According to Juniper Research, the cost of online payment fraud will notably increase by $206 billion over the next five years. This amount approximately equals ten times Amazon’s net income in the 2020 financial year.
Hackers typically employ various malicious techniques to attack online businesses. Most of the time, restoring a company’s brand and reliability after being hacked takes years since its customers cannot trust anymore to the vulnerable company.
So aware of the latest cybercriminal and security protocol has been highly significant for business owners to keep their stock and reputation. Besides, the importance of online security is not limited to companies, but also clients should place a high value on this matter to protect their personal information, credit card, etc.
In this blog, we list down the most common e-commerce security issues and suggest solutions to address them and prevent further attacks.
Common E-commerce Security Issues
Financial Fraud: Hackers develop and run unauthorized transactions and target businesses to cause financial loss. This is financial fraud in that hackers send a false request for a return and cause refund fraud.
Bots: There are different Bots programmed to scrap your website. For instance, they crawl your website and extract your inventory and price information. They are usually your competitors to figure out your prices and then offer a lower price to spoil your revenue and sales.
Man in the Middle: This is a type of eavesdropping attack in which the attacker positions himself in communication between a user and your application and interrupts the transfer of data or communication. When clients connect to a vulnerable network, hackers can steal their data.
Suggested E-commerce Security Solutions
Securing servers and applications: Set complex passwords that are too difficult to guess, change them frequently, and make a routine to change passwords regularly. Define various roles and impose limits on user access. Additionally, add a feature to notify the admin once strange IP access it.
Securing payment gateway: Payment gateways play a prominent role in data breaches. They can encrypt your transactions and submit them to the secure banking network. Instead of storing your client’s credit card information on your database, employ a third-party such as PayPal to make financial services more secure and reliable. Consequently, you can make sure that sensitive financial data and customer information will be protected.
Deploying Firewall: The advantages of using an effective firewall have been seen by some to be significant. Firewalls prevent SQL, XSS injection, and fishy networks and ensure better security and privacy. They also control the traffic to and from your server to provide the trusted traffic.
Have Periodic Security Audit: scan your websites and other online resources with the right mix of automated and manual security tests to uncover possible vulnerabilities on your application and repeat this scan periodically. Acunetix, Checkmarx, and Zed Attack Proxy are powerful security auditing tools.