What is Cyber Security?
Cyber security is a protection protocol made to protect physical and virtual systems from theft. Protecting your files requires a coordinated efforts through an information system. Here are some common elements about cyber security:
- End user education
- Network Security
- Application Security
- Operational Security
- Business continuity planning
One of the largest and the largest issue of cyber security is the constant security risks that tend to evolve over time. A traditional solution to this problems was to allocate most of the resources to face the biggest known threat.
However, this method would leave out a multitude of smaller issues present. For instance, it would leave some of the lower risks unprotected. Because of this, the traditional way to protect your systems is obsolete and needs to be changed.
In this post, we’ll show you how to utilize your website while reducing your marketplace platform development cost so that you can receive the most profit while keeping your site secure.
What is Marketplace Platform Development Cost?
When creating a marketplace either online or offline, there are certain costs associated with it. For example, here are some costs that you can expect when creating your first marketplace platform.
- Advertising
- Apps
- Developing Products
- Security
- Paying Labour
There’s even sunk costs that can affect the final price of your marketplace platform. We suggest that you set aside apart of your budget if you’re trying to secure it from third parties and hackers. Doing this allows for you to have a safe marketplace, where your audience can buy from safely without any external issues.
What Type of Marketplace Should I Consider?
With so many types of marketplaces out there, it can be easy to get confused. We suggest that you attempt to create a two-sided marketplace.
Why? Two-sided marketplaces allow both consumers and producers interact with each other and uses a platform immediately to create a network effect between them. While its marketplace platform development cost can vary, its still good for creating a long term business.
One of the most popular two-sided marketplaces is ‘Uber.’ It’s known for connecting the drivers to their riders, which creates a symbiotic relationship. This means that the drivers need the riders in order to receive money for their fares. Without the drivers, there wouldn’t be any supply for the riders that do use the platform.
The reason why you should have a two-sided marketplace is that it’s easier to secure. Since both sides of the market need each other, there’s a small chance that it will be breached by an unknown hacker.
How to Implement Cyber Security in My Marketplace?
Sure you know what cyber security and two-sided markets are. But do you know what you can do to protect it? Here are the two ways that you can add cyber security applications to your marketplace:
Two Factor Authentication
Most apps and websites provide a two-factor authentication feature whenever a user logs in their network. It works by having a token (a numeric code that’s sent to you via phone or email) that tells the system that you’re logging in.
Use this in your marketplace so that you can prevent hackers from stealing users login information.
VPN
Another option is to create a VPN (Virtual Private Network) for your marketplace. They are designed to protect you from hackers and service providers. Recently, service providers gained the legal right to sell one’s data.
Getting a VPN will help save your market’s information from even your cable provider’s eyes. Make sure to get one so that your marketplace’s personal detail and browsing history can
Conclusion
With the development of cyber security, you have to protect your marketplace. This helps you save your profit revenue and keep your consumers interested in your business.
In conclusion, keep your marketplace platform development cost low by instilling the right security procedures for it. Your customers will thank you afterward!
Sources:
https://www.itgovernance.co.uk/what-is-cybersecurity
https://economictimes.indiatimes.com/definition/cyber-security
https://ec.europa.eu/digital-single-market/en/cyber-security
Image Sources:
https://ec.europa.eu/digital-single-market/en/cyber-security
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