Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. Such cyber attacks usually come in the form of interrupting normal business processes by accessing, changing, or destroying confidential information and, often, by extorting money from users.
To showcase the importance of effective cybersecurity, you must know that every 39 seconds, there occurs a cyberattack and that e-commerce, government sectors, healthcare, and retail account for 95% of recorded cases of cyber breaches. Out of this number, 43% of cyber attacks target small businesses.
As attackers continue to progress and become more innovative, implementing effective cybersecurity measures is particularly challenging nowadays, partly because there are more advanced devices now than ever. So how does cybersecurity protect e-commerce exactly?
The Relevance of Cybersecurity in E-commerce
E-commerce, which is the buying and/or selling of products or services over the internet, is a business model that thrives. In the United States alone, approximately over half of the consumer demographics prefer shopping online. There are also projections that online sales in the United States will increase by billions as years go by. As great in number as it sounds, that part of the equation only represents a minimum percentage in all retail sales, which only denotes a tremendous potential for growth in the industry. Online retailers are well-informed of this reality.
Even though online commerce is becoming larger, the public is still concerned about their data privacy and security when transacting online. A third, if not half, of the population, admits that they are hesitant to purchase online because of potential scams. This apparent lack of consumer trust is a serious problem for online retailers.
Over the years, news reports of online businesses have been hacked, such as what happened to eBay in 2014. Although no financial information was stolen, users were exposed to cyberattacks on different accounts. The incident posed a high level of threat involving identity theft.
To counter these breaches and protect their business, online merchants seek professional advice from cyber protection engineers, auditors, and administrators. Cybersecurity experts have taken it upon themselves to protect businesses and consumers from hackers, scammers, and fraudsters.
In this article, you’ll learn about the 5 best cybersecurity practices followed by the e-commerce industry’s pros that you can also apply in your strategy.
- Verification of email, phone number, and address
Email and phone number verification are vital practices in cybersecurity. Non-e-commerce businesses even apply this when it comes to account creation.
If you want safer credit card transactions, though, you could consider using an address verification tool. This tool cross-checks the buyer’s billing address with the address that is indicated on their credit card. It will then set off and block the transaction if the addresses do not match.
- Usage of strong passwords
Cybercriminals strive to develop effective strategies in hacking an account or penetrating a system or network. One of their solutions is developing software programs that can guess or crack passwords.
It would be best if you countered this by educating users in creating stronger passwords – that is, going for longer passwords with unpredictable combinations of letters in upper and lower cases, numbers, and special characters.
- Carrying out a multifaceted security protocol
The adage “An ounce of prevention is better than a pound of cure” doesn’t only apply to health but also applies to online ventures.
The best intervention for saving your business from breaches is to apply advanced data security and anti-hacking protocols in your process. Ensure that a multilayered security protocol guards all of the steps a user takes on your website, starting with the signup or login form to the payment page and contact form.
- Surveillance of user transactions and activities
An advanced mechanism that is safe from susceptibilities is a must. Therefore, your webmaster must closely monitor all the activities of users and visitors to your site.
Your hosting vendor and yourself will have to cooperate well to recognize and bar suspicious user activities. Also, an automated alarm system is something you could incorporate into your practice to prevent intrusions.
- SSL Certificate
Secure Socket Layer (SSL) certificates are small data files that digitally bind a cryptographic key to an organization’s details. They facilitate both authentication and encryption on your website. Its application is a great way to keep hackers at bay from your online store. As such, SSL certificates are one of the most common measures e-commerce businesses take in securing their website.
An SSL certificate also plays a vital role in your search engine ranking since it contributes to a safe and positive experience for users.
So there, this article may just have saved you from the dangers of potential cybersecurity attacks on your e-commerce store.