Running an ecommerce store has become one of the most lucrative business models in online entrepreneurship. Anyone who’s ever tried it can see the appeal and possibilities that open up along the way.
But, crime never sleeps! Ecommerce is at the forefront of industries troubled by excessive cyberattacks and digital frauds. As an ecommerce store owner, you should always be aware of the necessary steps for protecting your website and customers at all times.
Below we’ve tackled the topic of fraudulent practices, the benefits of utilizing security measures, and what measures should entail.
Join us while we reconstruct this issue in depth!
Why security is crucial for your ecommerce store
Ecommerce security has never been as valuable as it is today. And if it’s not already, it should be on top of everyone’s to-do list.
Without security measures, ecommerce store owners put themselves and their brands at the mercy of online scammers and frauds. And it doesn’t matter if you operate a small or a large business.
In many instances, smaller-to-medium businesses get the bigger portion of data breaches and suffer the most serious financial repercussions, from which they are likely to never recover.
Before even thinking about securing your store, it’s important to be aware of the types of malicious attacks lurking around each corner. These are:
- Cross-site scripting: A tactic where harmful scripts are inserted into web pages to potentially compromise the data of unsuspecting users or redirect them to unsafe websites.
- SQL injections: Attackers exploit database weaknesses to insert SQL code allowing them to access information without authorization or manipulate stored data.
- DDoS attacks: Overwhelming a website with an amount of traffic making it unreachable for users.
- Malware: Software created to disrupt, damage, or gain entry into computer systems. This can be achieved through means like viruses, worms, or trojans.
- Phishing: Individuals try to obtain information like usernames, passwords, or financial details by pretending to be a trustworthy source in electronic communications.
These are just to name a few. Online scammers can get very imaginative and resourceful in trying to get ahold of your data. So, keeping one eye open at all times is more than recommended.
Now that you know the severity of the problem, and where the danger lies, you might wonder what prioritizing your store security brings to the table. Here are four main benefits:
- Protects customer data: Your responsibility as a store owner is to maintain high-security measures. Implementing best practices ensures that the data stored and saved on your website won’t be used with malicious intent.
- Builds and maintains trust: Ecommerce store customers expect you to serve as their protector, shielding their sensitive data (like credit card info) at all costs. Once they lose their trust in your measures, getting them back to your site will be next to impossible.
- Prevents financial damage: Any security breach will result in a financial loss for either you or the customer. The cost you won’t be able to avoid is fixing security issues to stop them from repeating. Knowing what is a merchant cash advance can help you in situations where you need to secure financing for your ecommerce business.
- Competitive advantage: Ecommerce is a highly competitive arena. A store that invests considerably in security measures and software vulnerability management will always be head and shoulders above the rest in the market.
Giving the customer a safe and worry-free experience will build trust, maintain your reputation, and ensure the growth of your ecommerce business.
How to keep your ecommerce store secure
Better safe than sorry, right? In the case of cybersecurity issues, this applies perfectly. So, being proactive rather than reactive will save you time and prevent future headaches.
Following the next seven tips will help you get where you need to be. Let’s see what these are!
Pick a reliable ecommerce solution
Your platform of choice will determine the experience you’ll have as a store owner. Convenience, design capabilities, and functionalities are often driving factors in determining the needs for a specific ecommerce solution.
However, security should be up there at the top of the list; which is why you should always opt for reliable and tested solutions. What does this mean in practice?
A robust and secure platform will offer built-in security features, regular system updates, and integrations with credible third-party services.
On top of that, you should have access to a top-notch support and expertise system and customization choices tailored to your needs.
You could look at investing in a suitable ecommerce platform as a foundation of all your future actions as a store owner.
Always use SSL certification
You’ve probably noticed that some web addresses start with HTTP and others with HTTPS. If you’re not familiar with the terminology, the former means that the site is without an SSL certificate, while the latter is secured through certification.
With the surge of data breaches and cyberattacks pointed at ecommerce stores, it’s safe to say that every ecommerce website owner should have SSL protection. This will keep the sensitive information safe and establish trust between you and your visitors.
Go with a secure hosting provider
The first instance where website owners usually decide to skimp on is website hosting. While saving money is all good and fine, this is not where you should tighten your belt. Those couple of bucks you’ll save a year could only cause you more trouble than it’s worth.
Trustworthy service providers provide server security measures, data encryption protocols, protection, against DDoS attacks, frequent data backups, and regular security updates. They also follow compliance regulations to ensure that your website meets security standards.
Keep your data backed up
Imagine you lost all your data due to a security breach. Everything you worked for is gone.
Building a website from scratch the second time around would be even harder knowing that you’ve done all that before.
Backing up your data won’t guard you from imminent attacks; but when they do occur, remedying the situation will be far less stressful. The best practice is to back up your website daily, if possible. If not, make a habit of updating your resources at least once a week.
Luckily, this process can be automated and put on repeat. We’ve mentioned quality web hosts above. Most, if not all, of them will offer regular backups, sometimes free of charge.
Insist on two-factor authentication
The importance of two-factor authentication (2FA) is most apparent when it comes to dealing with sensitive information, personal data, or financial transactions.
2FA serves as an extra security tier that ensures only authenticated visitors can gain access to the platform’s backend.
You’ve probably used 2FA before; when you tried logging in somewhere, and then had to confirm your identity by entering a code sent to you to a different device, in most cases your phone.
So, if your first line of defense is just passwords, you should strongly consider adding 2FA, and add it as a part of an integrated security strategy.
Advanced fraud protection
Fighting advanced fraud systems requires the use of cutting-edge technologies. Try Leveraging AI and machine learning to study transaction trends and pinpoint any irregularities on your website.
Keep an eye on user activities and transactions, promptly identifying and looking into any odd behavior. Introduce CAPTCHA and other anti-bot techniques to reduce the chances of automated assaults.
Monitor your website activity
Site security is not something that you just set and forget. It’s a routine activity you need to perform if you wish to catch and prevent any unusual and suspicious activity.
There are some aspects you can automate, like backups, but for others, you’ll have to be actively engaged either yourself or by using monitoring tools.
Keeping your focus on the store can help you catch some threats before they unfold and reach a boiling point.
Security as the key to ecommerce success
Security is an ongoing issue in the ecommerce sphere. Malpractices will happen, and it’s a reality we all should accept and try to adjust.
But taking precautionary steps can help you avoid getting knocked out from your feet.
Implementing security measures for payments, defending against threats, guarding customer information, and learning about advanced fraud detection methods can strengthen the security of your ecommerce business against possible vulnerabilities.
