2017 is here and the ecommerce sector is looking towards a bright future this year as well according to predictions. In the US alone total average spend on ecommerce per customer is expected to be $1804 which means that the industry is in for huge strides. The rise of mCommerce as covered in one of our previous blogs is another hot area for innovation and investments as far as ecommerce companies are concerned. But we decided to focus on something that is even more important for ecommerce companies in 2017 – Security Threats.
For long cyber threats have plagued enterprises with digitally enabled platforms and ecommerce is no exception. Newer technology deployments have added more convenience for the end shopper but at the same time opened up new avenues to exploit for security threats. We throw light into 4 areas in ecommerce companies that will witness cyber exploits in full throttle for 2017:
Internet of Things (IoT)
Today a good majority of ecommerce companies utilize IoT enabled frameworks to handle their warehouse management and logistics operations. With superfast connectivity and razor sharp sensors, businesses trust such systems to carry out critical tasks and reduce human intervention. However such automated systems can be vulnerable as sensors are not yet equipped to thwart unidentified intrusions into their control hardware. To bring down costs, organizations often rely on cheaper connectivity options and this increases vulnerability of sensors exponentially.
Deliberate brand devaluation
In the era of digital marketing and social media, brands are finding it hard to appease their social savvy customers. On top of that, cyber fraudsters are now busy tarnishing brand images on social media with fake reviews, sentiments and comments. Brands that do not monitor their social media sentiments are easily prone to such schemes and even competitors hire agencies to bring down reputation of established brands with fake sentiment creation. 2017 will witness more of such attacks that focus on core brand values such as trust and customer relations and ecommerce companies need to be well aware of this threat.
Compliances and Regulatory Pressure
Governments across the globe have been cracking down on internet enabled businesses such as ecommerce and asking them to abide with local compliance rules and regulatory policies with their data assets. In order to achieve this compliance, many a times, organizations are forced to offer transparent data exchanges for authorities to monitor their transactions and these windows can easily be exploited by cyber fraudsters.
Cyber-attacks as a service
The heading might sound funny, but there exists a good number of criminal syndicates who break into technology ecosystems with large daily transactions such as ecommerce if they are paid to do so. Their attack modes range from Denial of Service to hijacking of enterprise networks to stealing customer data to name a few. In 2017 it is forecasted that such syndicated would form new partnerships globally and create even stronger cyber-attack frameworks to target digital transactions on the internet.
2017 will undoubtedly witness greater investments in cyber security by ecommerce companies globally and if you are an ecommerce organization looking to strengthen your security our 4 picks are the right areas for you to start.
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