WATCH | Cybersecurity risks in the age of rising e-commerce

In the last few years, we have seen accelerated growth in digitisation, e-commerce and the 'platform economy' which has allowed for convenience in online shopping, service delivery and transportation. 

With this growth, we have also seen a rapid expansion in cybercrimes which pose a threat to crucial client information that is collected and stored digitally.

A report by Steve Morgan, a top cybersecurity journalist, estimated that by 2025, the yearly cost of damage from cyberattacks, at the present rate of growth, will be nearly $10.5 trillion, a 300% increase from 2015. A daily average of 1 300 complaints about online crimes were sent to the FBI in 2019, a 40% increase from the previous year. 

The available data on cybersecurity suggests that, to protect IT assets and data from increasingly complex and sophisticated cyberattacks, businesses need to develop a straightforward yet integrated cybersecurity plan. 

"Businesses are under immense scrutiny to keep client data safe and secure – and with a platform business, more client information is collected and stored than what would exist in a brick-and-mortar store," says Pascalle Albrecht – National Head of Sales Strategy at Nedbank.

"Not only do sellers now need to consider how to drive visitor conversion rates, and ensure that their order fulfilment process is sound – they now too have to be conscious of digital predators."

Watch the video above for 3 ways businesses are protecting their clients’ data

Albrecht says that to keep up with cyberthreats, businesses need to keep up-to-date with all enhancements in data security systems and protocols and ensure that they train their staff on how to spot and report suspicious behaviour. 

'An investment, not a cost'

"As much as businesses may have cybersecurity metrics in place, it is pivotal that businesses begin to see these practices as more of an investment than a cost. Keeping abreast and up to date with the cyberthreats and the newest protocols and systems to prevent these attacks – is no longer a luxury, but a necessity," she says. 

Nedbank is not only a key player in the digital banking market but has also entered the platform economy through its e-commerce platform AVO, which allows businesses to launch their business on the platform and meet new customers and enhance their selling power without having to invest in building their own e-commerce platform.

To protect their client information on all platforms, Nedbank launched Approve-it™ - a system that protects clients from fraud and phishing attacks by allowing them to accept or reject any internet banking transaction by simply using their cellphone.

The bank also offers optional second-factor authentication, but for its Commercial Banking clients, it is a requirement when you access the Nedbank Business Hub. You can also use NetBank Business for local transactions and Global Transactional Banking for international transactions via this hub. You can also perform and complete account self-maintenance, and apply for goods and services. 

Partner with Nedbank Commercial Banking on your digital journey HERE and find out more about e-commerce safety and the platform economy.