e commerce security threats

Every year, security threats in e-commerce cost online retailers billions of dollars. These threats are so devastating that they can even force online stores to shut down. Although many e-commerce businesses are taking security seriously, cybercriminals still attack them because they deal with sensitive data and financial transactions. The e-commerce industry accounts for 32.4% of all cyberattacks. This is why, e-commerce website’s owners need to understand the cyber threat landscape and implement the best security measures. In this blog, we have listed the top 10 latest e-commerce security threats that are troubling business owners and their best solutions. Why is E-commerce Security Important?  E-commerce security is important to protect both customers and businesses from various cyber threats and security risks associated with online shopping and marketing. But by implementing effective security measures, e-commerce platforms can prevent data loss, ensure compliance, and attract more customers. 1. Protect Customer Data E-commerce platforms typically collect and store all the sensitive information from customers such as credit card numbers, bank details, addresses, and personal information. If you fail to secure this data, it can lead to identity theft and harm to the individuals. Additionally, failing to secure customer data can lead to a loss of reputation. 2. Prevent Financial Loss With 2,200 cyberattacks happening every day, you might be the next target. Since e-commerce websites handle financial transactions, any breach can result in financial loss, both for businesses and customers. Additionally, conducting security tests regularly costs far less than recovering from a breach. 3. Comply with Industry Regulations Many industries have strict regulations for protecting customer data online. For example, PCI DSS, GDPR, SOC 2, and ISO 27001. These regulations make it mandatory to conduct regular security checks as a part of their cybersecurity. Not complying with these regulations can lead to legal problems, fines, and reputation loss. 4. Attract More Customers Customers are more likely to choose safe e-commerce sites. Since e-commerce platforms consistently compete with each other, having strong security can give you a competitive advantage. By focusing on the best security practices, you can attract and retain more customers. Top 10 Latest Security Threats in E-Commerce Keeping your e-commerce business running and building a loyal customer base requires you to be ahead of evolving security threats. E-commerce attacks can come in various forms that can disrupt your platform and harm your customer’s account and data. Here are 10 latest e-commerce security threats that you need to be aware of: 1. Payment Manipulation Payment manipulations are now a severe cyber threat in e-commerce, where cybercriminals exploit vulnerabilities in payment processes to steal money or sensitive information. This type of threat occurs when hackers tamper with customer’s payment data. They redirect funds to their accounts or manipulate transaction details to deceive both customers and vendors. Such cyber threats can result in financial losses and break customer trust. 2. Coupon Manipulation Coupon manipulation is where fraudsters exploit discounts or promotional offers to cheat the system for personal gain. This type of cyber threat involves the misuse of coupons, such as generating fake or unauthorized codes, exploiting loopholes in the redemption process, or abusing the terms and conditions to get illegal discounts. Coupon manipulation not only results in financial losses but also damages the integrity of promotional campaigns. 3. Cross-Site Request Forgery (CSRF) In cross-site request forgery (CSRF), the attackers trick users into taking unwanted actions on their behalf, without their consent. For example, they could trick you change your delivery address or payment information. Such attacks can occur when a malicious website or email forces the user to make the necessary changes in the e-commerce platform. It can lead to account takeovers, unauthorized transactions, or data breaches. 4. Data Base Takeover Through SQL Injection SQL injections allow attackers to gain unauthorized access to sensitive data stored in the website’s database. This type of attack happens when cybercriminals exploit vulnerabilities in the website’s code to insert malicious SQL commands. As a result, the commands manipulate or receive sensitive information from the database. In e-commerce platforms, it could lead to the theft of customer’s private information such as credit card details, addresses, and purchase history. 5. Business Logic Issue The business logic issue is a significant e-commerce cyber threat that arises from errors in the logic of their operations. These issues occur when the business rules and workflows implemented in the system are not properly validated. This can give rise to vulnerabilities that can be exploited by attackers. In e-commerce, business logic issues can result in various problems such as incorrect pricing, errors in order processing, or unauthorized access to sensitive data. 6. Payment Gateway Bypass In payment gateway bypass, attackers exploit vulnerabilities in the payment processing system to gain unauthorized access to financial transactions. This type of cyberattack occurs when attackers manipulate payment data during the transaction process, bypassing the payment gateway’s authentication and encryption mechanisms. As a result, they can steal private data such as credit card details, compromise user accounts, or carry out illegal transactions without any detection. 7. User Account Takeover Attackers can easily gain unauthorized access to user accounts in e-commerce websites through various ways such as credential stuffing or exploiting weak passwords. Once an attacker gains access, they can perform many fraudulent activities such as stealing personal information, making unauthorized purchases, or conducting identity theft. This not only results in financial loss but also damages the trustworthiness of the e-commerce platform. 8. OTP Bypass OTP (One-Time Password) bypass is one of the most recent security threats in e-commerce that everyone needs to be aware of. It is where attackers try to bypass the security measures that rely on OTPs to authenticate users. Here, the attacker intercepts or manipulates the OTP sent to the user’s registered mobile number or email during the authentication process. By exploiting vulnerabilities in OTP delivery or validation, attackers can gain unauthorized access to user accounts. As a result, they can perform fraudulent transactions or steal sensitive data. Also Read – Top 10 Web Application Vulnerabilities