According to a report, 43% of cyber attacks target small ecommerce businesses, including ecommerce companies. A cybersecurity organization predicts that cybercrime will cause global damages of $6 trillion annually by 2025, up from $3 trillion in 2015. The average cost of a data breach for a US company was $8.6 million, according to a study. And research shows that 80% of websites have at least one serious vulnerability, highlighting the importance of regular website security audits and vulnerability assessments.
The above data leads us to believe that ensuring website security is of utmost importance for ecommerce companies. With customers sharing sensitive information such as credit card details and personal information, companies must take measures to protect their data from malicious attacks. One way to ensure website security is by implementing secure socket layer certificates (SSL) that encrypt data in transit. Ecommerce companies must use firewalls, antivirus software, and intrusion detection systems to prevent unauthorized access to their website. Regular website security audits and vulnerability assessments can also help identify potential vulnerabilities and address them before attackers exploit them. By prioritizing website security, ecommerce companies can build trust with their customers and protect themselves from financial and reputational losses due to data breaches or cyber-attacks.
What are the security issues of e-commerce?
In this blog, we will further read about e-commerce security threats and solutions. We have discussed three of the top challenges of ensuring website security on ecommerce platforms. Use this as your ecommerce website security checklist and ecommerce website security requirements.
Protection against ecommerce cyber attacks: ecommerce platforms are a prime target for cyber attacks due to the sensitive customer information that they handle. Cyber attacks can include phishing attacks, malware injection, and SQL injection attacks, among others. An ecommerce platform can protect itself against cyber attacks by implementing various security measures. First, the platform should implement firewalls and intrusion detection systems to prevent unauthorized access to the website. It's also essential to use secure socket layer (SSL) certificates that encrypt data in transit to protect customer information from being intercepted by attackers. Additionally, ecommerce platforms should conduct regular vulnerability assessments and penetration testing to identify potential vulnerabilities and address them before attackers can exploit them. Training employees on cybersecurity best practices and enforcing strong password policies can also help protect against cyber attacks. Ecommerce platforms can also consider implementing multi factor authentication to avoid cyber attacks as an extra layer of security to customer accounts. Regular website security audit and website security testing can help ensure that the platform's security measures are up-to-date and effective in protecting against evolving cyber threats.
Compliance with security regulations: to comply with security regulations, an ecommerce platform needs to implement various security controls and conduct regular website security audit and website security testing. One of the most well-known security regulations for ecommerce platforms is the Payment Card Industry Data Security Standard (PCI DSS), which outlines specific security requirements for companies that handle credit card information. To comply with PCI DSS, ecommerce platforms need to implement measures such as data encryption, firewalls, and vulnerability assessments. Other security regulations that ecommerce platforms may need to comply with include the General Data Protection Regulation (GDPR), which requires companies to implement appropriate technical and organizational measures to protect customer data, and the Health Insurance Portability and Accountability Act (HIPAA), which outlines security requirements for companies that handle healthcare data. Compliance with security regulations can be complex and time-consuming, requiring companies to dedicate resources to ensuring they meet all requirements. Non-compliance can result in significant financial penalties and reputational damage which in itself is a solution to this threat.
Maintaining user experience: while it's essential to implement security measures to protect customer data, ecommerce platforms also need to maintain a good user experience. Security measures such as two-factor authentication in ecommerce platforms or captcha codes can frustrate customers and discourage them from making purchases. Ecommerce platforms need to find a balance between implementing strong security measures and maintaining a seamless user experience. To achieve a balance, ecommerce platforms can implement security measures that are unobtrusive and intuitive, such as implementing HTTPS encryption or using strong password policies. Ecommerce platforms can also educate customers on the importance of website security and how they are working to protect their information. By doing so, customers are more likely to appreciate the extra security measures in place and feel more secure when making purchases. Finding the right balance between security and user experience is crucial for ecommerce platforms to build trust and loyalty with customers while also protecting their sensitive information from cyber threats.
While there are many website security audits, website security testing and website security tools there is always a possibility for ecommerce website security issues to show up in the most unexpected situations. This is why choosing the right ecommerce platform is important. Storeez is your answer - an ecommerce solution, crafted by Sonata's signature PlatformationTM approach that brings together the best tools, payment gateways and integrated logistics to build, manage and grow your ecommerce company. All while adhering to the necessary ecommerce website security checklist and ecommerce website security requirements. Finding out the major ecommerce website security issues and finding the e-commerce security solutions to the same by using website security testing, website security audits and website security tools to maintain data security standards, data security framework and data security policies.