Cybersecurity in the E-Commerce/Payments Industry


Integrating tools that can help combat the cyberattacks in the e-commerce industry will allow business owners to execute more comprehensive and advanced payment methods for their consumers. This can also help you attract more consumers. Cybersecurity is vital to gaining trust. By not exposing any personal data such as name, address, birthday, card numbers, and other personal information that can be used to fraudulent activities, you have more chance to stay in the business industry for a long time.

If your platform is not secure enough, then you may experience a data breach. When this happens, hackers can successfully enter your system and impose a threat to your business. Unauthorized individuals can also access all the information you have in your system controls. This can cause financial losses and reputational damage.

E-commerce platforms are susceptible to attacks that disrupt business operations as well. When a hacker cause website traffic, it can shut down a system. These attacks can make the website down, resulting in a loss of sales or customer trust. 

To combat these attacks and threats, they use stronger authentication to ensure that only verified consumers are using the system. With the shift of banks and other financial institutions digitally, it is necessary to implement this kind of preventive measure. They should also step up their digital onboarding initiatives.

Digital onboarding allows customers to be introduced into the system using an automated process. They have access to all the financial institution’s products, services, and facilities. This process involves the traditional onboarding process, but it is done quickly, easily, and securely via the internet. Digital onboarding is a great way to eliminate tedious tasks like filling out forms, making payments over the counter, and submitting documents.

Digital onboarding uses an institution’s online platform, either built in-house or outsourced. 

For more details about cybersecurity in the e-commerce and payments industry, here is an infographic from LoginID.