Last updated on Aug 28, 2024

You're juggling security upgrades and new e-commerce features. How do you decide which one takes priority?

When you're running an e-commerce platform, you face the tough choice between implementing security upgrades and rolling out new features. It's like walking a tightrope where each step must be carefully considered to maintain balance. Security is non-negotiable since it protects your customers' data and your business's reputation. Yet, innovative features are crucial for staying competitive and meeting customer expectations. How do you prioritize when both seem equally important? This delicate balancing act requires a strategic approach to ensure that your business remains both secure and cutting-edge.

1 Risk Assessment

Start by conducting a thorough risk assessment to evaluate the potential threats that could compromise your payment systems. Consider the sensitivity of the data you handle and the consequences of a security breach. If your assessment reveals significant vulnerabilities, prioritize security upgrades to mitigate these risks. Remember that the cost of a breach, both financially and in terms of customer trust, can far outweigh the benefits of new features. A secure foundation is essential before adding any bells and whistles to your e-commerce platform.

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imane HOSNI

Software Engineer Lead | PSM1 & PSPO 1 | Chief Happiness Officer | Connected Manager | GreenIT referent | Automotive Industry Passionate
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Les risques sont à évaluer, par exemple : Si ce risque touche au RGPD ( données personnels des clients , par exemple une mise à jour qui va faire 100% cryptage des données ). dans ce cas, vous risquez beaucoup ( si vous jonglez). vous risquez une amende, voici un extrait de ce que dis le site Officiel de la CNIL dans la close des sanctions : ----------------------- "Concernant la procédure ordinaire, avec le RGPD (règlement général sur la protection des données), le montant des sanctions pécuniaires peut s'élever jusqu'à 20 millions d'euros ou dans le cas d'une entreprise jusqu'à 4 % du chiffre d'affaires annuel mondial." -------------------

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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Consider the potential risks if security upgrades are delayed. Are there known vulnerabilities that could be exploited? What would be the impact of a security breach

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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Assess how the new features will enhance the user experience, drive sales, or support business growth. Are these features critical for staying competitive or capturing market opportunities?

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2 Customer Trust

Your customers' trust is the cornerstone of your e-commerce business. If they don't feel confident about the security of their transactions, they won't hesitate to shop elsewhere. Upgrading security measures, like implementing two-factor authentication or securing payment gateways, should take precedence if there's any doubt about the robustness of your current systems. New features can wait if they risk undermining this trust. After all, a feature is only useful if customers are willing to use your platform in the first place.

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Augusto Tosin (AJ)

💰The Igaming payments guy 🎲
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Understand what customers perceive as security. It could be specific certifications, local payment methods, or even charges in the local currency, which can provide a greater sense of security.

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3 Compliance Needs

Compliance with industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS), is not just a recommendation; it's a requirement. If your current payment systems are not up to par with these standards, security upgrades are non-negotiable and must take priority. Failing to comply can result in hefty fines and damage your business's ability to operate. Once you're compliant, you can then focus on introducing new e-commerce features that enhance the user experience while maintaining regulatory compliance.

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4 Feature Value

Assess the value that new features will bring to your customers and business. If a feature significantly improves the user experience or addresses a pressing customer need, it might justify prioritization. However, this doesn't mean you should overlook security. A balanced approach might involve rolling out smaller, less risky features while simultaneously working on crucial security upgrades. This way, you provide value to your customers without compromising their safety.

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YASIR MUMTAZ

Passionate Leader in Financial Services | Money Exchange & Remittances | Finanspan Limited
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Always take time to consider how the addition of a new, e-commerce feature and updating security systems will work in tangent. For example, one of the biggest internet shops of fashionable clothes had to decide whether to develop an AI-based purchase assistant or enhance encryptions. For the two features they decided to implement both by making the new feature only available once the customers change the security settings. Such an approach contributed to the increase of sales by 15% with the growth of security at the same time.

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5 Security as Feature

Consider redefining security upgrades as features in their own right. Customers are becoming more tech-savvy and aware of cybersecurity issues. By promoting your security improvements as key features, you demonstrate your commitment to protecting customer data. This approach can satisfy the need for new features while actually enhancing security. It's a win-win situation where customers feel safer, and you solidify your reputation as a secure e-commerce platform.

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6 Future Proofing

Finally, think long-term when deciding between security upgrades and new features. A secure, scalable payment system is an investment in your business's future. It ensures that as you grow and add more features, the foundation of your e-commerce platform remains solid. Prioritize security upgrades that facilitate future expansions and feature integrations. This foresight will save you from potential headaches down the line and provide a smoother experience for both your business and your customers.

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YASIR MUMTAZ

Passionate Leader in Financial Services | Money Exchange & Remittances | Finanspan Limited
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Strengthening security first establishes a solid base for the new capabilities, and introducing them allows the firm to serve customers without eliminating their trust in the enterprise. For example, when one of the large airlines experienced a data violation, they improved the already significantly developed encryption and fraud prevention, as well as increasing the system’s security for creating highly desirable new e-commerce solutions.

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You're juggling security upgrades and new e-commerce features. How do you decide which one takes priority?

1

2

3

4

5

6

1 Risk Assessment

2 Customer Trust

3 Compliance Needs

4 Feature Value

5 Security as Feature

6 Future Proofing

Payment Systems

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You're juggling security upgrades and new e-commerce features. How do you decide which one takes priority?

1

2

3

4

5

6

1 Risk Assessment

2 Customer Trust

3 Compliance Needs

4 Feature Value

5 Security as Feature

6 Future Proofing

Payment Systems

Rate this article

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