Leo Casusol- September 14, 2015
Aging IT infrastructure is a common issue that plagues many businesses throughout the U.S., making them vulnerable to both data breaches and performance issues. With so much customer and corporate data housed within enterprise networks, it's imperative for business leaders to find ways to protect their information without compromising uptime or ease of use.1
Security and usability are also essential when selling surplus goods online. A trusted provider will give you access to secure online marketplaces that will allow you to sell your goods for maximum return while gaining peace of mind that the same security you would apply to your forward-flow business is being applied to the sale of your surplus.
Preserving Consumer Trust and Boosting Performance
In the past, businesses often let their networks age without investing in their ongoing protection. They didn't see the value in reinforcing something they would have to upgrade later. In the wake of high-profile cyberattacks on major companies like Target, Anthem, and Sony, however, savvy organizations are quickly realizing the value of data security.
Hackers can use malware to steal consumers' credit card data, leading to a loss of consumer trust and substantial legal costs for the business whose network is compromised. Target paid a total of $162 million for various remediation and legal expenses after the massive cyberattack that led to the theft of millions of customer credit card numbers.2 The costs that the health insurer Anthem could pay for its own data breach could cross the $100 million mark.3
While not every cyberattack will match the scale of these major breaches, it's clear that losing sensitive customer data can lead to significant expenses and loss of customer trust. But even knowing this, many enterprises are either unable to or are choosing not to upgrade the entirety of their IT infrastructures all at once. Even a few out-of-date components can be an avenue for hackers to break in and steal customer and business data.4
It's not only about preventing hackers from stealing data - aging networks and obsolete hardware are often plagued by configuration errors and software bugs that never get fixed due to a lack of internal resources and time. From the customer's point of view, this lack of website responsiveness can be frustrating enough to cause them to click away and purchase elsewhere. One study found that if a Web page takes more than four seconds to load, 25 percent of people will leave. That number increases considerably for each additional second of loading time.5
A solid track record of data protection is critical for fostering consumer trust online.
Liquidity Services Offers Clients Protection and Performance
When it comes to selling surplus, if you're working with a partner that has data security or performance issues, you're missing out on recovery for your surplus goods. At Liquidity Services, we make significant investments in our IT infrastructure to ensure the security of all our users and to provide excellent experiences to buyers shopping for surplus. Selling through a Liquidity Services online marketplace can give you a safe platform to dispose of your goods while protecting your data and handling large cash transactions. Liquidity Services uses modern security practices such as encryption, data masking, and redaction that keeps your customers' sensitive data safe and protects their privacy. Since Liquidity Services is wholly focused on its marketplace platforms, high performance and uptime are achievable without incurring additional costs on your side. This is a crucial step toward giving your buyers the best possible shopping experience and ensuring they don't leave your page to buy from someone else. Our research has found that buyers strongly desire certain elements in a website on which they purchase surplus. These include a "watch list" for assets buyers may want later, a user dashboard for a comprehensive view of account information, and a "My Activity" portal to track bidding and buying activities. We're committed to delivering these and other important features on our online marketplaces to maximize usability. As more and more transactions are completed via internet platforms, it's critical that businesses have access to the infrastructure needed to safely sell surplus goods online. With a provider like Liquidity Services, protection meets performance and gives businesses the means to profitably sell surplus without fear of having their or their customers’ data compromised.
2 From ITProPortal, "The true cost of Target's 2013 cyber attack" - The true cost of Target's 2013 cyber attack - http://www.itproportal.com/2015/02/26/target-reveals-true-cost-2013-cyber-attack/#ixzz3fKVgqIsx
3 From St. Louis Business Journal, "Anthem data breach could cost company billions" - http://www.bizjournals.com/stlouis/blog/health-care/2015/02/anthem-data-breach-could-cost-company-billions.html?page=all
5 From KISSmetrics, "How Loading Time Affects Your Bottom Line" - https://blog.kissmetrics.com/loading-time/