U.S. e-commerce revenue is about $423.3 billion and is steadily climbing. This means that more and more personal data is being used to initiate and validate e-commerce transactions each and every day. After Equifax suffered a major cybersecurity breach earlier in 2017, cyber criminals had the ability to access the data of an estimated 143 million U.S. Equifax consumers.
Target has also been affected by the ever-increasing digital capabilities of cyber thieves. The global clothing and textile industry is currently worth an estimated $2.560 trillion, and Target sells a range of both apparel and other home goods. Even though its security breach, which affected 41 million customers, occurred back in 2013, and Target is still dealing with the aftermath and was forced to pay out $18.5 million for their customers’ troubles.
These big name data breaches have forced companies across the country to work harder at keeping their valued customers’ information as protected as possible. Datum, for example, is building a theoretically unbreakable security measure for all data that is fully equipped with encryption. The company’s underlying mission is to prevent future big name breaches.
Of course, there are various existing methods for businesses to keep customers’ data protected, and cloud solutions seem to be one of the most reliable. Around 58% of sensitive data in the cloud is stored in Office documents, including about 30% in Excel alone.
Still, it’s a business’ responsibility to do all they can to protect consumer data at all costs. That’s why many companies have turned to blockchain technology, which stores information in cryptography-secured blocks. Unlike the cloud, this method foregoes the need for a centralized authority while maintaining proper data security.
“E-commerce today is the engine of global economy and as such, it should rely on the most advanced and secure backbone, rather than the security-risk prone technologies of yesterday,” Datum CEO Roger Haenni told Forbes. “The new decentralized platform known as blockchain enables a new class of services, with smart contract technology enabling businesses to focus on commerce and protect themselves.”
Datum has provided three major data storage tips for business. As such, they feel that opting for a high caliber of encryption is the only surefire way for companies to protect the data of their customers. This means that companies should strive to consistently update and educate employees regarding proper security measures and protocols.
Of course, consumers have the final say when it comes to deciding which companies to trust with their data. Forbes contributor Jia Wertz feels as though examining a business’ integrity is the first step toward regaining long-term trust.
“The best way for e-commerce companies to win or regain the trust of their customers is to make sure they maintain the integrity of the data they hold,” writes Wertz.