Over the last decade, eCommerce has outpaced the growth of in-person shopping. eCommerce shopping accounted for 431 billion dollars in 2020 and is projected to grow to 536 billion dollars in the next few years.
As retail sales continue to shift online, the responsibility of privacy and security issues in eCommerce continues to fall further onto the store’s shoulders. Through these changes, eCommerce stores must ensure they have the proper security protocols in place to keep their customer data secure.
Yet, navigating the complex world of cybersecurity often doesn’t align with a shopping platform’s core skill set. Thus, it’s often best to outsource to experts in the field of cybersecurity.
To this point, learn how Cobalt’s cybersecurity professional services empower companies to operate with a higher degree of security and rest assured that your systems have been properly reviewed for vulnerabilities.
Potential Security Risks in the Retail Environment
Potential security risks in the digital retail environment range from failing to meet compliance standards, to losing customer trust, or even worse, experiencing a breach by an attacker. Understanding each of these different threats can help companies ensure they take the necessary steps to secure their online systems, sensitive data, and assets.
Let’s take a closer look at the potential security risks in an online retail environment.
Maintaining Customer Trust & Protection Against Attacks
One core reason to engage with a cybersecurity firm begins with maintaining trust with your customers.
With brand trust being one of the top reasons a consumer will shop with a particular company, it’s vital firms prioritize establishing and maintaining it. Few things come to mind that could jeopardize this trust more than a successful breach of your online storefront.
Furthermore, the loss of trust may end up being of low concern if financial data or personally identifiable information become available to an attacker. This could lead to financial damages to your business which are simply unrecoverable.
Another core reason eCommerce stores should consider a security partner comes from compliance.
Compliance requirements will vary depending upon the exact nature of an eCommerce store and precisely what they sell, data collected, and other details. With these factors in mind, digital retailers often need to consider PCI, GDPR, and other common eCommerce compliance frameworks.
With an experienced security consulting team, retailers can lean on the expertise of the consultancy instead of navigating the complex world of compliance alone.
Expanding upon this, many online retailers will leverage existing commerce platforms such ascerns with the platform’s infrastructure. For companies built on more custom software, this isn’t possible. Nevertheless, both situations will require some form of compliance upkeep by the digital store owner.
Retail Penetration Testing Services
While cybersecurity services such as pentesting make sense and are even required to align with PCI-DSS requirements for an eCommerce company, it can be a challenge for stores to navigate the complexities of compliance. Furthermore, instilling trust with your customers will likely remain a cornerstone to any successful online retail business.
Therefore, to keep up with your compliance needs and establish or maintain trust with your customers, look to Cobalt’s Pentest as a Service (PtaaS) platform. Our team of highly-vetted pentesters comes with a wealth of experience finding vulnerabilities on eCommerce platforms.