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A single breach can lead to major financial losses and irreparable damage to a company’s reputation. As cyber threats continue to increase, eCommerce platforms cannot afford to take a reactive approach to cybersecurity. Proactive cybersecurity is not just technically necessary but strategically important for online retailers. By adopting proactive cybersecurity practices, eCommerce companies can protect customer data by predicting possible threats and implementing preventive security measures.
In this article, we will learn why a proactive cybersecurity strategy is important and how it can help eCommerce businesses stay ahead of cyber threats.
In this age of technological advances, cyber threats are also evolving rapidly. Businesses of all sizes, big or small, are experiencing unpredictable cyber threats that are more frequent and sophisticated. In these situations, eCommerce companies often need to choose between two main ways to handle cybersecurity: proactive or reactive.
A reactive approach in cybersecurity deals with the cyber attacks after they take place. This method focuses on detecting, containing, and mitigating the damage caused by cyber incidents. Hence poses several risks for eCommerce companies, some of them are discussed below.
The main risk of reactive cybersecurity are as follows:
One of the big reasons for slow responses is eCommerce platforms wait for cybercrime to occur and then implement security measures. The longer time it takes to detect and fix a breach, the more damage can take place.
Taking reactive measures often results in a rise in expenses related to breach recovery, legal fees, and regulatory penalties. Moreover, the reputational damage leads to lost clients and a significant financial burden on the company.
Every customer expects that their sensitive information is secure. Any cyber attack directly impacts your eCommerce company because it takes a huge time to build trust, and the breach will lead to a decline in business. Restoring customers’ trust after a security incident is both difficult and time-consuming.
Regulatory bodies demand prompt reporting and resolution of breaches. As the reactive strategy takes time, it may result in delayed response and shall be subject to fines and litigation.
A proactive approach to cybersecurity involves taking action before any cyber attack occurs. It deals with prevention rather than cure, unlike the reactive approach that waits for cyber incidents to happen. Research conducted by The Economist Intelligence Unit suggests that firms with a proactive security strategy in place, tend to reduce the growth of cyberattacks and breaches by 53% over comparable firms.
In this dynamic world, choosing a proactive approach to cybersecurity offers many benefits.
Here are the top benefits of a proactive cybersecurity approach:
Proactive strategies help to detect potential threats, allowing for timely mitigation and thus making it impossible for cyber attackers to cause serious damage.
It is often said that prevention is better than cure. Preventing breaches costs less than recovering from breach events. With proactive cybersecurity, the cost of recovering from breaches is lower than dealing with them.
A proactive approach values and safeguards customer information. It ensures the security of customer’s sensitive data and builds customer trust and loyalty with overall business growth.
Proactive cybersecurity ensures compliance with regulatory requirements, avoiding fines and legal issues.
eCommerce businesses should incorporate the following components for a broader approach.
Here are some recent case studies that effectively mitigated cyber security risk following the proactive approach to cybersecurity.
Cisco developed a predictive analytics tool using machine learning to evaluate network traffic patterns, thereby identifying anomalies that might identify potential threats. This proactive cybersecurity strategy enabled Cisco to address potential dangers in real-time. Consequently, it significantly reduced the incidence of successful cyberattacks.
RedShield showed its expertise in safeguarding a high-profile New Zealand government agency against a distributed denial of service (DDoS) attack. Although the threat was powerful, RedShield’s early detection and proactive interventions effectively mitigated the cyber attack, ensuring uninterrupted service availability.
The tremendous growth of eCommerce has made the cybersecurity process more complex. A reactive approach to cybersecurity is no longer sufficient; eCommerce companies must adopt a proactive approach to protect their businesses and customer trust.
The main benefit of a proactive cybersecurity approach in eCommerce is, it can predict potential threats and implement cybersecurity measures. That helps them stand one step ahead of cybercriminals. In a world where even a small error can lead to unpredictable financial losses, proactive cybersecurity isn’t just an option, it’s a requirement.
If you’re looking to enhance your eCommerce data security, RBM Software’s AI-driven encryption solutions can fortify your platform. Contact us for a free consultation with our cybersecurity experts.
