Can Online Businesses Be Trusted for Corporate Transactions?

May 28, 2016

The high-level security issues concerning threats and attacks over online transactions are ever-present. Are businesses truly aware of the responsibilities they have for customers?

E-Sign Desk Graphic

Consumer Reactions

The question lies on whether customers trust businesses or not to keep their personal information online. According to a recent survey, most clients don’t trust the companies keeping their information in the cloud or in certain secured facilities, which is accessible online. This lack of trust is present even though most of us pay our utility bills online, check the balance on our banking accounts, or update profiles in social media.

What Are Clients So Worried About?

Identity theft is one concern for people doing business online. Users think that the data they provide is not totally protected. Others are also concerned about the possibility that they will become victims to scams. More than that, they are also worried about transactions done through tablets or smartphones.

More People Still Have Trust

In a similar survey, a huge 65% of the respondents still trust banks to keep their data online. This happened despite the punishment taken by banks over consumer confidence and in the midst of the financial crisis. In fact, 79% of those surveyed still shop for food online at least once in a week. So even if there are concerns about security threats, the population still has trust in companies doing business online. Or have more of a risk appetite, if the transaction fulfills their priorities.

Steps for Businesses to Gain Consumer Trust

  • Companies need to understand that many of us spend a lot of time transacting with businesses over the Web. Whether it is banking, paying accounts online or shopping, organizations must be able to embed information security right into their core. In this case, businesses must show how they keep security at the center of their operations so that customers will be able to build their trust and confidence. At the same time, they are also able to attract potential customers in the future.
  • hey must take the issue of data security seriously. There should be no alternative ways because it is not only intended to protect consumers, but it can also protect the business’ confidential information, not to mention their reputation. E-Sign system offers extreme resilience to fraudulent activities and record of transactions being done. All of the data we hold, is encrypted and under the sole control of the registered user
  • If businesses fail to address this issue seriously this will lead to a drop in consumer confidence in the bran and its reputation that may have taken years to establish.

People are often careless to undermine security measures taken by most business online. For instance, they find security processes to be frustrating and time-consuming because we often expect convenience and speed.

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