Cybersecurity and Compliance for Online Services
The role of the online marketplace continues to expand, with 90 percent of retailers using the sector to sell their goods. For business-to-business transactions, e-commerce also looks promising, with the market expected to reach more than $6.5 trillion in sales. As with brick-and-mortar companies, cybersecurity and compliance are essential for online service providers.
Cybersecurity Risks for Online Businesses
Exceptional cybersecurity for online businesses is essential due to the following risks in the industry:
- Ransomware: For hackers, ransomware is a go-to choice. In fact, every 40 seconds, a company is hit with a ransomware attack, with only 29 percent managing to avoid infection. As a result, ransomware has become a priority for developers of cybersecurity software for online services.
- Passwords: The statistics on password-related data breaches is alarming. More than 80 percent of hacks result from weak or stolen passwords, which is why more businesses in the online service sector are implementing password protocols for staff.
- APT: An Advanced Persistent Threat (APT) is another growing risk in cybersecurity for online businesses. By bypassing a company’s network without detection, an APT can lead to a significant data breach that can cause lasting damage to your organization’s brand and financial standing.
- Phishing: Today, 1 in 14 users fall for phishing scams — with 95 percent of those scams ending in the installation of software. It’s a statistic that emphasizes the need for companies to prioritize employee training, providing staff with the tools to recognize and avoid a scam.
- DDoS: For large companies that offer online services, distributed denial-of-service (DDoS) attacks are a significant concern, as 98 percent of them are directed toward businesses of your size. That’s why it’s critical to use cybersecurity software for online services that provide advanced protection methods for the cloud.
Cybersecurity Compliance for Online Services
As well as maintaining their cybersecurity, online businesses must also ensure they’re compliant with several standards, including:
- PCI-DSS: The Payment Card Industry Data Security Standard (PCI-DSS)is one of the most critical areas of compliance for online service. If your processes for accepting, storing and transmitting payment data violates PCI-DSS, you risk legal and financial action — including fines of up to $100,000 each month.
- SOX: For companies that are publicly traded, Sarbanes-Oxley Act (SOX)compliance is critical. That’s why many online businesses will adopt cybersecurity software that features reporting tools for this standard, as well as other regulations. Non-compliance with SOX poses significant financial penalties and prison sentences of up to 20 years.
- HIPAA: If your online services include materials and information covered by the Health Insurance Portability and Accountability Act (HIPAA), you’ll want to confirm that your payment and storage processes secure all the data that’s exchanged between your company and its customers, as HIPAA violations carry severe penalties.
Cybersecurity Software for Online Services
For many companies, cybersecurity and compliance for online services is an immense undertaking. As a result, many business leaders rely on BlackStratus cybersecurity software for online services, which is designed to meet your industry’s unique needs. Whether you want to ensure compliance, streamline incident management workflows or receive real-time alerts of security risks, BlackStratus solutions deliver the performance and protection your company demands to drive productivity and profitability.