Ecommerce Security: Online Retailers Should Tighten Up Security Against Cyber Threats
Cyberattacks on ecommerce platforms are inevitable and will always be present. They are gold mines with personal and financial information for would-be thieves. Data breaches and website compromises not only makes the stakeholders to lose valuable data but also brings a bad name to them which will disrupt their business.
These issues are well-known among ecommerce business owners, who are taking steps to improve their security. According to the VMWare Carbon Black 2020 Cybersecurity Outlook Study, 77% of companies surveyed bought new security products in the previous year, and 69% increased ecommerce security personnel.
Cyber attackers are honing their skills and discovering new vulnerabilities to exploit in this never-ending game of cat and mouse. Even though online shopping retailers are doing their best to keep their platform as safe and secure as possible, cyber-attackers are getting more and more creative. Hence, being aware of the best cybersecurity practices and implementing the same in your platform is very important: –
Major Security Threats for Online Retailers
Cyber-attack styles and strategies are numerous and varied, making it almost impossible to cover them all in a single blog post. However, here are some industry common types of attacks which you should be aware of.
Phishing is an attack in which the mis-user tries to trick victims into providing private information such as passwords, account numbers, social security numbers, and more through email, text, or phone.
Ransomwares & Malwares
You can be locked out of all your important data and systems if your computer or network is infected with malware or ransomware, which is a form of malware. Downtimes of your website will prove to be costly and taking frequent backups will fix this problem for you. Do not click fishy URLs and do not download any software from an unknown website. Malware and Ransomware indirectly affect the security of your ecommerce platform.
You cannot risk your ecommerce website’s security by having an unreliable SQL Database. If a malicious query is inserted into a packaged payload and not properly authenticated, the attacker would be able to display and even manipulate any database information.
Cross-Site scripting refers to the attack in which malicious code is directly injected into the website. Unlike some other types of attacks, this one does not affect the site itself; instead, it affects the users of that page, your customers, by exposing them to malware and phishing attempts.
E-skimming is a method through which the customer’s payment information is stolen. Attackers gain entry to your site through a successful phishing attempt, brute force attack, XSS, or third-party hack, and then capture payment information entered on the checkout page in real time. E-skimming puts your website’s security at a critical spot.
Improving E Commerce Security
The above-mentioned compliance standards are not going away. Indeed, current trends in privacy issues suggest that more restrictions are likely in the future, as people of all ages become increasingly concerned about where their data is going.
This Data Breach Investigations Report delves deeper into retail e commerce cybercrime patterns. Payment information is a popular goal, and ecommerce attacks are on the rise, despite a decline in point-of-sale breaches and card skimmers.
Make your users have stronger passwords
According to the Verizon Data Breach Investigations Report for 2020, compromised or weak credentials were used in 37% of credential fraud breaches. It is worth the extra effort to ensure that you, your employees, and your customers follow these password best practises:
- Strong passwords contain upper and lowercase letters, numbers, and symbols and are at least eight characters long.
- Passwords should never be shared with anyone; every user should have as unique of a password as possible
- Use different passwords every time on the internet, do not use the same password everywhere.
- Do not have your password with personal stuff like your birthplace, Social-Security Number or birthdate in it.
Protect all Your Systems
Make sure your connected computers are cyber safe with anti-virus software, firewalls, or any appropriate form of defending against attacks, whether you have one computer in a home office or a headquarters with a fully networked computer system. Just as addressed before, having an unsafe device or computer will indirectly affect your ecommerce platform’s security.
Beware of Social Engineering Attempts
Avoiding phishing traps is one of the most effective ways to avoid malware infections. Never give out any personal details without first verifying the recipient’s identity. Furthermore, no valid entity can ever request your password. Phishing is very widely used to bring down the security of a platform.
Never click links in suspicious emails because they may direct you to a website that appears to be a legitimate login page but is designed to steal your personal information. Also, do not download any attachments you did not anticipate.
Implement 2FA for your website
Although it can seem cumbersome at times, using 2-step verification, 2-factor authentication, or multi-factor authentication ensures that only you and your approved users are logging into your shop. It is worth it when you consider the possible repercussions of a violation.
Only Have the Data that You want
Do not collect and store any more data than you want. However, there are many variables to consider when determining what this means for you.
With the number of data privacy regulations, it is more important than ever to carefully develop your company’s philosophy in order to strike a balance between consumer experience, business convenience, and cybersecurity.
Switch your Website to HTTPS
Stable HTTPS hosting, which necessitates the use of an SSL certificate, will aid in the security of your website. Since Google penalises websites with HTTP in organic search results, it is also a boon for your marketing department. HTTPS is popular with users who are a little bit tech-savvy, so having it will bring positive vibes to your website. HTTPS hosting tremendously improves the online security of your shopping website.
Check on plugins and third-party Integrations
Make a list of all the third-party applications you are using in your shop. Make sure you understand what they are and evaluate your level of confidence in that third party. Delete the integration from your store if you are no longer using it. The goal is to give as few people as possible access to your customers’ data while still moving the company forward.
The security of your ecommerce platform is a major thing and should not be shooed upon. Think of it as the security personnel at your physical shop, the only difference being that your ecommerce shop will be attacked more often and in more unique ways than a physical shop. So, it becomes a call of the hour to have state-of-the-art cybersecurity features in your platform to not only protect you from any potential liabilities but also to protect your customers valuable data.One of the key differences between a successful ecommerce platform and to that one which is not is due to its cybersecurity implementations. Unlike before, people are starting to take cybersecurity seriously and are only willing to make purchases from a platform which is safe and secure.