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Electronic commerce or e-commerce refers to the electronic transaction of business transactions using a computer, smartphone or tablet connected via the internet. Customers can access e-commerce platforms to make self-service purchases of items they want to buy. It allows for real-time transactions across a wide geographical area. E-commerce is used by almost every industrialized country to interact with its clients.
E-commerce is one of the fastest-growing industries in the world today. Online purchases accounted for 32.4% of all online sales in 2020, with consumers spending over $800 billion. It means that cybercriminals have more money to steal and more opportunities to exploit weak spots in security.
Bad actors can also extract the data from the e-commerce and payment enterprise databases and then sell it to the highest bidder. One datum is worth approximately $0.36 in this digital age.
Cybersecurity Threats and Risk
Cybercriminals are targeting various industries, including finance, healthcare and energy. Cybersecurity threats and risks are more likely to be posed by e-commerce because of its nature. Unauthorized individuals may access customer information and system controls if networks or platforms aren’t secure. Cybercrime can cause small and medium businesses financial losses, reputation damage, data leakages, and damages of up to $2.2 million.
Many companies rely on their websites and online storefronts to make money, but cyber-attacks are becoming increasingly common. It is therefore vital for firms venturing into e-commerce to implement proactive measures to safeguard their online assets and information. These tips will help you to protect your business from cyber-attacks and protect your customer’s information. This article looks at some of the best practices in cybersecurity. The first step is to understand the risks and threats.
The most critical cybersecurity practice is the implementation of a strong, secure network. Without this, your customers and your company are in jeopardy. A weak or compromised Wi-Fi network allows an attacker to intercept unencrypted data and access it. The most common means of infecting your computer is a public Wi-Fi network. If this occurs, the attacker will have access to your database.
Cyber Attackers
Cybercrime experts recommend that businesses collect only the information necessary to perform their tasks, and not any additional information. The fewer data points you collect, the less appealing they are to hackers. Finally, it is imperative that e-commerce businesses to post privacy policies. They are often the first step to securing your online business. So, how can you ensure yours? Let’s discuss some common vulnerabilities. These threats can threaten your customers’ personal and financial information.
Malware is another common threat to online businesses. Hackers create malicious software to attack computers, networks, and businesses. It is a constant threat to every computer. The malware will spread like a virus, destroying all the information it can access. There are many different types of malware, but some of the most popular ones include Trojan Horse style viruses that pass themselves off as beneficial programs. Ransomware is a type of malware that takes over the functionality of the system and demands payment of a ransom to free it. As a result, it can ruin your business and your reputation.
Fortunately, most attacks are not malicious. But if you do not use your security software, you can lose a lot of money. And this is why you should have a strong cybersecurity policy for your e-commerce operations. A solid security plan will prevent any data breaches and prevent identity theft. Keeping the information secure is vital. And it is crucial for your reputation. With the right security system in place, you can ensure your business is safe from these cybercriminals.
Besides protecting data from cyberattacks, the threat of leakage of trade secrets is also a real concern. Having a breach in your e-commerce business can cause massive damage to your brand and reputation. If you lose your customer’s trust, it will affect their business. A breach in your e-commerce site can even make your customer-facing transactions impossible. You must protect their information and your online store’s online operations against hackers.
Cybersecurity Solutions
E-commerce businesses can reduce cybersecurity risks by increasing awareness and strengthening online security. E-commerce businesses can learn about cybersecurity threats and avoid common human errors that lead to security breaches. Integration of cybersecurity solutions such as digital signature authentication helps prevent fraud in online platforms. Digital signatures can help business platforms have better mechanisms for recognizing tampered electronic documents and digital messages.
Although there are no guarantees that cyberattacks will be prevented, security measures and safeguards can reduce the risk for customers and businesses. They must stay up-to-date with the most recent tools to protect themselves against the next major cybersecurity threat.
Privacy is a primary security measure that limits access to confidential information between bound parties. No one else should access an account or any other personal information except the customer and seller.
Cybersecurity experts recommend that companies collect only the necessary information. The fewer data a company has, the less attractive it will be to hackers and cybercriminals. E-commerce companies should also post privacy policies to inform customers about their rights and limitations in providing crucial information.
FIDO2 Solutions
Many organizations have adopted multi-factor authentication, which has become a standard in the industry. However, some organizations still have security gaps, and phishing attacks are increasing in frequency and severity. The best way to ensure that your cybersecurity solution is up to date is to use an authentication-based solution like FIDO2. This solution eliminates the need for physical security keys by turning smartphones into hardware security keys. This means that your users will have a frictionless experience.
Cyberattacks rose by 300% in November 2020 due to increased e-commerce transactions. The most severe cyber attacks on online retailers were supply chain attacks, ransomware, and phishing. Enterprises must ensure that access points to their databases are secure and increase authentication controls to reduce the risk. Using biometric authentication with FIDO2 certification is another way to integrate robust cybersecurity solutions into online platforms.
For more information about cybersecurity in the e-commerce and payments industry, here is an infographic provided by Login ID.
