E-commerce security can be defined as the set of guidelines to be followed to ensure that retail and online transactions are secure from cyber-attacks.
Every store and physical business invest a lot into protecting their physical assets by installing cameras and sensors to prevent theft. This safeguarding process also applies to online stores and retail market platforms. According to the Trustwave Global Security Report 2022, retail industry was the most targeted sector for cyber-attacks. As time has flown by, retail industry has grown vastly, and there is a high requirement for retail businesses to invest in the security of their assets and protect their customers’ information from falling into the wrong hands. In order to do so, organizations must be educated on the key terms essential to understanding e-commerce security protocols.
What is the importance of e-commerce security?
According to recent research by Juniper, 33 billion accounts are expected to be breached by hackers in 2023. As the number of people who use online shopping continues to increase, cyber-attackers find innovative ways to take advantage of insecure accounts to breach data and other sensitive information through weak vulnerabilities in the network.
“A stich in time saves nine.” This is very much applicable to cybersecurity. Security of a network before it is compromised is the priority for organizations today, with the evolving technology. E-commerce security is essential to secure the network of the business and, most importantly, to protect the customer’s data. When sensitive customer data falls into the hands of hackers, this can lead to ransomware attacks, data breaches, identity theft, selling the data over the dark web, impersonation, and many more cyber threats that can ruin the organization’s reputation. Safeguarding e-commerce or retail businesses is crucial for businesses to grow and evolve with the help of new cybersecurity measures and best practices that can help protect the organization.
The threats e-commerce sector is prone to
There are multiple ways in which a retail business is threatened by cyber-attacks. Some of the basic types of e-commerce security threats that retail sector face are:
- Phishing
A method of cyber-attack that can trick victims into providing confidential information such as passwords and social security numbers via mail, text, or phone. Hackers take extreme measures to seem like authentic representatives of a company to draw out information. This cyber-attack works only when customers fall prey to these attacks.
- Malware & ransomware
Malware is short for “malicious software” and is specifically designed to disrupt computer systems to gain unauthorized access. When sensitive information is breached and captured by hackers, they demand victims to pay a sum to release the information back into the victim’s custody. The victims will be threatened with information leakage over the dark web if not.
- SQL Injection
Data is usually stored in a Structured Query Language server (SQL) to keep it secure. The data is stored in the server as a series of tablets that can be easily retrieved. When these servers are unprotected, hackers inject their queries to access the data from the SQL database. This is called an SQL injection attack and can be prevented by adopting modern web development technologies.
- Cross-site scripting (XSS)
Cross-site scripting (XSS) occurs when an attacker inserts malicious code into a web page. This exposes the customer’s information on the page leading to cyber-attacks such as phishing and malware. Scanning the network regularly for vulnerabilities in the website code or the API can help prevent or patch them quickly and hinder XSS attacks.
- Brute force attacks
This type of cyber-attack attempts to gain access to the website by targeting the online store’s administrator console, trying to crack the password by “brute force.” Once an attacker establishes a connection to the site, the hackers run automated programs called scripts to possibly try every combination of letters, numbers, and characters that could be the password. E-commerce sites can be protected by choosing a complex, strong password for the admin panel and by frequently changing the password at regular intervals. Customers are also to be educated about the risk of weak passwords and can be enlightened to do the same to protect their data.
- E-skimming
This is a method of stealing credit card information and personal data from payment processors on e-commerce websites. The hacker gains access to the checkout page and captures the payment. E-skimming can result in XSS, phishing, or brute force attacks. Regular patches to vulnerabilities found in third-party APIs can help in preventing E-skimming.
- Spam
Spam is when an irrelevant message or prompt pops up. Clicking on this malicious link can lead to spammers gaining access to the website. A typical indication of malicious spam would slow down the website and the browser. Deleting unwanted comments and performing root cause analysis can help prevent spammers.
- Bots
Bots are designed to scrape websites for pricing and inventory. Hackers gain access to websites by using this information to hike prices. When this happens, customers neglect the website, which might lead to a negative review. Enabling reCAPTCHA tools on the site and blocking old browser versions can be an excellent way to combat bot attacks.
- Trojan Horses
This is a type of malware disguised as a helpful program. But this is used by hackers to steal the customers’ personal information as it might be downloaded and used by many. Installing a robust anti-virus software and firewall can help in protecting the customer’s information from being hacked.
Conclusion
As technology evolves and retail businesses have grown extensively in the past few years, people rely on online shopping for everything, making retail sectors one of the most sort after businesses for daily needs. In this scenario, organizations must start concentrating on building robust and secure network systems, making them safe for customers to use. Following a few best practices can go a long way in securing the database of an e-commerce network. It is high time for e-commerce security to be taken seriously to protect businesses and customers from malicious cyber-attacks.
