Over 300 million people were victims of cyberattacks in 2023. In the same year, data breaches increased by 72 percent compared to 2021. As a result, cybersecurity is now the top priority of online platforms across various industries in 2024.
Online platforms must employ mechanisms to safeguard security to build trust with their users. User data and financial transactions are some of the key areas that organizations need to focus on. There is a lot of data stored on their servers and a breach could cost millions of dollars to the organizations and expose millions of users to further attacks.
Let’s dive into the best practices online platforms can implement in 2024 to safeguard their users and offer a secure experience.
The Need for Cybersecurity in Online Businesses
The rise in cyber-attacks has alarmed many businesses that rely on their online presence to grow and connect with their users. From data breaches and phishing to ransomware, online platforms are targeted in many ways.
Phishing has been one of the most common methods in cybercrimes, accounting for 75% of targeted attacks in 2024. Platforms that deal with financial transactions like online marketplaces are more vulnerable to such attacks.
Online gaming platforms like betting portals with huge user bases and lots of sensitive data are also quite vulnerable. Thousands of financial transactions take place at betting sites and online casinos using credit cards. Even on platforms like sweepstakes casinos where players enjoy casino games without staking any real money, there is enough sensitive data that needs to be secured using the best cybersecurity practices.
Cybersecurity Best Practices for Online Platforms in 2024
- Multi-Factor Authentication
It should come as no surprise that Multi-Factor Authentication is right at the top of this list. It is one of the best cybersecurity practices that platforms can implement to secure their user accounts.
Users can rest assured knowing that their account is secured by more than just a password. They get a one-time password sent to their devices as a second layer of security while logging in.
Platforms like online shopping portals and online casinos can benefit from multi-factor authentication since accounts on such platforms are at a higher risk. It will also improve the overall experience of their users.
- Regular Security Audits
The importance of this practice cannot be stressed enough. Security audits and vulnerability testing are the most important cybersecurity practices.
According to a report, 98% of web applications are vulnerable to various cyberattacks. That is a telling figure. As such, regular security audits are a must for every online platform with web applications.
Organizations can go for a hybrid solution where they conduct internal audits and hire third-party experts for penetration testing to ensure the best results.
- Data Encryption
This brings us back to the businesses that are at risk of cyberattacks. While there are hundreds of online platforms where financial transactions take place, online casinos and marketplaces have a huge number of these transactions daily.
There are huge amounts of money staked on online games and sports events at all hours on betting sites. These websites need to encrypt data at rest and in transit to secure all the transactions.
Data encryption is also crucial for messaging platforms whether it is a mobile app or an email service. It is not just the financial data that can lead to losses. Even private messages, if intercepted by cyberattacks on their way to the recipient, can lead to elaborate scams that will be nearly impossible to detect for an individual.
- AI and Machine Learning
AI and machine learning are at the forefront of innovation. AI tools have transformed many sectors, and cybersecurity is next in line. Machine Learning models can help detect potential threats. They can also help identify suspicious behavior in real-time.
This was first shown in a Hollywood movie, Ocean’s 13 where a security system monitored every move of the players on the casino floor to identify any suspicious behavior. Fiction has turned to reality with advanced AI and machine-learning models that can help online casinos monitor user behavior to identify any potential security threats.
Only 26% of companies are reported to use this practice of implementing AI and machine learning to identify any potential data breaches.
Staying updated with the latest trends
The decision-makers in organizations need to follow the latest trends in cybersecurity to ensure they’ve taken all the measures to tackle cyberattacks of different natures. One of the key factors is to increase the cybersecurity budget and revisit the budget every quarter to ensure that there are enough funds to keep crucial security measures in place.
