Data breaches are on the rise and online platforms need to improve their security measures to protect user data. On average, a data breach costs $4.48 million in 2024. It is not easy to identify a data breach, and it can take around 194 days to detect one.
As such, the best strategy is to prevent data breaches. 88 per cent of data breaches are a result of human error. This means that one could significantly reduce the risks of data breaches by implementing the right cybersecurity measures. This article will dive into such key measures that online platforms should implement in 2024.
Why is Protecting User Data Crucial in 2024?
The recent Ticketmaster data breach shocked everyone in North America with over 560 million customers’ data being stolen. In 2023, security breaches increased by 72 per cent from 2021, setting a record.
With such data breaches, online platforms stand to lose the trust of their users. And losing out on subscribers can make a huge dent in their business. Moreover, if they fail to comply with data privacy laws and regulations like GDPR, companies can face up to $20 million in fines or 4% of their annual turnover.
Online platforms like e-commerce sites enjoy huge annual turnover and they stand to lose plenty if they fail to protect user data. For online entertainment and gaming platforms like casinos, gaining the trust of their players is the most important factor behind their growth.
Key Cybersecurity Measures for Online Platforms to Protect User Data
Encryption
It is a method by which sensitive data gets scrambled such that only the authorized parties can read it. Financial transactions involve sensitive user data and platforms that facilitate these transactions must employ encryption as a security method.
Whether it’s buying a t-shirt from an online store or adding funds to an online gaming account, users can confidently proceed with these transactions if they know their data on these websites is encrypted.
Without this security method, online platforms are likely to lose out on many visitors. The top online casinos in USA use encryption as a security measure to protect their user data. As players grow more aware of online fraud and security breaches, they prioritize safety and security in an online casino over any other features. They will be content with a smaller welcome bonus from the casino but will not compromise on the security of their data.
Multi-Factor Authentication
Multi-factor authentication is another crucial security measure that online platforms can easily adopt to boost user confidence. With an extra layer of security that multi-factor authentication provides, users can rest assured that no one else can log in to their account.
There are Authentication Apps from Google and Microsoft that eliminate the use of OTP or one-time passwords received via SMS. These apps generate a new OTP every minute and only the user can access them.
From Email accounts to online shopping accounts, multi-factor authentication is used by all the top reputed online platforms like Google and Amazon.
Regular Security Audits
The importance of regular security audits cannot be stressed enough. Finding and fixing vulnerabilities is crucial to improving the security of online platforms.
In 2021, a two-year-old vulnerability resulted in the leaking of the personal information of over 500 million Facebook users. Information like phone numbers, birthdays, and even email addresses were published in a hacking forum for free.
This goes on to show how crucial security audits are for safeguarding user data. While personal information on Facebook could be used for social engineering attacks, sensitive information on e-commerce sites and online gaming portals could lead to phishing attacks.
Secure Cloud Storage
Companies are now shifting to cloud storage as it offers better security. Multiple factors make cloud storage a better option. Regular backups and off-site storage are among the top reasons why online platforms are now moving to the cloud.
Moreover, security protocols such as encryption and access control also enhance the security of cloud storage. Online platforms that store sensitive information of their users such as financial transactions, shopping history, and KYC details need a highly secure storage option.
Conclusion
Data breaches have wreaked havoc in recent times. They’ve impacted both users and businesses. The only way to deal with this is to strengthen the security of online platforms and leave no stone unturned in this endeavour. Whether it’s educational institutions, social media platforms, or online casinos, protecting user data should be the top priority for everyone in 2024.
