As the frequency with which consumers opt for digital payments increases, so, too, does the need for enhanced cyber security. While shoppers prefer to buy and pay for goods online, they also understand the risks associated with submitting private data online, which is why industry professionals and analysts both agree maintaining high levels of security is the most pressing eCommerce issue in at least the immediate future.
An article in Digital Journal projects that cyber security will be the number one issue of organizations in the eCommerce industry in 2014. This is backed by industry analysts and efforts made by the U.S. government to educate companies on the benefits of protecting online information.
Companies already know the importance of PCI compliance, but it's crucial to understand just how much customers will value their security as more transactions are conducted in virtual environments. Mike Randazzo, an independent business analyst, stressed this point in a conversation with the news source.
"Consumers want to know they can trust the companies that they provide their credit card information to," he said. "It's been the biggest concern of 2013, and it will be an even bigger concern in 2014."
As a merchant, you know you are ultimately responsible for the security of your customers' sensitive information. However, when evaluating payment processing systems, there are components to look for that can alleviate some of these security risks. Payment tokenization will help with your PCI compliance efforts because it allows you to store sensitive information off site, protecting it from targeted attacks.
As security continues to dominate the eCommerce discussion, preparing yourself for cyber threats can put your organization in a better position to ensure your customers's information is kept safe.