Concerns regarding privacy and security are growing as the eCommerce business expands. According to research, 34% of respondents consider cyberattacks or data breaches to be the most serious digital danger.
It's simple to see why, given that hackers are continuously looking for vulnerabilities in a website's security to obtain access to customer data. Furthermore, the National Cyber Security Alliance of the United States discovered that 62% of all cyberattacks target small internet enterprises. As a result, establishing eCommerce security standards is required to ensure a secure selling and purchasing environment. Here, we'll look at typical eCommerce security concerns and offer advice on how to safeguard your site.
Why is E-Commerce Security Important Now More Than Ever?
E-commerce is a large and ever-expanding world, with sales hitting an amazing 5.7 trillion dollars in 2022 and experts projecting this figure to skyrocket to 8 trillion dollars by 2026. With such a large sum of money at stake, it's no surprise that hackers are starting to target e-commerce sites for monetary gain.
While it may appear that this money is being distributed among numerous web firms, the reality is significantly more disturbing. As fraudsters continue to discover and exploit vulnerabilities in e-commerce sites, they will be able to utilize the same methods to attack thousands of other companies employing comparable software. In other words, even a little vulnerability in a website's security might result in an attack.
It's a harsh truth, but one that e-commerce firms must face. Website security is no longer an option for Internet businesses; it is a need. As the e-commerce business expands, so will the security risks it faces.
As a result, e-commerce enterprises must be cautious and take aggressive measures to defend themselves from cyber dangers. This includes upgrading software regularly, creating strong security policies, and monitoring suspicious activities. For e-commerce businesses, ignoring the issue of cyber security is no longer an option. Having more money at stake than ever before, internet businesses must take the proper precautions to safeguard themselves and their consumers.
The Most Dangerous Security Threats to Your Ecommerce Site
The types and techniques of cyber-attacks are numerous, and it would be nearly impossible to cover them all in a single blog post. However, several stand out as the most critical to be aware of for good e-commerce security.
1. Phishing
Phishing is a type of social engineering that refers to strategies used by attackers to fool victims into disclosing sensitive information such as passwords, account numbers, social security numbers, and more.
Please keep in mind that we will never send you an email with a link to update your store or login information. If you receive an email, phone call, or text requesting personal information, contact customer care immediately.
2. Malware and ransomware.
When malware or ransomware infects your device or network, you may be locked out of all your vital data and systems. Downtime is costly, but regular backups of your site data can help prevent this from being a crippling blow to your business. You can also protect yourself from assaults by not clicking on strange links or installing unknown software on your computer.
3. SQL injection.
You may be at risk if your e-commerce site saves data in an unsecured SQL database. A malicious query placed into a packaged payload that is not adequately checked might give the attacker access to see and even change any information in a database.
4. XSS (cross-site scripting).
XSS is accomplished by introducing malicious code (usually JavaScript) into a webpage. Unlike other types of assaults, this one does not affect the site itself, but it does affect the users of that page — i.e., your customers — by exposing them to malware, phishing efforts, and other threats.
5. E-skimming.
E-skimming is a way of collecting credit card and personal information from payment card processing pages on e-commerce sites. Attackers obtain access to your site through a successful phishing effort, brute force assault, XSS, or third-party penetration, and then record the financial information your customers provide on the checkout page in real time.
Why is E-Commerce Security Important Now More Than Ever?
Maintaining the security of eCommerce sites is a difficult issue involving developers, business owners, and customers. Fortunately, there are various best practices and standards available to help improve the overall security of web applications.
1. Protect Your Passwords
- Over 23 million people's accounts were compromised because they used weak passwords like "123456," which hackers could crack in less than a second.
- It's worth the extra effort to guarantee that your website and consumers adhere to the finest password-creation rules, which include:
- To create long and unique passwords, use symbols, lowercase and uppercase letters, and digits. It also enhances the complexity of the password.
- It is best to avoid using the same password for various services.
- Passwords should be updated every few months or whenever they are unintentionally leaked to others.
- Personal information such as your date of birth, identity number, or home address should only be shared with you.
- To make logins even more secure, enable reCAPTCHA.
- To prevent an attacker from guessing the user's password, limit login attempts.
- Accounts can be locked out after numerous failed login attempts, which is an effective approach to combat brute-force attacks.
2. Select Secure Hosting
A hosting company is in charge of storing your website's files. As a result, selecting a reputable provider that provides secure and dependable data storage for your eCommerce site is critical. When selecting a hosting service, look for features such as SSL certificates, DDoS protection, encryption methods, and malware detection. Additionally, check that it provides backups to quickly restore your site's functionality in the event of a security compromise.
3. Purchase an SSL Certificate
Under PCI compliance, all eCommerce enterprises must implement the SSL (Secure Sockets Layer) protocol. Given the variety of SSL certificates available, make sure you choose the appropriate one for your website and business needs.
A properly implemented SSL helps to protect both your site and the data of your users. It encrypts all data supplied to your online store, making it more difficult for hackers to access and analyze the information.4. Plan regular site updates
New security updates are released by web developers to patch vulnerabilities and deploy new patches. As a result, updating your eCommerce site's core software is critical for avoiding hackers from exploiting those issues.
5. Make regular backups
Regular website backups help safeguard your site from hazards such as a corrupted database or security flaws. Consider how frequently you post fresh content and adjust your website design when scheduling backups.
6. Implement Multi-Factor Authentication (MFA).
Users must authenticate their login attempts using this technique by entering a one-time passcode (OTP), answering a security question, or using their fingerprint. According to Microsoft, MFA can prevent over 99% of cyber assaults. As a result, using MFA is an excellent technique for improving eCommerce security.
7. Make use of secured payment gateways.
A payment gateway approves credit card transactions, collects settlement, and pays funds into your account.
Meaning, it completely automates the eCommerce transaction process. PayPal, Google Pay, and Apple Pay are some well-known payment gateways.
Conclusion
Because hackers are growing more innovative, eCommerce websites are vulnerable to a variety of tactics, including malware insertion, spam emails, social engineering attempts, and others. Protecting your customers and business requires proactive measures against cyberattacks.