Posted on June 5, 2024 by zovoteam
Top Cyber Security Practices for E-commerce Website
E-commerce has been a crucial part of growth for some businesses, but as e-commerce businesses started to grow, security threats to e-commerce also rose. According to research, 32.4% of all attacks are targeted at e-commerce. Cybercriminals target e-commerce websites for stealing valuable information such as customer data, personal information, and financial details.
In this article, you’ll learn about the most common commerce security threats and the top cyber security practices to keep your website safe from these attacks.
7 Types of Security Threats in eCommerce
Phishing
Phishing is the most common type of cyberattack. Cybercriminals try to trick victims into giving away their sensitive information ( usernames, passwords, and credit card numbers) . They often use fake emails, websites, or social media profiles to lure victims to give their personal information. Phishing attacks are very convincing. According to a report by Verizon’s DBIR, more than 20% of data breaches in 2020 were the result of phishing attacks. So it’s important to educate e-commerce users on how to identify a potential phishing attempt.
Malware
Malware means malicious software that is used by cybercriminals to gain unauthorized access to e-commerce websites. A malware attack can affect an e-commerce website in various ways, which can result in loss of customer data, business reputation, and financial losses. Usually, this includes viruses, worms, Trojans, and ransomware for this type of attack.
DDoS attacks
Dods means distributed denial of service (DDoS) attacks. The cybercriminals tend to flood the website’s server with malicious traffic that causes a server crash. These attacks can cause significant financial losses and can also prevent customers from entering your website.
Bots
Bots are another threat that can harm an e-commerce business. Attackers usually inject bots into e-commerce sites that may take over customer accounts, steal credit card information, or scrape a merchant’s pricing.
E-skimming
In e-skimming or online skimming, an attacker usually injects a malicious skimming code into payment card processing on e-commerce sites to capture the customer’s credit card information and steal money or to make an unauthorized purchase.
Any business that makes online payments can become a victim of e-skimming. E-commerce enterprises are the primary target of this type of cyber attack.
Brute force attacks
In a brute force attack, the attacker tries to gain access to the e-commerce website by guessing the website’s credentials through trial and error. The attackers usually succeed if the website has weak passwords or doesn’t have a system for preventing multiple login attempts.
Financial Fraud
Financial fraud is one of the most sensitive attacks, as it can steal a merchant’s financial assets. As an example, an attacker can use stolen credit card data to make an unauthorized purchase in a digital store. According to Statista, e-commerce enterprises lost over $48 billion due to online payment fraud in 2023.
E-Commerce Cyber Security Best Practices
The e-commerce security threats may be scary, but if you want to prevent them from harming your e-commerce website, first you need to identify the website threats that are already on your website and adopt the best cyber security practices given below to prevent security breaches, protect sensitive data, and maintain customer trust.
Stronger passwords
To prevent your users from easily getting hacked, it is crucial to require stronger passwords for your website. Add a system that requires your users to have strong passwords with a combination of letters, numbers, and symbols to make their accounts hard to crack. Also, make sure that your administrator also has a secured password as well. When an employer is fired, don’t forget to revoke all system access immediately.
Use SSL certificates
One of the most effective ways to ensure your website’s security is by adding an SSL certificate. SSL certificates encrypt the data transferred between the eCommerce website and the customer’s browser, which ensures that sensitive data is protected from cybercriminals. Make sure to purchase an SSL certificate from a trusted and certified authority. Configure their certification and use strong encryption.
Multi-factor authentication
Multi-factor authentication asks users to provide two or more forms of identification before accessing an eCommerce website. This helps to prevent unauthorized access to an eCommerce website and stops cybercriminals from stealing sensitive data. To make sure of the best use, you can use a combination of authentication factors, such as a password and a one-time code sent via SMS or email.
Regularly update software
E-commerce websites use different specialized software for systems, shopping carts, or payment gateways. But if you don’t keep this softwares up-to-date it can cause security vulnerabilities that cybercriminals may exploit. To avoid that, regularly update the software, including plugins and themes. It’s also better to enable automatic updates if possible.
Educate employees
95% of data breaches are the result of human error. This usually happens due to poor password management, inconsistent cyber hygiene practices, or a lack of continuous cybersecurity awareness training. That is why it’s essential to educate your employees on e-commerce best cyber security practices to prevent security breaches.
Employees need to be trained on how to identify phishing attempts , create strong passwords, or use two-factor authentication. They should also be aware of the importance of keeping software up-to-date and how to identify potential security threats.
Educate your customers too
Educating your customers is important too. You need to inform your customers about Cyber Security Practices like how to identify phishing attempts, and they should also be aware of the importance of identifying any potential online threats.
You can create an eCommerce security guide or tutorial for your customers, encourage them to use strong passwords, enable two factor authentication, and so on.
Regularly back up data
It is essential to regularly back up data in case of a security breach or data loss. Online businesses should ensure that they have a backup plan in place and that backups are stored securely and off-site.
As the e-commerce industry grows rapidly, the potential threats are also growing with it. With many security challenges like financial fraud, phishing, DDoS attacks, spam, malware, and others, using the best cyber security practices for your e-commerce website is crucial.
Using stronger passwords, SSL certificates, multi-factor authentication, and regularly updating your software can help you to keep your customers’ information safe and prevent attacks against your business.