Elevated rates of cyberattacks

According to Statista, there are more cyberattacks on businesses every year. The 2022 Cybercrime Report shows a 30% increase in desktop and mobile attack rates compared to 2021.

According to Threat Intelligence, retailers are a target for around 24% of cyberattacks, making retail establishments a particularly attractive choice.

Explaining the intriguing intersection of risks in the world of eCommerce, Jay Hira, Founder and Executive Director of MakeCyberSimple said: “As retailers hurried to establish their digital storefronts, two distinct approaches emerged. Some meticulously crafted their online presence like master architects, integrating strong cybersecurity and privacy practices right from the foundation. Similar to building houses with reinforced steel beams, they made sure that everything was solid and secure right from the beginning. On the flip side, due to immense economic pressures, some treated cybersecurity and privacy practices as an afterthought.”

Red flags that need to be noticed

MUO, one of the largest online technology publications on the web, recently has listed out the most prevalent eCommerce security threats that retailers should be aware of:

• Phishing attacks: The most frequent types of cyber attacks continue to be those in which thieves pretend to be trustworthy organizations in order to deceive unwary consumers into disclosing vital information. Additionally, phishing is identified as the largest security risk for 2023.
• Malware infections: Online stores can become contaminated with malicious software, such as viruses, ransomware, and spyware, through infected files, plugins, or hacked third-party programs, which can jeopardize personal data.
• Credit card frauds: Credit card data is stolen by cybercriminals during the checkout process via a variety of techniques, including card skimming.
• Distributed denial of service (DDoS) attacks: These attacks are designed to overload the server of an online business with traffic, blocking it from being accessed by actual customers.
• Insider threats: By granting unwanted access, stealing client data, or purposefully undermining the company, both workers and trusted partners can put e-commerce companies’ security in danger. Always be on the lookout for risks from both inside and outside the organization.
• Third-party vulnerabilities: Online shops frequently use plugins, integrations, or services from third parties, which might lead to some major risks.

Prompt and efficient fraud protection measures

eCommerce businesses must employ strict cybersecurity policies in order to safeguard their client’s data and their own reputations. Below are some suggestions from the Forbes Technology Council members. By adopting these precautions, eCommerce businesses may better protect the private information of their consumers and fend off potentially disastrous cyberattacks:

Know And Control Your Data: Knowing your data (customers, employees, secrets, financials, and so on) and controlling your data (what do you do after you recognize it?) are the two key components. Every business that gathers, uses, or retains consumer information must be able to identify the data it has, including who owns it, what it contains, and where it is located. Then, it must take steps to safeguard it while adhering to legal requirements

Have An Incident Response Plan Ready: Secure data storage is a vital cybersecurity procedure for eCommerce businesses. In order to prevent illegal access to the data, this entails encrypting critical client information, routinely backing up data, and putting in place stringent access restrictions. Companies should also have incident response procedures in place and constantly check their systems for suspected breaches.

Look For A Robust Data Security Tool: eCommerce businesses are at risk from thieves because they handle a lot of sensitive data, such as personally identifying information. Furthermore, the sheer number of transactions and the utilization of several cloud platforms may increase vulnerabilities. Because of this, companies want a reliable data security platform that offers total insight into their comprehensive data security posture, including data consumption and access inventories.

Recently, the National Cyber Security Centre (NCSC) also released crucial cybersecurity advice to help safeguard merchants, which included:

• Authentication methods: Choosing the right type– assists businesses in choosing an appropriate authentication technique that goes “beyond passwords” to aid customers in securing their accounts.
• Takedown: removing malicious content to protect your brand – provides a step-by-step guide on how a business can remove malicious websites that have spoofed their brand to make it seem legitimate.

Conclusion

As eCommerce continues to grow, the volume of personal data that these businesses acquire and store also increases. The danger of cyberattacks, data breaches, and other security concerns is heightened for many eCommerce enterprises as a result, especially smaller ones. eCommerce platforms nowadays must have security that takes on automated threats like bots head-on in a society that prioritizes the digital.

Don’t forget to contact SmartOSC for more information!