Cybersecurity in 2020: 7 Challenges for eCommerce Businesses
Online shopping is growing fast, but cybercrime is keeping up with it. eCommerce security is an urgent issue facing many online businesses. Every hour, hackers become more and more subtle in their fraud schemes and find new ways to disrupt eCommerce companies. However, online businesses with weak information security can be an easy target for any cybercriminal. If your goal is to improve your online security, keep reading to find out seven cybersecurity challenges facing every eCommerce business across the world.
Two in three companies hit by cybercriminals are small businesses. If you own a small eCommerce business or have recently set up a start-up, you should know these challenges of cybersecurity to stay safe online.
1. Weak Passwords
It might sound obvious that you should never choose simple passwords for your business accounts. Although everyone is aware of it, in practice, a great number of businesses rely on one single password and apply it to many accounts at a time. This vulnerability gives hackers an excellent opportunity to take over all your credentials on the first try. Not to face this worst-case scenario, it is vital to create a unique password for every account you use in business. Besides, you can try using a password manager that generates and remembers all the passwords you have ever created.
2. Data Breach and Phishing
A data breach is the number one form of cybercrime on the web. Often preceded by phishing, data breaches disclosed over 4.1 billion records in 2019. The reasons why data breaches occur so often are many. First off, most users are cyber-illiterate and cannot recognize suspicious links and emails that should not be accessed. Second, hackers may trick someone into clicking on a specific URL that entails a data breach. The best you can do to prevent this type of cybercrime is to increase your awareness about this cyber risk. If you happen to face it, you won’t be fooled and realize that it is a cyber threat in no time.
3. No Data Backup
Cyber attack itself is not as terrifying as the consequences of it. Many eCommerce businesses who have fallen victim to hackers cannot bounce back as they no longer have access to their databases, including customer and supply bases. To remain viable after the cyber-attack, your business data should be safeguarded through data backup. Regular data backups are an effective way to enable data recovery and continue your business activity without losing money.
4. Inactive 2-factor authentication (2FA)
Two-factor authentication is gaining popularity with businesses across all industries. This data security method helps to verify your customer’s identity and prevent the invasion of third-party unauthorized users. 2FA works through facial recognition or SMS and therefore requires a user to tie their mobile device to their consumer profile. To date, the majority of eCommerce businesses rely on 2FA to protect their data and minimize cyber risks.
5. DDoS attacks
A DDoS attack takes place when cybercriminals destroy your network by sending the requests that your server fails to respond. DDoS are backed by malware that infects your system and disables it. As a result, your communication with customers is interrupted because the system is down. The implications of a DDoS attack can also include data loss, let alone revenue loss, discontent clients, and extra spending on network recovery services. Two possible solutions against DDoS attacks are cloud-based counteraction and on-premise protection. Whichever fits for your business model, either variant works for eCommerce businesses that have to serve thousands of users per day.
6. Incompliance with security standards
You can also weaken your business security by partnering with IT vendors that neglect their own security and fail to comply with the latest security standards. For instance, ISO/IEC 27001:2013 requires an online business to provide a high-quality management system, ensure data security, and implement risk-aversion strategies. If you decide to collaborate with eCommerce companies that share your concerns and follow such security practices, you will greatly reduce the odds of being hacked.
7. No disaster recovery plan in place
At last, any eCommerce business should have an effective step-by-step recovery plan that should guide both top-managers and team members on what they should undertake in case of a cyber-attack. When you know in advance what you will do in this situation, you won’t spend time planning how to save your business data and company as a whole later. Moreover, lots of eCommerce businesses now start looking for an information security specialist to monitor security violations and develop a secure network system that is less vulnerable to cyber threats.
Kyle McDermott is a web developer, blogger, blockchain enthusiast, and business analyst. He loves to write about new technologies, business news, and sports events. Kyle is also a proofreader at Computools. Follow him on Twitter.