The last decade, we saw enormous growth in the ecommerce industry. So much so that in the last five years total e-commerce retail sales worldwide increased from 1.3 to 3.5 Trillion USD. The reason behind the craze for online shopping can be attributed to its geographic independence and overall convenience. We can go on and on about the benefits of eCommerce. However, the big elephant in the room is really the security of the ecommerce industry.
The ecommerce industry has been reported to suffer a loss of $200,000 on an average. Which rightfully makes security one of the prime concerns of the ecommerce industry today. The fact that e commerce frauds and hacks incurs a total loss of 200,000 USD, is quite unnerving.
In this blogpost, we’ll look upon the various threats to the ecommerce industry. We will also learn why ecommerce security is the need of the hour and how you can probably secure your ecommerce.
What are the threats to the Ecommerce Industry?
Ecommerce threats can be broken down into two main categories.
The first are known threats, which include spyware, adware, malware, viruses, Trojans, worms, Trojan horse viruses, fraud, spam, and abuse.
The second type of threat, known as Internet threat and is more technical in nature. This means they come from hackers or other malicious entities, which can include denial of service attacks, SQL injection attacks, impersonation, phishing, credit card hacks, data breaches, chargeback frauds, DDoS, and several others.
Why should you indulge in E Commerce security?
Clearly, your ecommerce store security needs to be improved to provide an impenetrable protection against online threats and crimes. Although, the latest browsers and operating systems have their own tools for ensuring website security, this is just not enough. You must secure your store with an effective multi-purpose security solution.
While looking for this ecommerce security solution, look for these features:
- Firewall to monitor your website
- Malware scanner
- Fraud detection
- Spam detection
….and you shall never have to manage & maintain a hundred different tools.
If you don’t take steps to protect your website even now you are only going to aggravate the risks.
What are the ways to protect your store?
The next segment has all the e-commerce security measures that you can take to enhance your store’s current security standards.
Ecommerce Security 101
The E Commerce security framework will help you detect these online threats before they can do damage. There are two components which are used to build an effective Ecommerce security management system: a website threat detection and control system and an ecommerce security management application. You should use one or the other to protect your business and secure your website.
Website Threat Detection
The website threat detection and control system is a suite of security tools which protects the website against known threats. This includes a Security CSP component, which you install, and tools such as an anti-virus scanner, intrusion detection, and spam filter. You can also use other third party tools if you have them, but these are the most important tools.
Ecommerce security management
An ecommerce security management tool is used to manage the security of the website. It manages web security events, users, login details, passwords, credit card information, and other sensitive data. It also allows you to define and update security policies for your site, and it will help the security team to respond to critical issues quickly. They can also prevent sites from getting hacked by getting your email address and directing you to a safe web page to browse if your site gets hacked.
When you build your ecommerce security management system, consider the type of online threats you want to protect your website against. For example, if you only want to protect your site against spam, then it is important to look for tools that block spam, as it is the most common online threat.
Another thing to consider when building your ecommerce security framework is the sort of threats that will occur in the future. It is important to identify where the threats are coming from, and for what reason, and build a suitable solution to combat those threats.
Improving your site security will reduce the possibility of your website being hacked and therefore reduce the chances of losing your money to hackers.