Whether you sell homemade soap or high-end luxury handbags, your e-commerce store will often get attacked. With the growing number of shopping options available today, from peer-to-peer marketplaces to brick-and-mortar locations, any business owner is bound to encounter cyber or network security attacks sooner or later.
However, E-commerce stores are particularly vulnerable to cyberattacks because they handle large amounts of customer personal information and financial data. A successful attack on an e-commerce store could result in identity theft and a complete loss of customer trust, not just for that particular brand but also for all e-retailers. That’s why protecting your e-commerce store from potential cybersecurity threats is essential.
Examining Potential Threats to E-Commerce Security
E-commerce businesses are increasingly vulnerable to various types of cybersecurity threats due to the growth of digital payment systems. Therefore, staying up on the latest security threats is vital for businesses and individuals in the e-commerce sector.
Let us consider a few cyberattacks relevant to online businesses and ideas on how to avoid being a victim.
DDoS attacks
The retail sector is increasingly targeted by cybercriminals using distributed denial-of-service (DDoS) attacks to hold businesses to ransom. DDoS attacks are a cyberattack that uses multiple computers to overwhelm the victim’s server, causing it to crash or become unavailable.
Hackers can easily implement them and cause serious disruption for companies, making them an attractive target for malicious actors. For retailers, this attack can have serious financial consequences as customers may not be able to access the online store and make purchases.
Furthermore, these attacks can lead to the loss of data and the company’s intellectual property. On the other hand, DDoS attacks also offer a relatively low risk for attackers as law enforcement agencies often find it difficult to trace their source.
Card fraud
Vulnerabilities get probed on e-commerce sites, and the hacker steals credit card numbers after a successful hack, as cybercriminals’ efforts tend to target e-commerce businesses.
Inventory denial
Indirectly disrupting the eCommerce business by strictly limiting sales to paying clients harms brand image, company reliability, and the eCommerce firm’s revenues. It is commonly thought of as the malicious action of removing inventory from a seller’s inventory. It allows the robber to avoid delivering an order and get away without any liability.
e Skimming
Cybercriminals try to trick customers in checkout areas by adding malicious code to dynamically receive their consumer card information, in practice known as e-skimming.
Using tools like NordLayer, you can guard the cloud and reduce security risks by building a security framework that includes IP whitelisting or allowlisting. IP safe listing limits access to networks based on an IP address.
Our IP allowlisting regimen and complementary offerings such as two-factor authentication (2FA) and Single-Sign-On (SSO) instantly encourage leading companies’ standard practices and work to reduce e-commerce security concerns dramatically.
Data Breaches
Data breaches are a danger that e-commerce companies face as criminals seek access to valuable information and funds. It can take various forms, from unauthorized access to confidential customer data such as credit card numbers or personal information to malicious software. As a result, companies should prepare effective strategies to protect their customers and company assets from cybercriminals and other malicious actors.
Poor Security Practices
With the rise of e-commerce, businesses have started to experience success in sales through digital means. However, with the convenience and ease of access, there is an increased risk of malicious activities that can put e-commerce transactions at risk.
Poor security practices are one potential threat to these online transactions.
Therefore, security should be a top priority for businesses to protect e-commerce sites from breaches or intrusions. Poor authentication protocols and weak username/password combinations can leave sites vulnerable to hacking due to easily guessable credentials.
Furthermore, not encrypting user data on websites exposes customers’ private information and leaves them open for misuse by cyber criminals.
On the other hand, using two-factor authentication and strong password requirements can help prevent possible hacking attempts on e-commerce sites.
How to protect an e-commerce store from potential network security threats?
As e-commerce continues to grow, there is an ever-growing need to protect online stores from potential cybersecurity threats. With more customers turning to online shopping, the risk of cyber-attacks increases.
Fortunately, there are steps that e-commerce store owners can take to help protect their stores from potential threats.
Let’s look at protecting an e-commerce store from potential cybersecurity threats, including creating secure passwords, using a secure payment gateway, and implementing two-factor authentication.
By taking the time to understand these steps and implementing them, e-commerce store owners can rest assured that their online store is well-protected against potential cybersecurity threats.
1. Ensure your website is secure with the latest security updates and patches.
Security vulnerabilities get constantly discovered in software and hardware, so it’s worth taking advantage of the latest security updates and patches to avoid potential attacks. In addition, maintaining the security of your website is critical for any business operation.
From preventing data breaches to protecting customer information, ensuring your website follows the latest security measures is essential. Regularly updating and patching software on your site can help protect against malicious attacks and keep sensitive data secure.
When considering securing your website, evaluate which patches and updates are necessary. Common components that need updating include web browsers, be it VPN browsers or other browsers, operating systems, server software, plugins, extensions, or other applications running on the website. Many of these items will have available updates or patches that should get installed at regular intervals.
Additionally, consider using a Content Delivery Network (CDN) service; this allows visitors’ requests to get distributed across multiple servers for improved performance and security layers from distributed denial-of-service (DDoS) attacks.
2. Boost eCommerce security with access control – NordLayer
NordLayer is a leading provider of data and applications for eCommerce or network security. Global brands like Walmart, Home Depot, and Shaw Communications have adopted their solutions. NordLayer’s solutions help your business protect against online fraud, prevent hackers from stealing information or access to your website, and identify suspicious activity.
Access control helps you manage user permission levels and secure your website so only authorized users can gain access. It requires user authentication before allowing them to enter the system, which ensures that no one else can gain entry without permission.
With NordLayer’s access control tools, you can quickly implement multiple layers of network security to protect your eCommerce site from potential threats and keep customer data safe. Additionally, it allows you to monitor who is accessing what parts of your website to detect any suspicious activity quickly and efficiently.
2. Use multi-factor authentication to protect customer accounts.
Multi-factor authentication is one way to help protect your e-commerce store from cyber or network security attacks. This type of security feature requires more than one piece of information to log in to a particular account, such as a password and an authentication code. Multi-factor authentication makes it difficult for hackers to access personal data or financial information because the user would need both pieces of information.
In addition, multi-factor authentication is effective against hackers, and You can use it to prevent phishing scams. Phishing scams are when people trick consumers into divulging their personal information or financial data to steal money or identity online. With multi-factor authentication, you’ll know your customer accounts are safe from phishing scams and cyber network security attacks.
3. Implement a secure payment system to protect customer data.
Payment security is essential in protecting your e-commerce store from potential cybersecurity threats. The most vulnerable aspect of e-commerce stores is payment security, as it’s responsible for transferring customer data to a third party.
In addition, it includes credit card information, which can get used to commit identity theft and fraudulent purchases. That’s why securing payment systems and using encrypted communication channels are important steps that you can take to protect your business from potential cyberattacks.
There are three ways you can protect your e-commerce store and its customers against potential cyber-attacks:
- Make sure that you implement a secure payment system to protect customer data:
- Encryption should get used in all communications with customers:
- Implement a risk management program that alerts you when a suspicious activity gets detected (e.g., unusual transactions by specific accounts).
4. Monitor systems for malicious activity and investigate suspicious network traffic.
First, you’ll want to monitor your systems for any suspicious activity or network traffic that could indicate a cybersecurity threat. Then, you can use tools like Splunk to help you detect unusual behaviour and alert you when it occurs.
Moreover, it also helps to create a list of all the systems in use, their IP addresses, and their user accounts. This way, you can investigate any unusual behaviour without examining every system individually.
Conclusion
Implementing security measures that protect your e-commerce store against potential cyber or network security attacks is important. You can implement the necessary safeguards, such as securing your website, employing multi-factor authentication, implementing a secure payment system, and protecting customer data.
