As e-commerce retailers prepare for the upcoming festive shopping season, and the coronavirus pandemic pushes many shoppers online, cybercriminals are more likely than ever to be on the prowl.
Black Friday through to Cyber Monday is one of the most critical periods for online retailers, but with increased traffic and sales, comes a higher risk of security breaches and fraud.
Research, published by cloud solutions company iomart, has shown that;
- Online sales have grown threefold over the last ten years in the UK, seeing a 324% rise
- 87% of retail purchases are made online (excluding groceries)
- The B2C e-commerce market is currently worth an estimated £189 billion
- 43% of businesses experience a cybersecurity breach each year, which comes with a £5.9bn loss risk
- Almost 90% of login attempts on retail sites are hackers using stolen data
- Unprotected online retailers could lose a staggering £5.9 billion each year through severe data breaches
- The biggest reason for data breaches within the e-commerce sector is flaws in payment systems.
- If not caught in time, a Shopify security flaw found in 2019 could have impacted over 800,000 merchants in more than 175 countries
These are our five best security practices to safeguard your online store.
Choose a secure e-commerce platform.
This is easier said than done when there are so many to choose from - just make sure you look for extensive security measures and Payment Card Industry Data Security Standard (PCI DSS) compliance.
Implement SSL certificates.
Doing so creates an encrypted link between a web server and a browser, ensuring that all data passed between remains private whilst securing the connection, authenticated user identity and encrypting personal data.
Embed two-factor authentication.
This process adds an extra layer of security to a shoppers account and prevents breaches or hacking attempts. To verify who they are, the extra security measure sends randomised codes directly to users each time they log in.
Use a virtual private network (VPN).
It’s imperative that extra care is taken when dealing with customer data, particularly financial transactions. A VPN is in encrypting your connection to a secure offsite server, which prevents any third party access.
Stay alert and aware.
By staying aware and informed on the laws and policies that affect customer data you can continually protect your customers.
- Be transparent as to how you protect customers' credit card information
- Advice on how they can keep their sensitive information secure.
- Be responsible - mandate security protocols and policies to protect your business
- Make security practices a key element of your workforce's development.