Too little data protection in social commerce! Consumers see online trading via platforms such as Facebook or Instagram as risky.

Less than seven percent of those who shop via social media platforms believe their data is adequately protected, a survey by PCI Pal http://pcipal.com shows. Due to the ongoing labor shortage due to the Corona crisis and Brexit, companies may be even more vulnerable to data breaches today.

$605 billion by 2027

According to estimates, the global social commerce market will grow to around $605 billion by 2027. Many companies therefore use platforms such as Facebook or Instagram to reach new customers and increase their sales. PCI Pal recommends that you improve data protection practices and communicate this to your customers in order to build a relationship of trust.

The recent data breach at LinkedIn (it was revealed in late June that hackers may have stolen 700 million pieces of data) shows that social media is still not adequately protecting consumers' personal information, the security company warns, citing a 2020 survey. According to this, 70 percent of respondents would stop purchasing from a company for a few months or even permanently if they were affected by a data breach.

Protection for all platforms

“As companies review their data practices, they should also consider social media to ensure their customers’ sensitive information is safe, no matter what platform they shop on,” said Geoff Forsyth, who has overall data security responsibility at PCI Pal has. The last thing companies can afford before the start of a new school year, a time that is often associated with high sales, is a data protection scandal.

Source: pte
Article image: By tanuha2001 / Shutterstock.com
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