If you run an online business, you probably want to keep your customers’ information as safe as possible. The problem with not doing so is that cybercriminals are targeting small to mid-sized businesses. To keep your customers’ information safe, you should change the security protocols of your e-commerce website and monitor it for suspicious activity. Read on to learn how to keep your customers safe and prevent cybercrimes from stealing their data.
Cybercriminals are targeting small-to-midsize e-commerce businesses
Despite increasing security concerns and investment in new technologies, small-to-midsize e-businesses remain a tempting target for cybercriminals. SMEs are easy targets for many reasons, including outdated systems and poor security protocols. Cybercriminals are after personal data and use these businesses as steppingstones to larger targets. Take the Target data breach as an example. In that case, cybercriminals were able to take over the company’s systems by stealing the credentials of a small vendor.
A recent study by security software company Symantec found that 36 percent of targeted attacks have targeted small-to-midsize companies. Further, 83 percent of small businesses lack formal cyber security plans, making them easy targets for scam artists. These individuals can steal crucial information from these companies from safe havens around the world. Small companies also fail to protect their online banking information. Despite these statistics, there are many ways to protect your business from cyber attacks.
One common method used by cybercriminals to access small-to-midsize e-businesses is via phishing emails. Often, these emails appear legitimate, but they aren’t. Instead, these emails are disguised as real, and the person behind them wants to steal sensitive information. The attackers may threaten to hold data as ransom, which would then delay duties until the ransom is paid.
According to a recent survey by CFO Magazine, one in five small-to-midsize organizations reported a breach in the first half of 2016. Interestingly, four out of 10 large businesses reported similar incidents in the same time period. And the damage can be quite costly if left untreated. And the numbers continue to rise. According to the Trend Micro 2018 Cyber Risk Index, small-to-midsize companies are at increased risk of external cybercriminals including ransomware and cryptocurrency mining botnets.
As internet use continues to grow, so does cybercrime. Small businesses are increasingly dependent on internet connectivity and data for conducting business. According to the McKinsey Global Institute, the internet’s economic impact is $8 trillion per year. The internet connects two billion people and has made even the smallest business impact global. In fact, 90 percent of data breaches are the result of phishing attacks and malware.
You must protect your customers’ data
In order to maintain a healthy relationship with your customer base and avoid the consequences of data breaches, you must protect your customers’ data. In today’s increasingly social environment, a data breach can have serious consequences for your business’s reputation. This is why you must implement a robust security strategy, both on your website and within your organization. Here are some tips to help you protect your customer data:
Protecting customer data is the responsibility of all businesses, whether they operate offline or online. While all businesses need to use updated security practices to safeguard their customers’ data, you must do more to protect it. For example, make sure that your shopping cart meets modern security standards. Additionally, make sure that you educate your customers about data collection and protection, and train them to spot suspicious behavior. After all, no one wants to feel like their data is at risk.
You must monitor your e-commerce site for suspicious activity
The first step to protecting your business is to stay current with updates to your e-commerce platform. Updates protect your site from zero-day attacks and protect against specific types of malware. While most of them are harmless, malicious scripts can still compromise your site. Therefore, you must monitor your e-commerce platform for any changes and alert the site admins immediately. Automated updates are also important. They will help prevent the possibility of human error or delayed updates.
While the internet is full of threats, hackers and cybercriminals are increasingly targeting eCommerce websites. By imposing a strong password, eCommerce website administrators can help protect their customers’ data from hackers and unauthorized users. A strong password will require a combination of letters, numbers, and special symbols, and you should require customers to change it regularly. To keep your customers safe, educate your employees about the importance of password security.
Regular checks can identify potentially malicious activity. Real-time analysis, or’real-time’ analytics, can identify suspicious behaviors and patterns. File integrity monitoring, or FIM, is another important aspect of security. Third-party payment processors must understand customer details in order to avoid fraudulent transactions. Using a secure payment system and geo-targeting your site’s IP address can help you detect fraudulent activities early on.
In addition to protecting your online customers, you must monitor your e-commerce site for any suspicious activity. The most common form of e-commerce fraud is credit card fraud. Credit card fraud occurs when crooks use stolen credit card numbers and information to purchase products. In such cases, you must verify the identity of the customer by requiring a second card swipe before making a purchase. If a fraudulent transaction does occur, the legitimate card owner can get reimbursement from your online business.
Monitoring credit card fraud is essential to protect your customers. Fraudulent activity can affect your sales, reputation, and reputation. Keeping track of the amount of money being stolen on your site helps protect your business from a potential breach. For example, a fraudster may make multiple purchases in a short period of time. If this happens to your e-commerce site, you could end up paying penalties.
You must change your security protocols
According to the LexisNexis True Cost of Fraud Report 2018, small businesses reported an average of 249 attempts per month. Only 67 were successful, while 182 were prevented. The holiday season is a time when cyber crime and fraud is on the rise, and this increased traffic is an attractive target for attackers. This article discusses five steps to secure your e-commerce website.
Authentication is an essential part of ecommerce security. This involves identifying the buyer and seller through a unique code or a password. Customers need to trust online merchants to protect their personal information, so ensuring this is a top priority is vital. Some of the standard solutions include credit card PINs and customer login details. In some cases, additional security measures are required, but these are often not enough.
The most important aspect of e-commerce security is staying abreast of new threats. As online retailers add new technologies to their websites, cyber attackers are honing their skills and finding new vulnerabilities to exploit. To keep up with these attackers, you must change your security protocols to protect your customers and your business. The best way to do this is to constantly monitor your e-commerce security.
To protect your online customers from fraud and cyber-attacks, you must implement SSL certificates. You can also implement access control and two-factor authentication. More security measures can be explored and implemented, and the end result is complete e-commerce security. If you want to build a secure online store, start by implementing security protocols that are as comprehensive as possible. Once you have mastered these, your customers will appreciate your efforts and trust you.