E-commerce security is something that no online retailer can ever take for granted, especially in the data-driven age that is getting more vulnerable to cybersecurity threats from hackers.
Once hacked, the harm is already done to the reputation and assets of an E-commerce services provider.
Therefore, placing robust security in E-commerce is not only essential for online retailers but it is unavoidable, in the context of keeping their prestige and trust of consumers intact.
What is E-commerce Security?
E-commerce security is all about implementing robust and unbreachable security protocols so that online retailers or E-commerce platforms don’t have to bear the brunt of getting their systems hacked by cyber attackers.
The reason why it matters in today’s increasingly vulnerable data-driven business world is to keep the sensitive business data safe from falling into wrong hands.
When something like this happens, a company goes through public humiliation of being unable to protect its data, let alone facing declining trust of its own customers. That said, when security is breached, the loss it creates thereafter is irreparable for companies for many years down the line.
That’s why E-commerce companies are leaving on stone unturned in reinforcing their security, including teaming up with E-commerce development companies.
Statistical Review Of Why E-commerce Security Matters
In a surprising revelation, Betanews reports that cybercriminals are capable of penetrating 93% of company network perimeter and can hack its local network resources. It is even more fearful, considering how companies feel vulnerable to cyberattacks, given they are growing more advanced.
List of Common E-commerce Security Threats
Malware And Ransomware
Malware is a malicious software used by hackers to exploit, disrupt, damage, or gain unauthorized access to your E-commerce website. Ransomware is a type of malware that locks you out of your critical systems until you pay the hacker to neutralize the threat.
Other malware variants are Trojan Horses, Adware, and Rootkits.
It is a type of confidence trick to coax people into divulging confidential information. For example, phishing techniques are used against reputed E-commerce brands luring them into a fake business platform to steal their credit card or login details.
Apart from cheating consumers, the technique also puts a brand’s reputation or goodwill in harm’s way.
Cross-site Scripting (XSS)
Though this type of cyberattack doesn’t impact your whole website but exposes customer data on that page to malware and phishing. How does it work? XSS manipulates a vulnerable website by planting a malicious code into its webpage, thus making the website vulnerable to security threats.
Brute Force Attacks
This type of cyberattack involves hackers repeatedly using several passwords or passphrases to guess the right password eventually. Hackers use automated scripts to make up your password by jumbling together letters, numbers, and characters until the right password is found.
The solution to this attack is ensuring that your E-commerce website is protected with strong passwords, hard to be guessed or cracked by the hackers.
DoS and DDoS Attacks
Denial of Service (DOS) and Distributed Denial of Service (DDoS) make your E-commerce website unstable by overloading it with requests, thus disrupting its operations. It mostly occurs during peak times, like Black Friday. One of the signs of DOS attacks is degrading network performance. Besides, you also see high volume of email spam or website downtime.
One of the most dangerous cybersecurity threats, bots are programmed to perform tasks automatically, like hacking confidential data, indulging into fraudulent activities or pricing scrapping. Some of the best ways to deal with bots are using reCAPTCHA tools on the website, inspecting API connections, and updating browsers.
This type of cyberattack happens when hackers use your unprotected SQL server database to write and inject their own queries. It finally results in compromising the SQL database as hackers can easily view or alter any data in it.
Since an E-commerce architecture involves extensive use of APIs, it becomes an easy target of cyberattacks. An API attack refers to the malicious usage of API from automated threats, like access violations.
There is always a lingering threat for malicious API usage and data breach under such circumstances. Unfortunately, it results in massive data losses and service disruption for an E-commerce website.
Why Does E-commerce Security Matter?
- Data Security – Keeps sensitive and confidential business data safe from unauthorized access.
- Improved Resiliency – Reduces the impact of cyberattacks, enhances recovery with minimal losses.
- Easy Shopping Experience – Keeps your website safe and operational 24×7 for a smooth shopping experience.
- Improved Customer Trust – Makes your brand trustworthy, as customers feel safe shopping on your website.
Effective E-commerce Security Measures
- Use multilayer security controls, making it hard for attackers to break through them to infiltrate your website
- Use Secure sockets layer (SSL) certificates to prevent hackers from using your E-commerce website for phishing attempt
- Use firewalls to keep your website safe from security threats, like malicious SQL injection, XSS, spam, etc.
- Use the latest antivirus and anti-malware software to neutralize threats like trojan horses, code tempering, etc.
- Uses complex, alphanumerically jumbled passwords to prevent unauthorized access to your website
- Make use of secure payment gateway to reduce or prevent transaction risks via debit/credit card
Best Practices To Combat E-Commerce Security Threats
- Make sure that your website is created using closed source code. Potential hackers won’t view or modify the source code of your website.
- Protect your website with complex passwords virtually impossible to be cracked open by hackers.
- Use a trusted firewall and install antivirus and antimalware software. Add multilayer security measures to your website.
- Make use of multi-factor authentication (MFA) to protect customer purchase and prevent data loss.
- Regularly backup sensitive and crucial data to reduce lead time to total recovery
- Use HTTPS for an extra layer of safety on your E-commerce website. However, keep it at minimum, as most browsers block webpages not using HTTP protocol.
- Set up a failover system with one or more redundant installations. You can switch to backups of your systems or data when the primary web store is down.
- Routinely reviews third-party integrations so that you can remove the obsolete or unwanted one. It will help you minimize the threat of third-party trying to access your data.
Reinforce your E-commerce Security with Binmile’s Trusted E-commerce Security Solution
The way E-commerce businesses are getting successful, the level of cyber-attacks on online stores is also increasing.
It leaves us in no doubt that the value of security in E-commerce websites matters so that businesses can operate without encountering data breaches, financial losses, or anything unwanted due to cybersecurity threats.
Having robust security measures in place is also essential to prevent the damage to the online reputation of an E-commerce brand post data breach.
Sadly, in the age of technological advancements, hackers have grown more advanced. For them, hacking any website that seems even remotely vulnerable is a piece of cake.
Under such circumstances, online retailers need to proactively implement security measures to handle any possible cyber threats effectively.
Binmile is one of the trusted E-commerce development companies that can help you get comprehensive security for your E-commerce website.
We have been serving enterprise E-commerce platforms with futuristic software solutions meant to transcend their growth and profitability.
Schedule your call to our expert to build a powerful E-commerce security solution that will help you operate your business operation unhindered by any security threats.