The e-commerce market in Southeast Asia (SEA) is being driven by cashless payments, according to a recent report.
Consumers get to enjoy the convenience of a digital wallet anywhere, anytime with the help of smartphone payments apps.
Consumers are demanding for convenience, whether through their computers or mobile devices, and were found, according to recent research, to be willing to pay more for it.
However, there is still one overriding factor holding the consumers back from using online services despite the convenience being offered by the services, and that is trust.
A majority of global online shoppers refrain from shopping online due to lack of trust, according to a study by Ipsos,
Fears and concerns over data privacy have discouraged people from sharing their personal information online.
Latest research reveal that security is a significant aspect in Singapore, revealing how 47% of Singaporeans believe that it is the most important feature in their e-Commerce apps such as Carousell and Amazon.
As online market places evolve and customer preference for e-Commerce continues to grow in Singapore and the Asia Pacific, security risks are becoming a bigger issue.
Businesses need to cater to the security needs of their customers to capture the opportunities in the region.
In order to do that, businesses need to think like a consumer. From email addresses to phone numbers and credit card details, users expose a trail of data whenever there is an interaction with online sites and apps.
With the amount of private data out there, coupled with the frequency of news on data breaches, 98% of the top 50 e-Commerce apps have been found to be vulnerable to security attacks,
Online retailers as well as customers are at risk of cybersecurity threats such as credit card fraud, hacking and phishing attacks.
E-commerce sites, in particular, are increasingly targeted by hackers due to the sensitive payment card information.
Organisations doing business online need to have adequate cybersecurity controls in place, or risk consequences such as a loss of revenue, and damage to brand reputation in the event of a cyberattack.
Without a strong cybersecurity posture, no individual quality of a business is enough for visitors to buy a service or product they do not trust.
Mobile apps have taken the e-Commerce industry by storm. So much information is stored in apps and this has transformed the way consumers shop online.
Although online shopping has brought about greater ease of use and convenience, it also presents significant cyber risks due to the volume of sensitive data and personal information shared between merchants, payment providers and consumers.
This is something to be concerned about as consumers are inclined to favour convenience over security, unmindful of surrendering their information without second thought.
There needs to be greater awareness of the issues of data privacy to guarantee that adequate measures are taken by customers to protect themselves and their online accounts.
The businesses need to establish a balance between the demands of convenience and the need to stay secure.
This is where silent security comes in. It is the concept of providing an app experience that is secure, yet not overly inconveniencing users.
It involves using solutions that grant access to application functions and data depending on the identity, location, and device used, to access the app from.
This guarantees that users are who they say they are, and ensures that their credentials have not been compromised.
Biometric checks like fingerprints and facial recognition, as well as using two-factor authentication devices are also equally important.
As more consumers adopt online shopping, security in e-commerce is a top priority for both businesses and consumers.
Security needs to be foundational and silent, and should not be an afterthought.
It is necessary that online businesses should have multiple layers of security in place to keep valuable data protected.