Three Major eCommerce Cyber Threats in 2020

The era of eCommerce has made the process of sales way more simplified than could be thought a decade ago. Especially the recent pandemic has made everyone appreciate the power of eCommerce. There are drawbacks to these benefits as well. Cyber threats and plausible frauds are rampant in the eCommerce market, with third parties trying to infiltrate the system for their personal benefits. This could be in the form of data theft or transaction fraud on eCommerce websites. 

 

While a casual shopping retreat might not feel like something to worry about, unsecured websites can often lead to data leaks and other security threats. For online brands and businesses, protecting customers from such cyber threats is an important aspect. Once reputed as a brand with compromised data security, their sales and overall business can be severely affected. 

 

Whether you are a growing eCommerce brand or an avid shopper, understanding the three major eCommerce cyber threats can be really helpful to keep a check on them. 

 

1. Transaction fraud

 

Problem:

The first and most obvious threat while using eCommerce websites is that of transaction fraud. With hundreds of individuals typing in their credit card or payment gateway information to make purchases, these details become the target for potential fraud. In an unsecured environment, these details could be leaked, and unauthorized transactions can be made with these details. Sometimes, payment redirections or interruptions can be breached by third parties and cybercriminals for theft and fraudulent transactions.

 

Solutions:

While there is no fool-proof solution to make sure any website you enter must be fully secure, you can keep a few things in mind to protect yourself from transaction fraud. Website security markers such as HTTPS and visibly a green lock on the address bar indicated that the website is a secure space for any transactions. Always make sure to check the security certificate as sometimes these markers can be mimicked on fraud websites. Businesses should make sure that they use HTTPS websites instead of HTTP, which compromises security.

 

PCI DSS compliance is a plausible solution for ascertaining security standards. Compliance with these standards makes sure that security measures are enforced by default. All sellers following this protocol ensure buyer safety and higher conversions, in turn. A simple check can help you make sure you’re on a secure page!

 

2. Direct site attacks

 

Problem:

Direct site attacks can threaten the security of eCommerce websites. These kinds of attacks are aimed at pressuring the store’s hosting capacity and in turn, engaging traffic to hinder customer visits. Such an interruption can often prove to be costly for the brand and is orchestrated in the form of a DDoS (Dedicated denial of service) attack. This could be for corporate sabotage or perhaps some internal feuds with the brand to interrupt their functioning. Sometimes, ransom amounts are demanded by the attacking parties for the attack to be disabled.

 

Solutions:

Active protective measures can be taken by eCommerce stores to protect the website against such threats. The use of a DoS protection service can be a reliable solution for this purpose. Here, the website traffic will be monitored to keep a tab on any suspicious visits. These can be blocked and diverted before they attack and slow down the site.

 

3. Password assault

 

Problem:

Another major cyber threat is that of password assault. These are subject to layered risks as the chosen password is what really determines the level of security. With sophisticated systems in place, password assaults can be thrust by using a program to run thousands of passwords to find the right one. Very often, people use their birth years or initials in their passwords which can be put together through intelligent guessing.

 

Solutions:

A strong solution to this issue can be the use of stronger passwords as well as a multi-factor authentication system. An OTP can be sent through text to enforce security even if unauthorized password access takes place.

 

Conclusion

The goal is not to be afraid of cyberbullies and criminals but to be informed that they exist. Knowledge and caution are some tools you can use against these cyber eCommerce threats. Understand how each layer of security works to make sure your brand provides that to the customers. As individuals, keeping a tab on security markers and exerting caution with sensitive information is a good place to start!