Cybersecurity Threats to an eCommerce Business

1. CYBERSECURITY THREATS TO AN ECOMMERCE BUSINESS

2. Table of Contents TABLE OF CONTENTS 2 ABSTRACT 3 INTRODUCTION 4 RISK ASSOCIATED WITH E-COMMERCE BUSINESS 5 HOW TO PROTECT YOUR ONLINE BUSINESS FROM 6-7 CYBER CRIME CONCLUSION 8 ABOUT THE COMPANY 9

3. ABSTRACT Data incidents not only lead to financial losses but also shatter the reputation of your business. Customers will be less likely to buy from the store that has experienced a cyber incident. After all, no one to take a chance by providing their credit card details to such a vulnerable business.Therefore, it is safe to say that eCommerce cybersecurity is important for the bottom line success of any online store. Or you can say that cybersecurity is as important as other business assets.

4. INTRODUCTION E-commerce businesses that handle personal information and credit card numbers face an elevated risk of cyberattack. When consumers make purchases online, they entrust their financial and personal information to your business. Not only do e- commerce businesses have to answer to their customers and employees if that data is compromised, but they may also be held accountable by industry regulators. Ecommerce companies are vulnerable to cybersecurity threats because such businesses typically store customers’ bank account and credit card information, email addresses, mailing addresses, and usernames and passwords. Cybercriminals use this information to make money by duplicating credit cards and using consumers’ personal information for identity theft and fraud. Sensitive data could also be held for ransom by hackers.To create strong cybersecurity for your eCommerce business, it is important to understand the latest risks. 

5. Risk Associated With Ecommerce Business Distributed Denial of Service Attacks A DDoS attack involves the servers being snowballed with requests from thousands of untraceable IP addresses. Or you can say that it is a method to make an online service unavailable by flooding it with traffic from various sources. Such attacks are designed for banks, e-commerce and other organizations. Credit Card Fraud Credit card fraud has been one of the oldest cybersecurity threats to eCommerce sites. This happens when a threat actor or a fraudster uses the stolen credit card or the data from the card to make unauthorized purchases in your name or withdraw money using your account. A fraudster requests the order to be delivered to a third- party address to collect the stolen goods. Malware The term malwar is used for any software, virus, spyware or ransomware that is designed to cause extensive damage to data and systems or to gain unauthorized access to a network. Top of that, hackers continue to enhance malware by inventing new untraceable ways to conceal it. More malware is made annually than legal software.

6. HOW TO PROTECT YOUR ONLINE BUSINESS FROM CYBERCRIME Here are some ways to safeguard your online business against cybercrimes. Perform a Cyber Security Risk Assessment If you haven’t done this for a long time, there is no right time to conduct this test. Do it right away to detect the issues in your processes and technology. There are many self-assessment tools to choose from. Or it is better if you have a cybersecurity pro to assess the security of your online business. Update and Patch Your All Software Hackers can get access to your systems via code defects or vulnerabilities. Some loopholes remain unnoticed for years before they are fixed, so if you don’t update regularly, you could make your networks prone to a threat actor. Exploits can affect all software, from browsers to OS and specialized software.

7. Educate and Train Your Staff Humans are often the weakest link in the cybersecurity. For example, some employees use easy passwords that can be easily decoded by a hacker. Some might leave their system exposed with no lock or passcode. Some can lose their laptops that contain sensitive data. Above all, most employees tend to open malicious emails that trick them giving their account info—a practice that is known and phishing. Choose Your Ecommerce Hosting Company Wisely Web hosting plays an important role in the security of your online business. Make sure to choose a dedicated web hosting for your online business. This is because shared hosting has multiple users accessing the same server under the same OS. Always Create a Strong Password Today’s cybercriminals are equipped with several password- stealing tactics, but the easiest one is simply to buy your passwords off the dark web. The buying and selling of login credentials and passwords is a lucrative business, and if you have been using the same password for a couple of years, chances are it’s been hacked.  But if you are smart enough to protect your passwords, cybercriminals have to work hard to crack them. In this scenario, they can resort to other attacks, including brute attack, phishing and dictionary attack.

8. Conclusion You can’t afford to take the safety of your online business for granted. Sooner or later, you have to pay for that with comprised security. And a security incident not only makes your data vulnerable but also shatters your reputation. Even worse, it can lead to the closing of your business. Therefore, cybersecurity, as we have told you many times, is as important as your business assets. It is important to get familiar with the latest threats and prepare accordingly.

9. About the company Apixel delivers proactive IT maintenance services through our flat-rate Managed IT Support Service. Designed to reduce your costs, increase your profits and mitigate your business risks, we partner with you as your Virtual CIO and IT Department, allowing you to focus on running your business, not your technology. https://www.apixel.com.sg/ Tel: (+65) 6639 1839 10 Marina Boulevard#39-01 MBFC Tower TwoSingapore 018983