Ecommerce Security – How to Prevent Cyberattacks
In 2022, the eCommerce business faced online payment fraud of up to $41 billion. This is expected to grow further in the upcoming years. Since eCommerce websites and applications manage online transactions, 32.4% of all cyberattacks happen on these platforms. This is the reason why eCommerce security is not only an option but a necessity. Ecommerce security refers to a set of policies and procedures that help keep the data and applications safe from cyberattacks. Common eCommerce security practices include authentication, firewalls, compliance audits, and penetration testing. In this blog, we are going to discuss the different types of security threats associated with eCommerce and the effective ways to prevent them. Let’s dig in! Importance of Ecommerce Security in Modern Business In modern businesses, eCommerce security ensures the safety of sensitive information like credit card details and personal data during online transactions. Maintaining robust security measures enhances customer’s confidence in making purchases online. Without proper security, eCommerce businesses risk data breaches and cyberattacks, which then lead to financial losses and reputation damage. Here are the advantages of strong eCommerce security: 7 Ways to Enhance Ecommerce Security to Prevent Cyberattacks Despite there being different types of security threats to eCommerce businesses, there are multiple effective ways you can prevent cyberattacks. 1. Conduct Vulnerability Assessment and Penetration Testing (VAPT) Vulnerability assessment and penetration testing (VAPT) is the process of finding potential vulnerabilities in applications and websites that could lead to cyberattacks. It is usually conducted by ethical hackers, employed by third-party cybersecurity companies. In vulnerability assessment, the security experts use automated tools to scan the application for known vulnerabilities. It is a quick way but not the most comprehensive one. On the other hand, in penetration testing ethical hackers use their human expertise to test every part of the application for vulnerabilities. It is the most comprehensive vulnerability testing that uncovers hidden weak spots. The result of VAPT is then documented by the service provider. The development team then uses this report to fix those found vulnerabilities. A VAPT report usually consists of the following things: Would you like to see a real VAPT report? Simply tap on the link below and download one right now Latest Penetration Testing Report Download 2. Ensure Regulatory Compliance Adhering to regulatory compliance like PCI DSS, ISO 27001, SOC 2, etc. is essential to protect your digital store. It shows that you are serious about data security, which then builds confidence among customers and stakeholders. Follow these steps to ensure compliance with requirements imposed by law, regulatory bodies, or private industries: 3. Use Secure Hosting Services When choosing a web hosting service, features and price are important factors. However, a wide range of features and low prices should not come at the cost of security. Look for the following security features when choosing a web hosting provider: 4. Use Secure Online Payment Process Create simple and secure checkout processes to prevent cybercrimes and to reassure your customers that their transactions are safe. To create such processes, e-commerce businesses should: 5. Create a Strong Authentication System One of the most important steps of e-commerce security is setting up a secure customer authentication system. To do this, you have to: 6. Prevent Chargeback Fraud To prevent customers from charging back transactions unfairly or intentionally, e-commerce businesses can: 7. Implement a Secure Firewall A firewall is a shield that blocks malicious traffic and ensures your website stays accessible. Additionally, it manages the flow of traffic to and from your e-commerce platform. When setting up a firewall: Latest Challenges in Ecommerce Security Securing eCommerce platforms is a big challenge where cyber threats are continuously evolving. Here are some prominent challenges faced by eCommerce businesses during cybersecurity: 1. Unique Cyber Threats Cybercriminals are continuously changing their tactics and using advanced techniques to exploit vulnerabilities. Due to unique e-commerce security threats like coupon manipulation and OTP bypass, businesses need constant adaptive cybersecurity strategies. 2. Supply Chain Vulnerabilities Supply chain vulnerabilities happen because eCommerce connects lots of different partners and suppliers. If there are weak spots in this network, hackers can use them to compromise the integrity of transactions. That’s why it’s important to have good security for the whole supply chain. 3. Evolving Compliance Regulations Ecommerce businesses operate in a set of rules and regulations that are constantly changing. Complying with data protection rules and industry standards can be challenging, especially for big enterprises with diverse regulatory requirements. 4. Secure Mobile Transactions The rise of mobile payment systems like UPIs introduces additional challenges. This is because transactions done through mobile devices have become a prime target for attackers. Securing mobile apps, and mobile payment platforms, and protecting user credentials are all important tasks. 5. Scaling Security Measures As an e-commerce business scales and expands, the challenge lies in scaling the security measures too. Ensuring the security policies, protocols, and infrastructure accommodating the growth of the company is an ongoing challenge for rapidly expanding businesses. Role of Cybersecurity in the Future of ECommerce As eCommerce business grows, cybersecurity continues to be vital in shaping its future. Here’s how cybersecurity is going to impact online shopping: Conclusion Customers who cannot trust you to protect their data, can’t be blamed for shopping elsewhere. Ensuring the protection of data and online transactions is crucial for a good reputation and trust of loyal customers. Hence, companies of all sizes need to have strong eCommerce security measures that can protect their customers and their business. As new, more complicated security threats arise, businesses and IT leaders must explore the role of penetration testing in eCommerce security. Qualysec Technologies is one of those rare companies that offers process-based penetration testing services. Find and address vulnerabilities in your eCommerce website and applications by partnering with us. Click the link below to talk to our cybersecurity experts! Talk to our Cybersecurity Expert to discuss your specific needs and how we can help your business. Schedule a Call FAQs Q: What is new in ECommerce security?
