The e-commerce industry has been growing exponentially over the years. The fascinating growth of the industry has led to more wannabes flocking to the industry. According to Statista, the global retail e-commerce sales was US$ 3.53 trillion in 2019 that would grow to US$ 6.54 trillion in 2022. However, the more the rush to be in the e-commerce industry, the more is the risk associated with it. There has been an enhanced risk of possible data breaches in the industry. Hackers can get unauthorised access to the website and extract sensitive information about your business as well as the demographic and financial information of your customers.
It is essential to understand the consequences of a data breach. Data shows that in 2019, cybercrime had led to a subsequent cost of over US$ 3 trillion. Any data breach can lead to a loss of trust, massive penalties and possible action by the government authorities. It is crucial to boost security for your e-commerce business. How will you ensure robust and foolproof security for your business? In this article, we will discuss some of the crucial tips to do so.
Use robust passwords
Businesses need to secure their networks using robust passwords. It can be found that most e-commerce platforms have default passwords that are too easy to be guessed. Your IT team must have a robust password policy that adheres to the global password best practices. The password must be a mix of letters, digits and allowed special characters. It is also important to have the passwords changed at frequent intervals. There must also be an audit trail showing the IPs of the devices used to login to the system. If there were any attempt from an unregistered device, it would be noticeable to your personnel.
Don’t store financial information
It may be a fascinating idea to store the financial information of your customers that will save them some time in the checkout process. And in the process, it could also save a few more dropouts in this stage of the buying process. But do you understand the risk that you are taking in storing the financial information of your clients? In the unfortunate event of a data breach, this information would fall into the hands of the hackers. It could lead to hefty fines from the government authorities and could lead to bankruptcy. It is suggested that you do not store the financial information on your servers. And it is also recommended to use third-party payment gateways which have a robust security framework.
Move to an HTTPS platform
HTTP platforms have a lower level of security, and you could be vulnerable to cyberattacks. On the other hand, an HTTPS platform will encrypt the communication between the browser of the visitor and your web browser. As a result, the communication cannot be read by anyone other than the desired recipient. It is essential to Buy SSL Certificate from a reputed certification authority.
Now, as your website would undertake financial transactions, you must adhere to the PCI-DSS protocols that require you to have robust security protocols and also requires you to have an SSL certificate. It also prevents counterfeiting your website by scamsters to undertake phishing activity.
Keep a close watch on the platform
It is crucial to have a close watch on any unauthorised access to the platform. You must deploy monitoring devices to have an audit trail of all the activity at the back-end. The IT team must secure the admin panel of the platform and have a record of the login attempts made. There must be a set of authorised personnel who are the only ones having access at the back-end. They must be using robust passwords too. You must also use security plug-ins that can help you by preventing malicious requests from reaching your platform. While there are too many available, always check the number of downloads and ratings before choosing one.
Take periodic backups
Your IT team must understand the need for taking backups of your system. In the unfortunate event of a data breach or the systems going down, it will help you to be back on track faster. It is important to take backups of your systems at frequent intervals. For example, you may take a full backup of the system every week or every fortnight and an incremental backup every day or every two to three days. Also, the backups must be stored at another location where you can easily access just in case the primary site is inaccessible due to any reason.
Use antivirus and firewalls
It is important to have a layer of additional security in your networks. Installing an antivirus software can help in keeping the systems updated of the latest trojans and viruses and prevent them from accessing illegal access to your systems. They can flag malicious activities and prevent any data breach in your network. It is also recommended to use cheap firewalls that can regulate incoming traffic and keep away any untrusted network. They can also protect your systems against the cross-site scripting and SQL injections which are among the typical activities undertaken by hackers.
Other security options
It is essential to use a Content Delivery Network as it can ensure your website runs faster. It will also allow you to have an additional security layer and prevent any DDoS attack. They can segregate the regular traffic from the harmful ones and secure your systems. They also ensure that your web server is out of the way for most of the time.
You can also use a SMS two-factor authentication to prevent any unauthorised access to the website. It requires the user’s phone number where extra code is sent through a message. It is in addition to the user’s credentials that are required to login to the website. In this way, only valid users can gain access to the site.
Your team needs to understand the risks based on your business. They must be trained to protect the networks from these impending risks. It is vital to buy SSL certificate and protect your website from any data breach. A budget must be earmarked for e-commerce security. We have discussed some of these tips to protect your business.