Top 8 E-commerce Security Threats and Their Solutions
The e-commerce industry is booming, and with that so too are the cyber threats targeting this sector. In 2021, global e-commerce sales were worth 5.2 trillion U.S. dollars worldwide, and are expected to grow even further in the coming years. Cybercriminals know this, which is why they continue to target online retailers.
What is E-commerce Security?
eCommerce security is the set of globally accepted guidelines or measures taken to protect eCommerce transactions and ensure safe transactions on the internet. Protect the purchase and sale of products and services online. Also, appropriate e-commerce security measures and guidelines boost consumer confidence. By following such guidelines, you can protect your customers and your business from potential risks.
We have to check the list of E-commerce Security Issues and their Solutions to keep the online transaction safe. We will get to that list in a minute, but first, let’s brush up on our understanding of why e-commerce security is important and what are some of the important e-commerce security solutions.
Why are Security Issues Important in eCommerce?
E-commerce is on the rise, and with it comes an increased vulnerability to cybercrimes. Security issues are becoming increasingly important as more shoppers shift their purchasing habits online. Cybercrime has cost businesses and individuals billions of dollars in the past few years. Shopping is now one of the top cyberattacks, as thieves steal personal data, misuse credit cards, and even defraud customers.
When you are conducting an online transaction, it is important to take into account the security risks that come with it. By following some simple guidelines, you can avoid any potential problems and keep your personal information safe.
1. Use a secure payment gateway
One of the most important steps you can take to protect your security is to use a secure payment gateway. This will ensure that all of your data is encrypted before it is sent to the merchant and that no third party can access your information while it’s in transit. It’s also important to make sure that the merchant you are working with is reputable and has a good reputation, as this will help increase the trustworthiness of your transaction.
2. Beware of dodgy links
If you’re having trouble finding a merchant that meets your specific needs, be aware of any links that may seem suspicious. Sometimes illegitimate merchants will try to lure you in with helpful-looking links, only to steal your personal information once you have submitted it.
3. Use caution when sharing personal information
4. Watch for phishing attacks
Phishing attacks are attempts by attackers to steal your personal information by tricking you into giving away your login credentials or other sensitive information. Be particularly cautious when receiving unsolicited e-mails requesting authentication codes or other personal information.
5. Use Extensions or Plugins
You can use extensions or plugins for your eCommerce website security like Magento 2 Google Invisible reCAPTCHA Extension. Google reCAPTCHA helps to protect your Magento store from bots, and spam and provides security to your e-store. Store Credit helps to convert the order refund into revenue with virtual credits which can be used by customers in their future purchases.
Now let’s find out, “What are the e-commerce security threats and solutions?”
Cybercriminals may be looking to steal your online shopping data or your personal information. Here are some common e-commerce security threats and solutions.
The Common 8 E-commerce security Threats (Issues) and Solutions
With nearly 5 billion active users globally as of November 2022, e-commerce sites are prime targets for cyberattacks. The following are some of the most common e-commerce security threats and solutions:
1. Security encryption
The first step in securing your site is by encrypting your information with a secured encryption protocol. This helps keep your data safe from intruders and unauthorized third-party access.
You can use commercially available solutions or employ on-site encryption specialists to help protect your site.
2. Poor Website Security
Poor website security includes using outdated technologies and software that aren’t properly secured. This leaves your website vulnerable to attack, as well as exposure of your customer data and other sensitive information.
To prevent this from happening, you need to ensure that your website is updated with the latest security measures, including HTTPS encryption and strong password policies.
3. Tampering With Order Details
If you sell online, it’s important to keep order details secure. This includes verifying customer identities and keeping track of all transactions.
You can do this by using a secure payment gateway such as PayPal, Stripe, or Braintree, as well as encrypting order details during transmission.
4. Hijacking Account credentials
One of the most common ways attackers gain access to businesses is by hijacking user account credentials.
To protect yourself from this threat, you need to have strong password policies in place and keep track of who has access to user accounts. For added security, use two-factor authentication (2FA).
5. Phishing scams
Phishing attacks involve scammers pretending to be someone from your company or an authorized vendor in order to obtain sensitive information like login credentials or financial data via email spoofing scams.
Phishing scams occur when malicious actors Dup someone’s legitimate login credentials for illegitimate purposes such as stealing personal information or May mount ransomware against victims’ devices.
To prevent yourself from becoming a victim of phishing attacks, always be suspicious when receiving unsolicited emails or visits from unknown people – always verify the authenticity of any contact before responding!
To protect yourself from phishing scams, always be suspicious of unsolicited email offers containing links to suspicious websites. Additionally, never enter your confidential information into fake login pages or forms. Instead, sign into your account directly via the website where you made the purchase.
6. Injection Attack
Injection attacks occur when a hacker injects malicious code into a web page on a user’s behalf in order to steal personal information or carry out fraudulent actions. The most common way this is accomplished is by exploiting vulnerabilities in web browsers.
To prevent injection attacks, always use Chrome, Firefox, and Safari browsers with up-to-date antivirus protection and disable pop-ups, and avoid what are considered to be the most unsafe browsers out there at all costs. Additionally, only visit trusted websites and follow simple online security guidelines such as never leaving your computer unattended and always keeping your browser closed while browsing.
7. Insecure session management
Insecure session management refers to the use of weak passwords or easily guessed passwords that allow unauthorized individuals access to an individual’s account without their consent.
To prevent security breaches caused by insecure sessions, always use strong passwords consisting of at least 12 characters and two randomly generated numbers. Additionally, do not reuse passwords across different sites, and actively monitor your online activity for signs that your account has been compromised.
8. Virus infection
A virus infection occurs when a user downloads and installs a malicious file onto their computer without knowing it. Some common ways viruses spread are through infected email attachments, peer-to-peer file sharing, or over the internet through sites with malware in the adware or spyware category.
To prevent virus infections, ALWAYS use an antivirus software program installed on your computer, keep updates available for your software, scan all text files before opening them, disinfect items before returning them to PBS/Library, guard against installation prompts from unfamiliar software, subscribe to updates offered by reputable vendors, and be cautious about what you download from the internet.
As the world of online retail continues to grow, so does security risk, and this has created a need for e-commerce platforms to create better solutions. Protecting your site’s data and customers is essential to maintaining not only a healthy store but also a thriving business.
To protect your business from cyberattacks, you need to have a sound e-commerce security strategy in place. Above, we have listed some of the most common security threats and solutions in e-commerce.