According to a recent report by BMI Research, “cyber-attacks and scams represent the most formidable threat to Singapore” because our internet infrastructure is seen to be less developed compared to our global counterparts. Online shoppers are therefore left vulnerable to various attacks, going up against anything between being victims of cheating or data theft by hackers.
This is bad news for companies who depend on online transactions to conduct their daily businesses. It results in a severe loss of trust and credibility with their customers, leading to potentially disastrous consequences. It is therefore becoming increasingly more important to boost online security by employing the best and up-to-date methods of protection to keep up both with a rapidly evolving technology as well as the influx of increasingly sophisticated cybercriminals. This is where SSL comes into the picture.
So what is SSL exactly? Simply put, SSL is a security technology that encrypts the connection made between a web server and a browser. This means that any data, such as credit card details, passwords and ID numbers that passes between the two remains private and locked away from being breached by a possible third party.
Even industry giants such as Google has moved towards using more perfect SSL to help increase their level of protection, making it difficult for cyber criminals to hack into sensitive information.
Below are Top 3 reasons why investing in advanced SSL is important for your business.
- Without SSL, customers are at higher risk of having their data stolen
It has become insufficient to depend solely on basic antivirus software and firewalls for the protection of your business. When millions of user data is being transmitted over the internet on a daily basis, customer trust and confidence are two important factors to consider – especially when there is an increasing risk in an external third party getting hold of these data with the purpose of manipulating them or using them for identity theft.
As such, it therefore becomes the responsibility of the businesses to take active efforts to look after their customers, ensuring continual confidence in the use of the company’s web services, higher customer retention and, more importantly, reduction of data theft.
- SSL helps you save money
Security breach is a legal problem, and any customer data that has been compromised may result in heavy legal repercussions for the company. CareFirst, an American company based in Maryland, for instance, is being sued for over USD 5 million for not encrypting the information of over 1.1 million patients. Information was kept “on various computers and data storage devices”, making it a prime target by hackers.
Employing preventive measures will prevent a lot of financial issues such as these in the long run, and given the severe repercussions, leaders of industries have learned not to compromise on maintaining web security both to protect their customers as well as the welfare of their business.
- Cheaper alternatives pose risks to your business
While it is highly encouraged for businesses to invest in SSLs, using cheaper alternatives such as Domain Validated (DV) Certification will offer little help in preventing sophisticated attacks from hackers. As the name suggests, all it requires is verification through domain name and an email address, beyond which there is no way to ensure that the website is really safe or legitimate.
Organization Validation (OV) and Extended Validation (EV) certificates on the other hand allows the customer to see that a business is verified and legitimate, building greater trust between businesses and their customers.
— for Cyber Secure Asia