Around the world, governments are stepping in to ensure customer data is private and protected. Many people didn't realize that when apps were free, they were able to do so by selling customer data behind the scenes to other groups.
That's often how companies could get their hands on your data to send emails and pamphlets to you.
We've seen substantial data leaks and breaches in this last decade. I don't know about you, but every time a new one came out I was more and more worried about my privacy, even if I wasn't connected to the breach at all!
Data regulations worldwide
There are many different regulations worldwide, but a few important ones are the GDPR (General Data Protection Regulations)
in the EU and the CCPA (California Consumer Privacy Act) in the US.
Both security and compliance guidelines are things that you need to keep on top of. In the eCommerce space, both can become very important to your business. Certain industries have standards, certain standards apply to credit card data, and GDPR and CCPA apply to customer data and their right to privacy.
People around the globe are more concerned about what companies are doing with their personal data. Personal info has become valuable. Companies weren't being responsible with consumer data and protecting said data.
It made them vulnerable to cyber-attacks, where consumer data is stolen. Security was on these companies' minds, but not at the priority level it should be at.
Where have big data breaches happened?
- Target has 110 million customers' credit card data compromised.
- Adobe reported that a breach got access to IDs and encrypted passwords for users
- Verizon saw a breach that left 43,000 credentials stolen
- Capital One had customer data stolen last year in 2019
While these may not sound important, and some data may not feel useful to you, you'd be surprised at how important it truly is! There's a high demand for certain information as data can be super useful for different reasons.
Most, if not all of our transactions occur online or are facilitated through the internet, and while being connected makes a lot of things easier, it also means an increase in data theft.
Hackers can use the data to take down a website or business, or even to use information to launch campaigns against different groups. Data can also be stolen as a sort of ransom to collect money as the firm may fear certain data being lost forever.
The future of security
It'll be interesting to see where the eCommerce industry heads in terms of further security and data privacy. Consumers are demanding better and more control of their data and for businesses to assure their privacy.
Data breaches can quickly change into a serious crisis for a business, so it benefits both consumers and businesses to increase their security and to meet compliance standards.
So, remember to stay vigilant and be careful where you share your data. Keep an eye online to see when data breaches occur and what you should do about them!
The action you can take on your eCommerce store to protect customer data
- Secure Your eCommerce Store with HTTPS Protocol
- Only collect the data that you NEED
- Create and Update (and Enforce) Important Pages
- Create a Response Plan for a Data Breach (Try this template from Sysnetgts)
- Create an Email Response for Future Breaches (Try this template from IAPP)
- Make Your Apps are GDPR Compliant (Fera.ai is GDPR compliant)