Network security and fraud are two sides of the same coin, but e-commerce merchants increasingly are suffering on both sides. Not only are their sites bombarded daily with fraud attacks that they are financially liable for, but their networks also suffer from the very hacks that provide those fraudsters with stolen information, and those breaches are becoming more costly. For e-commerce companies, the average cost of a network intrusion has risen 29 percent since 2013, according to a report from digital security provider Symantec and e-commerce platform BigCommerce. The average cost associated with every compromised record is now $172, so even a modest breach can end up costing a company millions of dollars. The companies released the joint research in conjunction with an announcement that BigCommerce now offers an encryption solution from Symantec giving merchants using its platform access to a suite of encryption products.
There are several security steps retailers can take that have proven to reduce the cost associated with a data breach, the companies said. The simple act of appointing a Chief Information Security Officer will save a company $7 per record in a breach. Other techniques, including the use of extensive encryption, can nearly double those savings. Visible security measures can have a positive impact on customer retention, even if no breach occurs, according to Jimmy Duvall, chief product officer for BigCommerce.
“More than 20 percent of online shopping carts are abandoned due to a lack of consumer confidence,” Duvall said. “We’re excited to be working with Symantec to provide BigCommerce customers the benefit of even greater protection and the ability to provide an end-to-end, secure shopping experience.”