The growth in eCommerce safety is expected to continue, with a prediction that it will reach 21.8% by 2024, translating to an 8.2% growth in less than five years. In 2019, it was predicted that the global eCommerce market sales would surpass the $4.2 billion mark in 2021. Even though internet business is growing, there are a lot of risks involved that most people do not take into account before starting a business. Cybercriminals now take advantage of the online eCommerce market by employing advanced tools and techniques.
Typical dangers that internet businesses face
Understanding the security risks associated with emerging technologies is crucial for online retailers as they strive to stay competitive in the market. These are the most typical security threats that owners of eCommerce businesses need to be aware of.
Attacks using distributed denial of service, or DDoS,
This kind of cybersecurity attack involves an abrupt influx of requests from untraceable IP addresses on your eCommerce website. To accomplish this, hackers manipulate Internet of Things devices to force your website offline, making it susceptible to malware infections and other attacks. In recent years, DDoS attacks have increased, particularly during periods of high online business activity. Compared to prior years, eCommerce sites saw a 109% rise in these attacks in 2018. A DDoS attack can cost a company money and reputation in addition to other costs.
Card fraud on credit
Due to its difficulty in tracing, credit card fraud has emerged as a common threat to eCommerce. It can be challenging to identify a fraudulent transaction when hundreds of transactions are processed online by eCommerce sites. Online retailers who fall victim to credit card fraud lose inventory, incur costs to compensate the irate cardholder, and risk harm to their brand.
Attacks by malware
The purpose of a malware program is to allow cybercriminals to access your website and harm a network. SQL injection or download procedures can be used to insert malware files into eCommerce web pages. Once inside the system, a hacker can send malicious emails, take over your network, access your database, and assume total control over your system by pretending to be someone else.
How to keep your online business safe
HTTPS protocol is a simple solution to secure your eCommerce website and ensures secure online communications. Getting an SSL certificate is a prerequisite for enabling HTTPS on your website. The address bar of a website that is HTTPS secured displays a green padlock. This gives your visitors more confidence that your website is genuine and that they can trust it.
The best way to ensure data security for your eCommerce site and network if you have remote workers is to use a VPN. By encrypting internet traffic, a virtual private network (VPN) keeps every computer on your network safe. It can also guarantee data security, even when using public Wi-Fi, update your software, and scan for malware.
Employ 2FA and strong passwords.
Cybercriminals use password guessing as one method of accessing eCommerce sites. By using a strong password, you make it ungues sable. The best passwords should include special characters, numbers, and both upper- and lowercase letters.
By using 2FA, you can fortify your account even more. As part of a security protocol, after entering their passwords to access the site admin platform, users attempting to log into your site will need to generate an additional code that is sent to their device. Although it should be a top priority for internet businesses, not all entrepreneurs give cybersecurity enough thought. To stay safe, understand the dangers and adopt sound cybersecurity practices.