Global and local companies have made the transition to electronic commerce at stages never seen before, and the situation experienced in the last two years has accelerated this trend, leading to the positioning of electronic commerce as an essential part of the retail market. During 2021, online sales globally according to Statista were close to $4.9 trillion, which represents an increase of more than 650,000 million dollars with respect to 2020. In addition, it is estimated that within Latin America and the Caribbean alone the market for electronic commerce will exceed 105,000 million dollars by 2025.

Unsurprisingly, this rate of growth has created a remarkable cyber dependency and a constant need for technical innovation. In the long term, this will not stop. Indeed, the e-commerce market could grow from $3.3 trillion to $5.4 trillion by 2026, according to Morgan Stanley.

However, to achieve this growth, it is essential to increase the level of user trust towards the various payment and transaction platforms. Trust is as vital to e-commerce as a good Internet connection. It starts with a great brand reputation, a unique shopping experience and a great delivery of the promises made to the consumer. But it does not stop there.

What if after a great experience, the customer receives an alert that someone is using their data to make another purchase? What happens if their personal data is unknowingly hijacked? Will that person continue buying on that platform? Will they continue using your services?

This is where cybersecurity plays an essential role, as a cornerstone, not only of the customer experience with electronic commerce, but also of the possibility for brands to retain their consumers and consolidate their long-term relationships with them. Undoubtedly, the news about how personal data has been used or abused by social media and e-commerce platforms has affected people's trust in electronic transactions. In 2021, for example, in retail and wholesale alone, the number of attacks increased by 39%, representing more than 500 per week. This takes a real toll on confidence.

According to the annual report of the Mexican Association of Online Sales, 82% of people who do not currently buy online indicate the main reason is concern about security. In addition, 75% mention the fear of leaving their personal data online as a factor. The reality is that even in mature markets, trust remains an issue. According to Microsoft Advertising, the proportion of consumers in the United States who believe that most online businesses can be trusted when providing basic personal data is only 47%.

Securing the perception of trust must take a holistic approach; it is not merely about having the best technology. It is necessary to ensure the strategy covers the basic concepts of cybersecurity in electronic commerce: Confidentiality, Integrity and Accessibility (or the CIA triad).

1. Confidentiality. Often associated with trust and the use of encryption. How can we prevent confidential information from being used for something unauthorized?

2. Integrity. This involves maintaining data consistency, accuracy, and reliability throughout its lifecycle. How is information kept intact during the collection, upload and storage phase?

3. Accessibility. User information must be consistently and easily available to authorized users. How do you keep information constantly available for your customers to access?

Some basic yet efficient ways to improve on these three fronts:

1. Secure payment. Payment transactions are one of the most sensitive points. Therefore, adhering to the Payment Card Industry Data Security Standard (PCI DSS), an information security standard for organizations that handle credit cards ensures that information and data collected and transmitted during the payment process are stored securely.

2. Strengthened authentication. Access to sensitive information must have Multi-Factor Authentication (MFA), 2-Factor Authentication (2FA), or 2-Step Verification (2SV).

3. Elevate your company to the General Data Protection Regulation standards. Today more than ever, personal information security issues are of great relevance, especially with the publication of the General Data Protection Regulation (GDPR), initiated in Europe and adopted by most countries.

4. Create a chain of awareness in organizations. In many cases, security issues arise as a result of oversights by internal teams. Creating awareness about social engineering, how to avoid phishing and good practices to take care of sensitive and personal information are key to building trust and security.

In the end, the only thing users or buyers want is to have a great shopping experience with the online platform. Any great experience starts with the pillar of trust.

This article was published in the Mexican newspaper El Excelsior. If you wish to see it, click here.