The US National Cyber Security Alliance discovered that 60 per cent of small businesses cannot survive more than six months following a cyberattack.
The average cost for small enterprises to recover from a cyberattack is $690,000, while it exceeds $1 million for mid-sized companies. IBM reports that 62 per cent of all cyberattacks target small to medium-sized businesses (SMBs).
The e-commerce explosion has led to increased concern about security and privacy. A survey reports that 34 per cent of e-commerce retailers believe cybersecurity and privacy breaches are the biggest threats.
Cloud encryption encodes the data by converting the plain text data into cipher text, which is unreadable by malicious users, thereby preventing data breaches.
With an increase in data saved in the cloud storage server, hackers try to access confidential data using organisational cloud servers with the help of different decoding techniques.
CEO and Founder of StoreConnect Mikel Lindsaar said: “Cloud computing enhances security through centralized management, automated updates, redundancy, access control, encryption, monitoring, and compliance adherence.”
According to a 2021 report by Kaspersky, 38 per cent of SMB owners believe cybersecurity is a priority, yet 47 per cent struggle to afford protection.
Many e-commerce retailers have already implemented or are looking to implement cloud computing to fight against security risks. In a survey conducted by IBM, 49 per cent of respondents agreed that cloud-based e-commerce platforms significantly improved website security, he said.
“Apart from guaranteeing top-notch security, giving customers peace of mind when purchasing online, cloud computing is essential for any e-commerce business looking to stay ahead of the curve. With its scalability, stability, and speed benefits, there’s no excuse not to use it. In addition to all these, cloud computing also offers incredible savings for SMBs,” said Lindsaar.
