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The importance of cyber security for B2B businesses

Cybercriminals are becoming more interested in ecommerce as it becomes more popular. Business-to-business (B2B) organisations of all sizes and types can be attacked, and the number of attacks has grown a lot in the past few years.

For example, China’s favorite video sharing platform, TikTok, has recently admitted that it allows employees in China, Brazil, Canada, Israel, Japan, Malaysia, Philippines, Singapore, South Korea, and the United States to remotely access account data for UK and European users. Concerns have been raised widely about the level of risk this represents to users’ data.

Secure ecommerce platform for B2B businesses

Cloudfy ecommerce software includes security measures to protect your business and your data. When you choose a software as a service (SaaS) solution in the cloud like Cloudfy it is specifically designed to meet the needs of B2B businesses so you can be confident. Cloudfy software will be updated regularly to protect against the latest cyber security risks.

As more B2B companies use social media and online self-service portals to connect with buyers, they must also be ready to deal with this kind of cyber security risk. Because an attack can hurt you financially, legally, and physically, website security must now be a top priority.

Cyber security for B2B businesses

To take full advantage of the latest B2B ecommerce technology you need to be aware of the possible security risks you could face. For example, ransomware attacks reportedly increased by 105% in 2021 and the severity and cost of attacks is increasing all the time.

Collecting and using information about your customers, their preferences and behavior is an integral part of your B2B marketing. Criminals know this, which is why data breaches are such a significant risk, making proper website security measures essential. In addition, regular checks for gaps in your security systems are needed to be sure they can be identified and resolved as quickly as possible.

Here are some of the steps that can help to protect B2B businesses.

Installing a VPN

A virtual private network or VPN is designed to maintain online privacy by masking your IP (internet protocol) address. A VPN is the foundation of your encrypted and secure connection to the worldwide web.

Online activity such as your employees’ browsing history, location and devices can’t be traced. They can safely send emails containing important information, make payments, and check bank accounts, for example.

In contrast, transactions via an unsecured network mean your sensitive data can be much more easily intercepted. So, for example, if your employees use a local Wi-Fi network that isn’t secured with a password your information can be at risk.

Investing in security technology

Firewalls, ransomware and data leak protection are really essential security technologies in a modern B2B environment. However, you also need to protect your employees from malicious emails that can appear to be from your legitimate customers. Although they look credible they have been designed to persuade them to use a link or open a document that contains a harmful program that can infiltrate your business systems. Cyber criminals can then extract your valuable data or lock it up so you can’t access it. Spam filters will prevent these emails, and this can be an effective approach alongside anti-virus software to protect you against known threats, as long as they are regularly updated.

Backing up your data

If your data is hijacked in a ‘deliberate deprivation of service’ (DDOS) attack or it is corrupted by a malicious computer virus, regularly backed up data is a good way to reduce the impact on your business. Confidential backup files and sensitive data stored remotely offline mean you can be up and running again quickly. While you will lose data you have acquired since your last back up, your operations can still continue. The frequency of your backups will depend on how badly your business would be affected by even a small amount of lost data.

Preparing your employees

While automated filters and protections will reduce your website security risks there is also a human element to cyber security. All your employees need to be aware of the risks and their consequences. They need to be thoroughly trained and reminded of how to use your business technology safely. In a B2B context the value of orders and the potential risks to your own organization and your customers can be very high. This makes ongoing employee security training a priority.

Protecting your passwords

Weak passwords are one of the most common causes of data breaches worldwide. People do still use ‘password’ as their password. While one of the benefits of your B2B ecommerce platform is that customers can register online to access their account details and place orders this also represents a risk. It’s important to do as much as you can to prevent them using weak passwords that can be easily accessed by cyber criminals. For example, you might need to prevent them from using very short passwords, their company name, or number sequences like 1234.

Carrying out regular updates

Website security is not just the role of IT departments and security experts. Cyber criminals are continuously finding new ways to attack your systems and access your data. Regular security updates and reviews are essential. However, if you have a legacy B2B ecommerce platform you will need to make sure that security is rigorously managed through carefully controlled role-based access where data is only available on a need to know basis.

Having an emergency response plan

If you experience an attack or data breach your immediate responses could make a big difference to the outcomes. A well-considered and tested emergency response plan can help you minimize the damage. Organizations with a regularly tested and effective plan have been shown to save an average of US$2.66million.

Your plan might include processes to make sure users can save their work and log out quickly while you restore your most recent unaffected back up, along with notifications to relevant authorities and users, isolation procedures to minimize the spread of a virus, and measures to assess the degree and impact of the attack.

Peace of mind for your B2B business

It isn’t possible to completely eliminate the risks of a data breach. However, figures show that organizations that prioritize cyber security are four times more likely to detect a data breach in less than one day. This allows a fast response that can minimize the damage to reputation and performance.

Working with trusted ecommerce partners that understand the risks and how to mitigate them is an important part of your cyber security approach.

Get in touch to find out more about cyber security for your B2B business.

Choose a Secure B2B ecommerce partner

Cloudfy is a top SaaS B2B ecommerce platform that offers great value, performance, security, and adaptability. You will get an outstanding range of B2B platforms with cyber security features and pre-built integrations and connectors for fast and effective implementation in weeks instead of months or even years.

As part of your B2B platform comparison we recommend you include a free Cloudfy demonstration.

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