Cybersecurity In The E-Commerce/Payments Industry
E-commerce is the fastest growing industry in the world. In 2020, online purchases accounted for 32.4%. Consumers spent over $800 billion. Cybercriminals see this as more money to steal and weak spots for more opportunities to exploit for their own gain. Bad actors may also extract data from e-commerce or payment enterprise databases and sell it to the highest bidder. In this digital age, one datum is worth $0.36.
Cybercriminals target many industries, including healthcare, finance, and energy. E-commerce is more vulnerable to cybersecurity risks and threats due to its nature. If networks or platforms aren’t entirely secure, unauthorised individuals could access customer information and system controls. Cybercrime can result in financial losses for small and medium-sized businesses, reputation damage, data leakages and monetary damages up to $2.2million.
Cybersecurity risks can be reduced by e-commerce businesses through increased awareness and strengthening cybersecurity. E-commerce businesses can be educated about cybersecurity threats and avoid making common human mistakes that could lead to security breaches. To prevent fraud, integrating robust cybersecurity solutions like digital signature authentication in online platforms can be helpful for e-commerce businesses.
While cyberattacks cannot be entirely prevented, having robust security measures can help reduce the risk to both the customers and the business. Companies can ensure that they are up-to-date on the latest cybersecurity tools to safeguard themselves against the next major threat.
Privacy is a primary security precaution that restricts confidential information between bound parties. Only the seller and customer should have access to accounts or other personal information. Cybersecurity experts advise that companies collect the only necessary information. E-commerce businesses should post privacy policies for customers to explain their rights and limitations when providing critical information.
Cyberattacks increased by around 300% in November 2020 amid the continuous increase in e-commerce transactions. Cyberattacks on online retailers are most severe for them, as they suffer the most damaging effects from phishing, ransomware attacks and supply chain attacks.
Businesses must increase security and authentication to protect their databases systems from increased risk. Another option is a frictionless payment authentication solution with a FIDO2 certification security mechanism for a safe online transaction. This solution is simple to integrate and conforms with regulations. It also offers greater security against hackers and other bad actors online.
To learn more details about cybersecurity in the e-commerce/payments industry, here is an infographic provided by Login ID.