Why should my business have a SysTrust/WebTrust engagement?
An e-Commerce business faces at least two unique challenges in winning and
keeping its customers.
First, e-Commerce transactions are often anonymous, which can raise customer
concerns about privacy, security, and business practices. Second, the
transaction is usually carried out over the powerful but relatively insecure
public Internet. Due to these factors, customers may not fully trust the
e-Commerce business. The Systrust and WebTrust programs are designed to
help e-Commerce businesses overcome these issues.
This trust gap is apparent in the market today. On-line customers have
raised concerns about security, privacy, and business practices, among
others. A Harris Interactive study found that most consumers don't trust
businesses with their private information. However, the survey found that
having company privacy policies verified by an independent party would
satisfy almost two out of three consumers (62%). In fact, 84% think such
verification should be "a requirement" for companies today.
Similarly, merchants are concerned about the risks of fraud, cyber attacks,
and even lagging sales conversion rates.
For e-Businesses and their customers alike, what is needed are better
standards and adherence to business practices. Since the transactions
are anonymous and subject to security breaches and because consumers have
expressed a lack of confidence, e-Commerce customers are asking for independent
verification that these business practices are followed.
The SysTrust and WebTrust programs are:
- Comprised of a set of e-Commerce standards which consist of prevailing
best practices and requirements from around the world
- Independent verification that a site meets the standards
- As an option, an internationally recognized SysTrust or WebTrust
Seal, announcing that the e-Commerce site meets the stringent standards
For the e-Commerce business, these programs identify and help to reduce
business risks. For customers and visitors, the Programs help build
confidence in the site and ultimately helps win and keep good customers.
The Systrust/WebTrust Difference
- Independent Verification by Trusted Professionals gives your business
a competitive advantage
- A global standard means your business can operate more effectively
in new markets
- Reduces concerns of consumers, businesses, and business customers
so you acquire and retain business
- Can convert shoppers into online buyers and lower your sales transaction
costs
- Taps the experience and reputation of respected e-Commerce business
and technical advisors around the globe
The e-Commerce company that has its practices independently verified can
expect certain benefits. The Harris Interactive study found that:
- 91% would buy more goods and services if the e-Commerce site's
practices were verified
- Over half-58%--would be willing to recommend the site to friends
and relatives
Independent verification also avoids certain risks. According to the Harris
study, 83% of consumers will stop doing business with an e-Commerce site
that fails to live up to its promises.
HOW SYSTRUST and WEBTRUST WORK
WebTrust is designed to enhance confidence among sellers and buyers alike.
Here's why.
Reduces Risk and Provides Assurance to Management and Boards
A SysTrust/WebTrust attestation engagement focuses on risk areas related
to e-commerce activities and the appropriate policies and controls to
manage those risks to the benefit of both the entity and the entity's
customers. The end result is a more robust and secure system.
A comprehensive, thorough review by qualified specialists can provide
that extra level of comfort, as well as insightful 'best practices"
advice that can mitigate the risks of e-commerce.
CPAs, Chartered Accountants, and their equivalents world wide are recognized
as trusted, independent third parties who can assure the accuracy and
fairness of financial and non-financial information. Accounting firms
have built reputations as experts in the area of assurance, privacy, security,
and transaction testing. Firms large and small have been recognized through
rewards and as service providers for their competence in these areas.
In fact, certain other Internet trustmark programs employ accountants
as part of their service.
Unlike other seal programs, SysTrust and WebTrust require accountants
to conduct an independent examination that carries the professional equivalency
of a financial statement audit.
Builds Confidence and Trust for Customers and Visitors
Seeing the SysTrust/WebTrust seal on a site alerts customers and visitors
that the e-commerce business complies with the criteria that are among
the highest in the world.
Who Provides SysTrust/WebTrust Services
CPAs, Chartered Accountants, and their equivalents world wide are recognized
as trusted, independent third parties who can assure the accuracy and
fairness of financial and non-financial information. Accounting firms
have built reputations as experts in the area of assurance, privacy, security,
and transaction testing. Firms large and small have been recognized through
rewards and as service providers for their competence in these areas.
In fact, certain other Internet trustmark programs employ accountants
as part of their service.
In preparing your site for SysTrust/WebTrust, you—like numerous
other business managers—can benefit from your CPAs' (Certified Public
Accountant), Chartered Accountants', or equivalent accounting professionals'
tremendous depth of knowledge about e-Commerce Best Practices, business
planning, financing sources, and management.
Your CPA can also provide technical support in areas ranging from online
strategy to site design to operations.
In short, your CPA is a one-stop solution for a diverse set of electronic
commerce needs.
A SysTrust/WebTrust seal will only be awarded when a site completely
passes the examination by a licensed CPA, Chartered Accountant or equivalent
based on the Trust Services criteria.
What to Do Next
Contact your CPA, Chartered Accountant, or equivalent worldwide to learn
more about these standards and how you can apply them to your business.
