Essential Safety Measures for Building a Bulletproof Ecommerce Platform.

As we look ahead to 2030, with Cybersecurity Ventures predicting that 90% of people aged 6 and up will be online, the internet user base is set to expand significantly from 6 billion in 2022 to over 7.5 billion. This growth paints a promising picture for ecommerce, presenting a vast pool of potential customers. 

However, this expansion isn't without its challenges. With the rise in internet connectivity, the threat of cybercrime looms larger, expected to cause damages amounting to $10.5 trillion annually by 2025. As we stand in 2024, with six years to go until 2030, this scenario underscores the urgency for ecommerce platforms to enhance their cybersecurity defenses, safeguarding their future prospects and the trust of their expanding customer base.

Is financial loss the only risk in ecommerce cybercrime?

Cybercrime can have a significant impact on ecommerce, extending beyond financial losses. Here are nine critical reasons to implement robust security measures for ecommerce sites:

• Customer trust erosion. Cybercrime incidents like data breaches can undermine trust in the ecommerce platform. Customers may fear their personal and financial information being compromised, leading to reluctance in make purchases.
• Reputation damage. Negative publicity resulting from cyberattacks can tarnish the reputation of the ecommerce business. Public perception of the company's security practices may suffer, impacting its credibility and brand image.
• Legal and regulatory consequences. Non-compliance with data protection laws due to security breaches can result in hefty fines and legal penalties. Ecommerce businesses may face lawsuits from affected customers, further exacerbating financial losses.
• Operational disruption. Cyberattacks such as DDoS (Distributed Denial of Service) attacks can disrupt ecommerce operations, causing website downtime and loss of sales. Business continuity may be compromised, affecting revenue streams and customer satisfaction.
• Intellectual property theft. Cybercriminals may target ecommerce businesses to steal proprietary information, including product designs, patents, and trade secrets. This theft can undermine competitive advantage and innovation, impacting long-term growth prospects.
• Supply chain vulnerabilities. Ecommerce relies on complex supply chains involving multiple vendors and partners, increasing susceptibility to cyber threats. Breaches in any part of the supply chain can disrupt operations, delay deliveries, and compromise product quality, affecting customer satisfaction.
• Recovery and remediation costs. Recovering from cyberattacks entails significant expenses, including forensic investigations, system repairs, and cybersecurity upgrades. Ecommerce businesses may also incur costs related to offering identity theft protection services or compensating affected customers.
• Market positioning and growth challenges. Persistent cyber threats can hinder the expansion of ecommerce businesses into new markets or product segments. Investors and stakeholders may become wary of investing in or partnering with companies perceived to have inadequate cybersecurity measures.
• Long-term business sustainability. Continual exposure to cyber risks without robust mitigation strategies can jeopardize the long-term viability of ecommerce ventures. Sustainable growth and profitability may be impeded by the need to allocate resources towards addressing security vulnerabilities and rebuilding customer trust.

What are the key ecommerce security threats you should be aware of?

Arm yourself with knowledge about prevalent ecommerce security threats to mitigate risks and protect your digital assets. By understanding these threats, you can implement proactive measures and robust security protocols:

1. Phishing attacks. Cybercriminals send fake emails or messages pretending to be from well-known companies. They do this to trick people into sharing private details like passwords or credit card numbers.

Example: A phishing email purportedly from a well-known ecommerce platform prompts recipients to click on a malicious link to update their account information, leading to credential theft.

2. Payment fraud. Fraudsters exploit vulnerabilities in payment processing systems to make unauthorized transactions or steal credit card information.

Example: A cybercriminal uses stolen credit card details to make fraudulent purchases on an ecommerce website, causing financial losses to both the customer and the merchant.

3. Malware infections. Malicious software, such as ransomware or keyloggers, can infect ecommerce platforms and compromise sensitive data or disrupt operations.

Example: A malware-infected advertisement displayed on an ecommerce website infects visitors' devices, allowing attackers to steal payment information entered during transactions.

4. SQL injection attacks. Attackers exploit insecure SQL queries to manipulate databases and gain unauthorized access to sensitive information stored on ecommerce platforms.

Example: A cybercriminal injects malicious SQL code into a website's search field, allowing them to retrieve customer payment details from the database.

5. Distributed denial of service (DDoS) attacks. Attackers overwhelm ecommerce websites with a flood of traffic, causing them to become unavailable to legitimate users.

Example: A competitor launches a DDoS attack against an ecommerce platform during a major sales event, preventing customers from accessing the website and making purchases.

6. Cross-site scripting (XSS) attacks. Attackers inject malicious scripts into web pages viewed by users, allowing them to steal session cookies or redirect users to phishing sites.

Example: A cybercriminal injects a malicious script into the checkout page of an ecommerce website, enabling them to capture customers' payment information as they complete transactions.

7. Supply chain attacks. Attackers target vulnerabilities in third-party suppliers or service providers to gain unauthorized access to ecommerce systems or compromise the integrity of products.

Example: Hackers compromise a third-party logistics provider's systems to intercept shipments of goods from an ecommerce company, leading to delivery delays or product tampering.

8. Insider threats. Malicious insiders or disgruntled employees exploit their access privileges to steal sensitive data, sabotage systems, or facilitate cyberattacks.

Example: An employee with administrative access to an ecommerce platform secretly installs malware that exfiltrates customer data, which is then sold on the dark web.

9. Credential stuffing. Attackers use stolen username and password combinations obtained from data breaches to gain unauthorized access to user accounts on ecommerce websites.

Example: A cybercriminal uses a list of credentials leaked from a previous data breach to systematically attempt to log in to user accounts on an ecommerce platform, exploiting reused passwords to gain unauthorized access.

How to implement key security measures and protect your ecommerce platform?

From HTTPS encryption to regular software updates and employee education, every step counts in fortifying your online store's defenses. Stay ahead of potential risks and ensure a safe and trusted shopping experience for your customers by implementing these ten essential measures:

1. Use HTTPS encryption. Ensure that your ecommerce website uses HTTPS encryption to protect sensitive data transmitted between the user's browser and your server.

2. Implement strong password policies. Enforce password complexity requirements and encourage users to use unique passwords to prevent unauthorized access to accounts.

3. Regularly update software and plugins. Keep your ecommerce platform, content management system (CMS), and plugins up to date to patch known security vulnerabilities.

4. Enable two-factor authentication (2FA). Implement two-factor authentication to add an extra layer of security beyond just passwords, requiring users to verify their identity through another method.

5. Regular security audits and vulnerability scans. Conduct regular security audits and vulnerability scans to identify and address any weaknesses in your ecommerce website's security defenses.

6. Implement web application firewall (WAF) protection. Deploy a web application firewall to monitor and filter HTTP traffic to and from your ecommerce website, blocking malicious requests and protecting against common web-based attacks.

7. Secure payment processing. Ensure that your payment processing system complies with industry standards and uses secure encryption methods to protect customer payment information.

8. Educate employees and users. Provide training to employees on best practices for maintaining website security and raise awareness among users about common security threats and how to protect themselves.

9. Backup regularly. Regularly backup your website's data to ensure that you can quickly restore it in case of a security incident or data loss.

10. Implement Role-Based Access Control (RBAC). Limit access to sensitive areas of your ecommerce website by implementing role-based access control, assigning specific permissions and privileges based on user roles.

Ensure ecommerce continuity: Shield your online store with our security maintenance services.

We safeguard not only your online store but the entire business from the detrimental impacts of downtime, data loss, cyber attacks, and other online threats. Our security maintenance services provide comprehensive, proactive protection to keep your ecommerce website running smoothly and securely.

Teaming up with Bastion.cloud, our experts offer the most advanced WordPress security maintenance services and Craft CMS website maintenance plans tailored also for ecommerce platforms, regardless of your website's complexity. Enjoy the peace of mind that comes with having a protected online store with the right web security team behind it.