Ever since the pandemic knocked at our doors, we have seen a major shift in our lifestyle. Outdoor activities started finding replacements, indoors became the new preferred norm. With even the most reluctant of people, joining the ever-growing population of netizens. For the first time, the importance of the e-commerce platform is truly understood. Every day brings in a new range of e-commerce retail businesses into existence. With consumers spoilt for choice, what is it that makes e-commerce businesses convert a visit into sales? Trust and reputation that you build with your consumers is the only way that will help you to shine out against your competition businesses.
Every day, world news is full of fraudulent transactions, confidential data leaks, etc. This makes any average consumer wary of making digital payments on e-commerce platforms. According to a study by signify, 62% of the customers are NOT confident about the security of their data.
This certainly is not the way you would want to begin your relationship with your customer. You must invest to secure your e-commerce business platform.
Instill confidence in your customers by giving them a complete digitally secured platform by Installing SSL Certificate. Be aware and be updated on the constant threats that your e-commerce businesses are exposed to, daily. Learn how to deal with it and be proactive in your approach to strategize and implement the solutions. Here are the major security threats for 2020 that you mustn’t ignore.
- Fraudulent Transactions
- With so much of business transactions taking place online, financial fraud is the most common and most detrimental security threat that e-commerce businesses face today. Online financial fraud is fundamentally any kind of illegal online financial transaction done by a hacker.
- There are mainly two types of payment frauds that are seen to be most widespread. One is, making unauthorized payments using details of stolen credit cards and the other one is when users are exposed to insecure systems on which transactions are made.
- Transactions on these systems are either interrupted or redirected. Although bank support is fully provided to consumers and even payments can be canceled through their apps.
- But this does not fully protect you from the frauds. Even many website security markers are hoaxed and it becomes very difficult for the web users to know if the website is secure or not.
- Solutions: PCI DSS Compliance
- The Payment Card Industry-Data Security Standard Compliance, PCI DSS compliance, is a must for any e-commerce company that accepts credit card payments from its customers.
- Maintaining PCI DSS compliance standards protects consumers and e-commerce service providers alike, against data breaches. This Standard lays down certain security policies that online retail businesses must follow to secure their websites.
- It sets strict rules for web hosting as well as at the payment processing stage. All the online e-commerce platforms must take appropriate actions to implement a secure environment adhering to PCI DSS Standards and win the confidence of your customers.
- Password Theft
- Password breaches have always been a cause of concern for security experts for a long time now. Password theft is one of the biggest security threats for online retail businesses.
- Creating too complex passwords puts you at risk of forgetting them and losing access, whereas using an easy to remember password leaves the system and its crucial data exposed and vulnerable.
- Hackers mainly depend on two main strategies to get hold of your passwords. First is informed guessing. This works by collecting your personal information given out on social media. Your date of birth, birthplace, the school you studied in, etc. and making intelligent guesses to steal your password.
- Secondly, hackers use Brute Forcing, which is a program that runs through thousands and thousands of passwords until they get it right.
- A password breach can help hackers to get into the database of the online retail businesses and set their hands on their crucial data which can cause organizations, serious financial, and reputation damage.
- SOLUTIONS: Stronger Password:
- To safeguard your data, more complex and strong passwords need to be used.
- In addition to this, eCommerce platforms should use multifactor authentication for admin access such as verification code, sent through text messages.
- Having a backup of website data can be helpful in case of any changes made to the system by a hacker having illegal access to your data.
- Distributed denial of service attack:
- With day to day shopping shifting more to eCommerce websites the DDOS attack has increased multifold in the recent past.
- The aim of such attacks can range from foiling the reputation of the retail business by denying services to its customers to blackmailing, for a certain amount of money to disable the attack.
- DDOS attacks can put the entire online retail platform, under seize, by disruption of server or network by overwhelming traffic flow. The goal is to disable the network resource and temporarily make the services of the host connected to the web, unavailable to visitors of the site.
- SOLUTION: Active protection
- For protecting your eCommerce site, from such DDOS attacks, continuous monitoring of the incoming traffic needs to be done and when any visit requests are found to be fraudulent, they should be completely blocked.
- So this threat needs a dedicated DDOS protection service to stop affecting the performance of your site.
- Phishing has become the most widely used method of hacking to gain access to your crucial information like credit card information. Instead of directly gaining access to systems and money, impersonation at a social level is used to carry out fraudulent transactions.
- The most commonly occurring phishing is by sending emails that seem to have come from the bank. Even emails spoofed from the retailers you frequently visit are used to fish out crucial financial information from the users.
- Clicking on the phishing link provided in the mail could incur heavy financial losses.
- Solution: Spreading awareness
- It is important to be aware of vigilant illegal online practices. Retailers should educate their customers on how to recognize the authentic emails sent by them. It should be informed, what all information can be asked. In case of receiving any doubtful emails, customers should be taught to reach out for confirmation.
Some other e-commerce threats to look out for are malware and spams. Bad bots could create serious problems as technologies used against e-commerce businesses keep on evolving. With the increase in threats, it is important to stay one step ahead than the cybercriminals, so be sure to invest in a cheap wildcard SSL, update software, and reduce weak spots prone to attacks.