Why is Cyber Security Important in Retail?
Consumers are increasingly aware of trust signals and security when making online purchases. 84% of shoppers will not make a purchase from a site that is not secure (Blue Corona, 2018) and trust was beaten only by price when ranking the most important attributes for deciding where to buy a product. 30% of consumers rated buying from a preferred website as the single most important factor in their decision-making (KPMG, 2017).
We live in an era where our lives revolve around the digital world that has transformed the way we shop from the comfort of homes in a few clicks. Online retailers are constantly looking for ways to bring a more personalized experience to their customers. Apart from a great user experience and advanced features incorporated in your retail business, retailers should focus on security to safeguard credit card numbers and personal data of customers. The study says almost one-third of online buyers hesitate to shop due to poor security and this lack of confidence is becoming a growing concern for the eCommerce industry. In this post, we will learn how Cyber Security Audit Services can help in protecting online businesses.
Significance of Cybersecurity in eCommerce
Though several mobile apps for retail business has been developed to provide better user experiences, it has also increased the risk of cyber threats due to the vulnerabilities associated with poor security practices. One minor security mistake can lead to massive attacks that can damage the brand’s reputation and can cost hundreds of thousands of dollars. In 2017, there was a massive data breach in Equifax, the largest credit reporting company that exposed the personal information of more than 146 million people including their Social Security Numbers. How can you expect your customers to trust anything online after such an incident? Let’s have a glance at some of the most common cybersecurity threats that every eCommerce business should be aware of-
- SQL Injection
One of the most common threats in eCommerce platforms like Magento is SQL Injection. This occurs when the hacker inserts some malicious SQL statements in user input so that the queries are executed by the back-end database. On gaining access to the database, the attacker can create an admin account to access sensitive data and delete entries as well.
- Cross-Site Scripting
- Bad Bots
Bots are very common all over the internet and it can be good and bad. Malicious bots are the ones that gather information from websites like pricing, hold products in carts without buying, shop products & sell somewhere at a higher price, etc. These bots try to get access to the database and collect the list of user account logins that can be resold later. These bots can perform activities such as price scraping, login fraud, etc.
- DDoS Attacks
Distributed Denial of Service attacks is a malicious attempt to disrupt the normal traffic by overwhelming the server with multiple requests through hundreds or thousands of IP addresses. This will overload the server to slow it down or take the site down temporarily and prevent actual users to visit the site. Since DDoS attacks cannot be stopped by simple IP blocking, many eCommerce websites having powerful servers are unable to withstand them.
- Phishing Attacks
Several cases of phishing scams occur when the attacker dupes the victim into opening an email using a replica of an email from a well-known service provider. This is done to fool the users and steal their sensitive information like login credentials, credit card numbers, etc. To avoid such scams, users should be aware of security practices such as analyzing the email signature, calling the support team for verification or ignoring emails that contain suspicious links.
Almost every user must have dealt with spam emails in their mailbox. Email spamming involves sending unwanted emails, unsolicited advertising to a huge number of recipients to deliver trojan horses, viruses, worms, etc. Another new kind of spam is snowshoe spam where different emails are sent to a single user, unlike regular spam that is sent from one computer. These attacks can be difficult to protect using anti-spam software as there are many spam messages.
- Wi-Fi Eavesdropping
This attack is one of the most common ways to steal personal data over a Wi-Fi network, which is done by getting unauthorized access to a communication channel like instant messaging apps, email clients without the knowledge of the actual user. It is also called as virtual listening of information and can be prevented by avoiding public Wi-Fi networks or networks that are not encrypted.
Hosting matters too
Your site is only as secure as the server on which it resides. When you’re just starting out, you might be tempted to save some cash by residing your site on a shared server. However, in that instance, your site is only as secure as the least secure site on the server.
Keeping in mind the fact that the eCommerce industry deals with a lot of sensitive information and transactions, it is important to ensure that companies take extra care to avoid cyber-attacks, which can result in tremendous loss of business. However, cybersecurity is just as essential to you like it is for online retailers. The importance of cybersecurity in modern eCommerce cannot be ignored because the less effort your organization put into securing your site, the more likely it is to be targeted. If you are looking for robust security services at an affordable cost, contact the experts of the top eCommerce Development Company California today. Perform a security audit to keep your website protected & stay away from malicious cyber threats.