A report by PCI Pal projects the social commerce market to grow to be nearly $605 billion by 2027.
At a time when consumer purchases across social media platforms increase during the back-to-school season, businesses could be at a risk of data breaches. When purchasing products or services on social media sites, less than 7% of consumers feel "very confident" about their data security, according to the research.
70% of customers will cease shopping from brands whose data has been breached before the holidays, as per an earlier report. As businesses use social media to attract customers, they should update and share their data privacy policies with their customers to create confidence.
Geoff Forsyth, CISO, PCI Pal states, companies must ensure the safety of their customers’ sensitive information, “regardless of where they’re shopping.” Brands should review data practices and account for social media as well.
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