Why E-Commerce Security Is Significant in 2022

Tuesday, 9 August 2022

Why E-Commerce Security Is Significant in 2022

Posted by Madhu Gupta

There has been tremendous growth in virtual retail platforms in recent times. The COVID pandemic aided the speedy growth. According to Forbes, e-commerce sales grew by a staggering 50% to $870 billion spent online during the pandemic.

E-commerce security

Aside from the many advantages the COVID era offered, there is a high probability that those who have learned to shop online will likely continue doing so. Hence, the potential for steady growth in the e-commerce sector is relatively high.

However, there are still issues with e-commerce security. As the growth trend continues to occur in the e-commerce sector, it continues to widen the possibility of data theft, threats, and attacks in the system.

What is E-Commerce Security?

E-Commerce security is the security measures enforced by business owners to secure their customers and business data from falling into the wrong hands. Some companies have started implementing Zero Trust Security to adequately secure all endpoints from vulnerabilities. However, there are still high-security concerns based on compliance.

E-commerce security is significant in 2022 for a good number of reasons, and here are a few;

Data Security

A 2022 security report showed that retail businesses were a badly hit sector by cybercrime. Despite the juicy profits earned by e-commerce sites during the pandemic, it also revealed loopholes taken advantage of by attackers.

A single data breach can cause a storm on an e-commerce platform. And one reason this sector will consistently receive high threats and attacks is because of the sensitive data in their care, including payment details and customer address lines. And once shoppers tag your shop with a history of data thefts and leaks, they will be reluctant to return. And if not efficiently managed will lead to the end of such business.

See Also: SEO and Cybersecurity – Can Hackers Destroy Your SEO Efforts?

Compliance with Privacy Policy

One thing trending next to online shopping is data privacy regulations. Retail platforms that refuse to comply with privacy regulations to secure their user data face the possibility of being fined and penalized based on these laws. 

Brand Trust 

Noncompliance with laws protecting data privacy will possibly attract fines and penalties, but the more significant issue is losing the trust of your customers. Retail outlets can be badly attacked on social media platforms when customers lose confidence in their services. A situation that could become overblown and severely damage their reputation. The same applies to a good experience.

Overwhelming Data Requests

You may not have experienced it, but based on privacy laws, your customers have the right to request a detailed report of their curated data and complete the deletion of information. On many occasions, companies experience a spike in data requests following a high sales record — just as in the case of the pandemic. This experience can turn out overwhelming if the company is adequately prepared. 

Best Practices for Ecommerce Security

With cyber threats and attacks becoming a more worrisome topic on the internet, it is essential to understand the necessary best practices to uphold the security of data security in your company. 

Utilize Strong, Complex Passwords

Practice adhering to strong and unique passwords. Also, ensure that your customers stick to the rule too.

A Verizon Data Breach report in 2020 showed that 37% of credential theft took advantage of weak passwords and stolen credentials. So taking that extra effort is worth it to secure sensitive data under your company’s scare.

A good practice of strong, complex passwords should be at least about 15 characters long and should incorporate upper and lower case letters, symbols, and numbers. Passwords should be adequately kept secret and should be changed from time to time.

In addition, passwords must never be shared among users. Everyone with network access should have their passwords to minimize the possibility of compromise. Avoid using the same password for multiple logging credentials as you use for your e-commerce site. 

You may find password managers worth deploying to save the trouble of managing multiple passwords. Sensitive data like your date of birth, social security number, and other information you use to answer security questions should never be shared.

Attackers are constantly trying to write scripts by brute force to break into the admin area; hence, it is safer to avoid using any default admin name provided by a service provider.

See Also: Ultimate Pack Of 10 Tips To Improve Your Internet Safety

Employ Extra Authentication Methods 

You should consider going extra with security measures by employing 2-step verification, 2-factor authentication, or multi-factor authentication. This approach gives added confidence that only authorized persons are accessing the network. Considering the potential consequences of not putting it in place, it is worth considering.

Don’t Store Customer Data Except It Is Absolutely Necessary

Concerning customer data, it is important never to hold on to data, except it is crucial to conduct your business. How you make this decision differs from business to business. And with data privacy policies constantly changing, it is critical to creating guidelines that will help your business balance security with the customer experience and convenience.

Do not mix up customer information with other company information. Conduct audits and prioritizes firewalls to ensure your security measure is actively functional.

See Also: 10 Best Firewall Apps for Android [Review]

Keep Your Systems Up-To-Date

E-commerce security is a constant measure that must be regularly visited. And that includes keeping your systems up to date often and your site too. The tech world is constantly changing to fight hackers, and it is essential to update your systems often to keep potential data thefts away.

If you use SaaS e-commerce platforms such as BigCommerce, most updates on the software are automatically done. However, on-site solutions need to constantly fix bugs, patch vulnerabilities, and do other updates.

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