compliant and why that matters for customers. This will help build the trust that you need in order to gain and to sustain conversions.
Building your Branding with Badges:
Ninety-two percent of consumers report that they’ll buy again from brands that they trust. Build
trust by placing “badges” on your website, indicating that a third-party has verified your firm’s
credibility. A Secure Socket Layer (SSL) badge is arguably the most important badge to display, as such provides reassurance that personal information will not be stolen from a given site.
In one remarkable example of non-compliance, a hotel was found guilty of storing nearly a
decade’s worth of customer data, including unmasked credit card numbers, in its laundry room.
PCI non-compliance and the associated reputational damage can prompt customers to take
their business elsewhere.
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