Mobile payments and e-commerce may suffer due to lackluster cybersecurity features
The U.S. government may begin taking more aggressive steps to ensure companies take cybersecurity more seriously, especially when it comes to e-commerce and mobile payments. Consumers throughout the country have been enthralled by the concept of mobile payments and this form of commerce is becoming more common as businesses work to meet the demands coming from these consumers. The problem, however, is that cybersecurity is not typically taken seriously by these companies. Even those with a strong focus on e-commerce may not have adequate security measures in place to protect against attacks.
US government begins taking cybersecurity more seriously
A new report from the Ecommerce Times suggests that the federal government is beginning to put more effort into promoting cybersecurity. The report claims that many companies will do only the bare minimum in order to comply with security standards. For those that support mobile payments, this is a problematic issue. Mobile commerce is not only popular with consumers, of course, and has become a very attractive field for hackers. Without adequate security, hackers and other malicious groups can steal and exploit a consumer’s financial information.
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Companies show resistance to new security standards
In February of this year, President Obama signed an executive order concerning cybersecurity. The executive order is meant to facilitate more cooperation between the government and private organizations in order to bolster security and develop more comprehensive standards. Thus far, the order has only been a modest success as many private companies have shown resistance to adopting more comprehensive, and expensive, security systems.
Mobile payments may struggle to grow in the future due to security concerns
The report from the Ecommerce Times suggests that cybersecurity issues could be a major roadblock to the growth of e-commerce and mobile payments. If consumers do not feel comfortable with purchasing products online, they will not do so. Though mobile payments have been praised for their convenience, many consumers are not willing to participate in mobile commerce because of the threats that exist against their financial information.