Security Mechanisms To Be Implemented By An E-Commerce Business

With the rapid development of e-commerce every year, the threats and attacks on the business increase along with it. Securing your sites with the best measures has become essential. If the site is at risk of being attacked, your business is in danger of closing down.

Gaining the trust of your customers is paramount while doing business online. No one wants their personal information like banking information to go into the wrong hands. It is safe to say that if you lose a customer once, you will lose them forever. With so many web application development services out there, choosing one can be a daunting task. Hopefully this will give you some information.

Before diving deep into the subject, let us first touch the surface.

What is e-commerce security?

Protecting your e-commerce resources and business from unauthorized access, use, alteration or destruction with due diligence is e-commerce security. Using different measures and protocols to protect your site from threats is part of this. A secure website should follow a maximum of four:

-> Privacy

-> Integrity

-> Authentication

-> Do not reject

Why is security important for your business?

60% of companies close within six months of being attacked by security attacks. Small and medium-sized enterprises are affected the worst. The big giants manage to recover, though not necessarily. Therefore, safety cannot be neglected. Several benefits that come from e-commerce security are:

-> As discussed above, it helps maintain the customer and his trust.

-> Not just the end customer but also the business owners. It saves companies from large amounts of compensation or fines.

-> Make the customer loyal, and chances are, they will recommend your site to others.

-> It works positively for the reputation of your brand.

Today’s customer is well aware of how unsafe the web has become. That is why, before they trust to buy from someone, they think twice. The following Graph of Statista represents the percentage of customers who are more interested in the internet than anything else.

What are the different types of e-commerce security attacks?

There are different types of cyber attacks. Let’s discuss a few.

Financial Fraud

There are several types of financial fraud that occur on the Internet. Sometimes customers order something and return the same old one, thus asking for a refund. Sometimes, someone uses a stolen credit card to make purchases or transactions without the knowledge of the account holder. These types of scams are known as credit card scams.

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Fishing

This happens when hackers disguise themselves as legitimate businesses and lure them to open a message or text message. The recipient is then tricked into opening a malicious link that could install malware or even lose sensitive information.

Cross-Site Scripting or XSS

In this, the attacker enters malicious scripts into the client code. Once you visit the website, the code is executed and the sites, here, act as a means of attack. The comment section and message board are generally the most vulnerable part of the site for XSS.

Bots

Short for robots, they perform automated tasks and let the intruder take over the computer. When an attacker manages to control several systems at a time, the network is called a botnet. They are very cheap to install and therefore grow at an alarming rate.

Distributed Denial of Service or DDoS

DDoS is a malicious attempt when multiple linked systems known as botnets, as mentioned above, target a site and flood the web with fake traffic that causes the site to freeze or perhaps even crash. Unlike other attacks, it does not intend to violate the security system, but makes the server inaccessible to legitimate users.

SQL Injections

Just like XSS, this is also an injection attack, except for malicious SQL statements that are executed to corrupt the database. Once the attacker recovers the database, it can steal, modify or even destroy the information that causes great loss to the company.

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What security measures and mechanisms should you take for your e-commerce business?

Before we begin, let us first understand a concept called “compliance”. It is the process of meeting the needs of third parties for digital security, in order to allow the operation of businesses in a specific market or with a specific customer. Third parties could be government, security frameworks, etc. There could be legal implications if businesses do not comply with specific standards or policies. They relate more to business needs than technical needs and help make the site more secure. One such compliance is the Payment Card Industry Data Security Standard, also known as PCI DSS.

This is a universally accepted policy used to protect information during transactions from misuse, such as debit / credit card holder information. The site is at high risk if it does not comply with the PCI DSS. The RBI has said that banks that do not comply with PCI are not allowed to offer services to merchants.

Although, compliance provides some degree of security but not complete. Therefore, some of the mechanisms for implementing site security are:

Firewall

A network security device that controls the incoming or outgoing network, a firewall protects you from injection attacks. Maintains private or unauthorized access and acts as a barrier between them and your system. A firewall can be hardware, software, or both and is the first line of defense for many years.

Go to HTTPS

Over 60% of websites do not have HTTPS. Before switching, you will need to purchase an SSL certificate from your hosting company. Having an up-to-date SSL certificate as well as HTTPS protocols not only protects the data submitted by users, but also helps rank your site higher in Google.

Multilevel security

You can use 2FA, MFA and 2SV to protect your site from DDoS attacks. They differ slightly from each other.

  1. 2SV needs OTP verification via email, text or call.
  2. 2FA requires the user to recognize the connection attempt through another device
  3. An MFA, like 2FA, has more than two verification factors.

Stay informed

If you are using a trusted e-commerce platform, then you do not need to worry, but if the platform is yours, then you should be aware of any vulnerabilities on your site and correct them as soon as possible.

Save only the customer data you need

Avoiding the storage of sensitive information that when leaked can attack the customer personally, such as card details is a better option. Another method of activating payment gateway security is to use third parties for transactions such as PayPal.

E-commerce security add-ons

They automatically protect your site from malicious activity and vulnerabilities. Also, protect against injection attacks, bots, etc.

Back up your data

For obvious reasons, this is very important. Incorporate the automatic backup service so that it happens every day, even if you do not do it manually. You can also make a backup copy in case you lose your original backup.

Educate your client

Security is a two-way process. Informing your customers about the importance and asking them to use strong passwords can be a great measure. Also, teaching them the benefits of changing it can often be helpful.

Being prepared for any kind of attack is not a bad thing. With so many web application development companies in India and beyond and with so much competition in ecommerce, there is no room for error. Even one person can cost you your business. Therefore, investing in good security measures is always a smart choice.

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