Rise in Online Payments Spurs Questions over Cybersecurity and Privacy

As more people and organizations are using e-commerce platforms to make purchases, cybersecurity concerns have become more significant. A majority of customers questioned in a MasterCard poll on emerging payments, undertaken in 18 regions around the world, stated they were exploring developing payment options like digital wallets, QR codes, and even cryptocurrency.

Experts from different organizations have acknowledged that 90 percent of respondents had used at least one new payment method in the previous year. Furthermore, two-thirds of individuals who have performed it for the first time may not have undertaken so if it hadn’t been for the outbreak. The experts also stated that 60 percent of people would avoid merchants who don’t accept any type of electronic payment.

Cyber-attacks are becoming more prevalent

As more individuals utilize electronic payment options, cybersecurity concerns have been a major issue, as has an alarming surge in internet scam incidents resulting straight from lockdowns. MasterCard also stated that one out of every four individuals had been a victim of theft in the previous year, adding that there was a 49 percent rise in cyber-attacks the previous year when most individuals were at home.

The organization has implemented a variety of steps to increase consumer trust in its credit and debit cards when used online. It claims to provide “reliable and confidential alternatives to relieve clients,” but does not specify whether this includes biometrics or other types of verification techniques other than pins and passwords.

Cybercrime is on the rise throughout Asia

The outbreak has resulted in a considerable increase in e-commerce theft in some countries. The number of frauds grew by 73.9 percent in the first half of last year. Singapore has been one of the regions with the maximum adoption of contactless transactions in the industry. Due to growth in cyber-attacks, the UK has amended its confidential data protection laws, and corporations now face harsher fines for security breaches.

Cybersecurity Solutions

• For avoiding and minimizing cyber threats, real-time intelligence is a valuable asset. The longer it ends up taking to discover a breach, the more expensive the effects will be. According to research, IT leaders estimate that receiving fewer than 10 minutes’ notice of a cyber-attack is adequate time to eliminate the risk. The value of a compromise might be cut by 40% with just 60 seconds of warning.
• Anti-hacker coverage, often known as cyber-insurance, is a growing industry. Its coverage varies depending on the service, but it usually secures against data breaches and damages. Insurers often restrict their capacity per client from $5 million to $100 million.
• A bug bounty system, in which an enterprise compensates individuals (“helpful hackers”) to warn it of cybersecurity issues, is another unique concept in the sector. This strategy has already been embraced by some big names like LinkedIn and Amazon.