E-commerce is a popular and rewarding industry to break into as an entrepreneur. In fact, there are over 27 million websites across the globe for e-commerce. But that number isn’t the only one that is rising. In 2023, IBM’s X-Force Threat Intelligence Index tracked a 71 percent increase in cybercrimes involving stolen login credentials compared with the previous year.
The e-commerce industry is one of the most lucrative targets for cybercriminals, which is why it’s crucial for online retailers to be aware of the risks and take the right steps to secure their sites. It is essential to take proactive steps and implement robust security measures that protect your business and customers while building a long-term foundation for success.
Security tips to protect your e-commerce business
Choose a secure e-commerce platform: The first step in building a secure e-commerce website is to use a secure platform. Ensure that it has extensive security measures in place and that it maintains payment card industry (PCI) compliance. Run PCI scans on your server to check whether you are compliant. Additionally, make sure you are running the latest version of the software.
Implement SSL certificates: Secure sockets layer (SSL) is the de facto standard for securing online transactions. SSL certificates authenticate the identity of users and encrypt data both in the store and in transit. SSL is essential to establish secure connectivity between the end-user systems and your e-commerce website.
Enable two-factor authentication: Stolen or compromised user credentials are a common cause of web security breaches. Implementing two-factor authentication as an extra layer of security can help protect your online store from hacking attempts.
Use a VPN: When dealing with customer data, especially with financial transactions, using a virtual private network (VPN) service can provide an encrypted connection to a secure offsite server, preventing interception by malicious users.
Educate your customers and employees: Users need education on the laws and policies that affect customer data. Educate your clients and your workforce on your information security practices. Your employees must be trained on the actions necessary to keep customer data safe.
Deploy a web application firewall: Web application firewalls (WAFs) can be an important part of protecting your site by filtering and monitoring HTTP traffic to block malicious traffic such as SQL injection and cross-site-scripting attacks.
Back up your data regularly: Perform regular backups of your site and database and store them securely, ideally in multiple locations or via a cloud provider. This ensures that you can recover data quickly in the event of a cyberattack or system failure.
Use secure payment gateways: Delegate credit card payments to secure payment gateway providers that comply with the Payment Card Industry Data Security Standard (PCI DSS) to protect your customers’ card information.
Implement role-based access control: Restrict each user’s access to sensitive systems and information based on their role within the organization to create a stronger security position.
Monitor for suspicious activity: Use monitoring tools to detect unusual patterns and set up alerts to take immediate action when potential threats are detected. Constant monitoring is crucial to prevent undetected hackers from compromising your system.
Potential e-commerce security threats
With the proper safeguards in place, you can shield your business and customers from online threats. Here are a few common threats you should be aware of:
Phishing: Hackers try to trick store owners into providing personal information through email, text, and phone calls.
Malware and ransomware: Avoid clicking links or downloading unfamiliar software to prevent malware infections.
SQL injection: Attackers manipulate the back end of your system to view private data and operate part of your system without your knowledge.
Cross-site scripting: Hackers input harmful code into your company’s webpage to steal information from your customers.
E-skimming: Attackers infiltrate your e-commerce store to steal customer information during the checkout process.
Fortifying your online store
E-commerce security is a fundamental aspect of running a successful online business. By implementing SSL certificates, multifactor authentication, and other best practices, businesses can reduce the risk of breaches, maintain compliance, and build trust with their customers. It is essential to stay informed about the latest security threats and take proactive measures to protect your e-commerce business.
