What Is UI vs UX? And How They Benefit Businesses
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“There are only two different types of companies in the world: those that have been breached and know it and those that have been breached and don’t know it.” ― Ted Schlein.
As the global eCommerce expands, online payment fraud will result in a loss of $343 billion between 2023 and 2027. Online marketplaces constantly face threats such as cyber-attacks and hacking attempts, compromising the privacy of everyone involved― customers, retailers, and payment processors and harming trust and reputation. Protecting online transactions from fraud and cyber threats is no longer optional; it is a necessity for businesses to maintain security, safeguard customer data, and ensure long-term success. Online businesses must prioritize eCommerce security to safeguard customer data, maintain trust, and protect their operations.
In this article, we’ll talk about the importance of cloud security and how to reinforce it with actionable strategies.
eCommerce security includes protocols and techniques designed to protect online transactions and confidential information of customers and businesses. Some of its important principles include:
As organizations migrate to the cloud, they face significant risks, such as data breaches and unauthorized access. Around 80% of companies were affected in 2023 and faced severe implications. For example, Change Healthcare was hit by a cyberattack where the attackers gained unauthorized access to the company’s network, leading to data encryption and loss of $100 million per day.
The above example reinforces why businesses must adopt strong cloud security strategies to protect data and keep their operations running smoothly.
Now, let’s have a quick look at the common threats to eCommerce transactions that may bring devastating impacts.
Attackers often target online payment transactions to steal money from people. They use common techniques like credit card fraud or stealing credentials to make unauthorized purchases.
Phishing is a technique where attackers send fake emails or messages that look real, tricking people into sharing personal or financial information. One out of every 99 emails is a phishing attempt, making it a potential risk to customer data.
In XSS attacks, the attackers inject malicious scripts into the eCommerce websites and steal sensitive information, leading to data theft and financial loss. According to Forrester’s “The State of Application Security: 2022” report, web application attacks are the top three cybersecurity threats.
In these attacks, hackers flood a website or server with fake traffic, overloading the system and making it unable to handle requests from real users. For eCommerce businesses, this means customers can’t access the website, leaving them frustrated and losing sales opportunities.
“Fundamentally, no two online transactions are the same, so the way transactions are secured cannot follow a one-size-fits-all solution. Payment fraud detection and prevention vendors must build a multitude of verification capabilities and intelligently orchestrate different solutions depending on circumstances, in order to correctly protect both merchants and users.” Nick Maynard
This chart diagram illustrates the key security measures for securing eCommerce transactions in the cloud.
Here are some of the best measures eCommerce businesses can use to reduce the risk of security breaches.
Use a secure socket layer to secure your communications over the network. An SSL layer encrypts data between the web browser and server, making it difficult for attackers to tamper with information. Implementing SSL ensures the confidentiality of sensitive information such as credit cards and personal information.
Payment Card Industry Data Security Standard (PCI-DSS) includes security standards that ensure businesses that accept, process, store, or transfer credit card information have a secure environment. Using PCI-DSS-compliant payment processors reduces the risk of data breaches and protects cardholder data.
Review and assess the security policies and practices of your organization to identify vulnerabilities. This involves scanning systems to find potential loopholes that could be misused by attackers. Some of the common techniques used include penetration testing, access control, and network scanning.
Use firewalls and intrusion detection systems to protect against unauthorized access. A firewall acts as a barrier between trusted internal networks and untrusted external networks and filters incoming and outgoing traffic depending on security rules. To support the firewall, you can use an intrusion detection system that monitors network traffic for suspicious activities and alerts administrators if it detects potential threats.
Multi-factor authentication prompts users to provide multiple verification factors to access their accounts. This could include a password, PIN, a smartphone app that generates a code, or biometric data such as fingerprint. By implementing MFA, businesses can reduce the likelihood of unauthorized access. Even if a hacker manages to intrude into a system, he would need more than just stolen credentials to access it.
With a strong focus on using advanced technologies, RBM Software helps you secure your eCommerce operations through cloud security solutions. By integrating IAM and SIEM, the experts protect sensitive customer data and minimize cyber risks.
If you’re looking to enhance your eCommerce platform’s security, schedule a free consultation with RBM Software. Our experts will assess your systems and give insights to safeguard your online store from cyber threats.
Don’t leave your business vulnerable. Contact us now and secure your business!
