Exploring the Biggest Security Threats to eCommerce Businesses and How They Can Affect Performance

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June 20, 2023 Business

The eCommerce industry is on an upward trajectory with no signs of slowing down. According to statistics, in 2023, the eCommerce industry is set to generate a whopping $6.3 trillion globally.

However, this kind of success often attracts the unwanted attention of cyber-criminals who have a sophisticated arsenal of methods to get access to private data, such as personal customer information, as well as credit card and corporate information, and cause havoc in online transactions. This can have a wide range of negative consequences, like clients losing trust in a company and the eCommerce business would not only lose customers, but they could also end up losing their reputation and brand.

There are so many security threats plaguing the eCommerce industry currently. In the article below, we will take a look at some of the biggest eCommerce security threats and how they can affect performance.

Phishing Attacks

Phishing is one of the most common ways that hackers gain access to eCommerce sites.

Phishing involves a hacker sending deceptive emails that appear to be from a person or organization you know, to trick you into divulging your login information.

If you have enough information about your site, an attacker can create a fake login page that looks exactly like the login page for your payment processor or your eCommerce website. They could then send you a notification that something has gone wrong, and ask you to log in to fix it. Assuming the email is legitimate, you provide your details. They then use this information to log into the site to commit their crime.

Unfortunately, many eCommerce companies are not prepared to handle a phishing attempt and reports reveal that 32.4% of untrained end users will fail a phishing test. It is therefore a good idea for your business to train employees on how to recognize phishing attacks.

DDoS attacks

A distributed denial-of-service attack (DDoS attack) is an attack where a malicious person uses several computers to fake traffic to your server to prevent your website from functioning properly or being accessible to legitimate users.

Even major eCommerce platforms like Etsy, Shopify, PayPal, and others suffered significant downtimes as a result of DDoS attacks. If you don’t take measures to protect your eCommerce business from malicious traffic, it is at greater risk.

DDoS attacks are a serious threat to your online business. Your site can be taken offline if they overload your server with traffic. Slow websites can negatively affect your user experience and your conversion rate and you may find it difficult to perform back-end operations if they slow down your server.

To protect yourself from DDoS attacks you can use a web application firewall to filter out unwanted traffic as it will make DDoS attacks less effective. If you see that most of your traffic is coming from one particular country, then you can activate geo-blocking. You can also change your IP address or notify your ISP so they take immediate measures to protect you.

Malware

Malware is any software that is used by cybercriminals to gain unauthorized entry to eCommerce websites. This can include viruses and worms as well as Trojans and ransomware.

Malware attacks can be spread through email attachments or malicious downloads. Infected ads and advertisements may also infect eCommerce sites. This type of attack is capable of causing significant damage to eCommerce sites, including reputational damage and financial losses.

Bots

eCommerce businesses are increasingly facing a new security threat – bots. Bots are automated software programs that can be used to carry out malicious activities such as stealing customer data or launching denial-of-service attacks.

As eCommerce businesses become more reliant on digital services, they’re more vulnerable to these types of threats. It is therefore important for eCommerce businesses to take steps to protect themselves from malicious bots. This includes implementing measures such as two-factor authentication, using secure payment gateways, and monitoring user activity for suspicious behavior. By taking these steps, eCommerce businesses can ensure that their customers’ data remains safe and secure.

SQL Injections

SQL injection is one of the most common forms of cyber attacks and online businesses are not exempt. It involves exploiting vulnerabilities in a website’s database to gain access to sensitive information. By exploiting these vulnerabilities, attackers can gain access to confidential data such as credit card numbers, passwords, and other sensitive information.

SQL injections are often used by hackers to launch denial-of-service attacks or steal data from a vulnerable system. As such, organizations need to take steps to protect their systems from this type of attack. This includes implementing security measures such as using strong passwords, encrypting data, and regularly patching software and applications.

In Closing

As an eCommerce business owner, it’s smart to know that the biggest security threats are in your immediate environment online. Educating yourself about how they can affect performance and what the consequences are can help you better prepare yourself, protect your eCommerce and ensure better safety for your customer’s personal and financial data.