In today’s digital world, e-commerce has become a fundamental tool for the success of companies in all sectors. However, as online transactions grow, so do the risks of cyber attacks. Ensuring cybersecurity in e-commerce is crucial to protecting sensitive customer data, avoiding financial losses and maintaining consumer confidence.
Alfa Seguros understands the challenges faced by e-commerce businesses and offers customised cyber insurance solutions to protect your business against the growing risks of the digital world.
In this article, we’ll cover the importance of cyber security in e-commerce, the main types of threats and how Alfa Seguros can help you protect your business.
Why is cybersecurity crucial in e-commerce?
- It protects sensitive customer data: online shops shop confidential information such as names, addresses, credit card details and purchase history. Unauthorised disclosure of sensitive data can cause considerable damage, such as identity theft, financial fraud and damage to the company’s reputation.
- Prevents phishing attacks: attempts to trick users into revealing confidential information such as passwords or credit card details.
- Prevents financial losses: cyber attacks can generate costs for system repairs, data recovery, loss of revenue and fines for data breaches.
- Maintains consumer confidence: customers who feel safe when shopping online are more likely to remain loyal to the brand.
Main types of cyber threats in e-commerce:
- Malware: malicious software that can steal data, damage systems or even take control of the online shop.
- Phishing attacks: attempts to trick users into revealing confidential information such as passwords or credit card details.
- DDoS attacks: attacks aimed at overloading the shop’s website with traffic, making it unavailable to customers.
- Software vulnerabilities: flaws in the software used by the online shop can be exploited by cybercriminals to gain access to data or systems.
Who is this type of insurance aimed at?
Cyber insurance is aimed at companies in all sectors that depend on vital data and confidential information, in addition to financial institutions. It is especially important for companies that store customers’ personal information and financial and health data, as they are more exposed to cyber-attacks and security breaches, such as e-commerce.
Cyber insurance can provide cover for a number of areas, including:
- Data Liability: Cyber insurance covers the possible financial consequences arising from the loss or misappropriation of customer, or employee, data.
- Crisis Management and Security Breach Training: Provides access to a cyber incident response team of industry experts and covers PR costs to minimise damage that could affect your company’s reputation. This insurance includes forensic services following a data breach, assistance to repair corporate and individual reputation, cyber security training and covers the costs associated with notification.
- Administrative obligations: These are covered by cyber insurance, including the significant costs and charges associated with the investigation and fines imposed by data protection regulators in the event of a data security breach. Keep your company protected.
- Data recovery: Electronic data is protected by cyber insurance, which covers the costs of recovering, new, retrieving and recreating data in the event of a leak or breach.
Portugal was the third European country with the most cyber attacks to which IBM responded in 2022
“The biggest impacts” of the attacks in the country were “theft and information leakage”, followed by extortion attempts, said the head of IBM Portugal’s cybersecurity services.
Investing in cybersecurity is fundamental to the success of your e-commerce business. Alfa Seguros helps you protect your business against the risks of the digital world and gives you peace of mind so you can focus on what really matters: selling more and building customer loyalty.
Together, we can protect your e-commerce and guarantee your success in the digital world!
If you have any questions, please send us a message. Get in touch!
