Written by: Edrian Blasquino
You’ll hear many marketers claim “e-commerce is the future,” but let’s be honest; it’s the now. Most people in modern cities these days, from blue-collar workers to stay-at-home moms, shop online on an alarmingly regular basis. In fact, it’s estimated that there are 2.71 billion online buyers worldwide. For context, that’s 8 times the population of the United States.
With the convenience and sheer speed of online shopping, plus how common smartphones have become, the explosion of popularity was inevitable. However, the rise in online buyers also meant scammers worldwide perked up at a new avenue for stealing from innocent people. These scammers have cost the e-commerce industry more than $48 billion in 2023 alone. As an online entrepreneur, you must protect your business and clients to stay safe against digital corruption.
Protecting Your Ecommerce Business and Customers Against Cyber Threats
Fortunately, cybersecurity professionals have kept up with hackers and malicious actors. After all, for every scammer out there, there’s an IT professional who wants to keep people safe from the dangers of the internet. Even so, business owners need to take proactive steps to protect themselves and their clientele.
1. Inform Employees and Customers
People make mistakes. It’s inevitable in any business, especially for online shopping. Outside of experts, it’s unreasonable to assume the average person knows the latest scams, schemes, and fraud gimmicks. For employees, it’s crucial to have informational PSAs and an open line of communication between IT and the average employee.
For customers, consider creating a blog or email newsletter with security tips, like recognizing fake emails or avoiding public Wi-Fi when making online purchases. This proactive approach helps everyone understand the risks and take steps to stay secure.
2. Implement Strict 2FA and Password Standards
Credentials are the lock and key of online shopping sites. So, naturally, that’s what every hacker and scammer looks for with unsuspecting victims. Always encourage strong passwords that use a mix of different characters, symbols, and numbers. Avoid using anything sentimental for the password, as that’s just another clue. Users should also make it a habit to update their passwords at least once every few months.
Also, two-factor authentication is a requirement for any modern website security. These often manifest as one-time codes sent to the user’s smartphone on top of the regular password. If nothing else, all those extra layers of security give cybersecurity more time to deal with an incoming threat.
3. Set Clear Policies
Implementing an in-depth cybersecurity policy is essential for compliance and building customer trust. Outline your data collection, storage, and usage practices to ensure customers understand how their information is protected.
Being upfront about your privacy practices also ensures compliance with regulations like GDPR. Make it easily accessible and keep it updated to reflect any changes in your data handling processes.
4. Keep Software Updated
Cybercriminals frequently target outdated software for the same reason that IRL burglars love rusty gates. They’re simply easier to break through. To prevent hackers from invading your digital space, keep software updated regularly. Updates often include fixes for security issues that could otherwise leave your site exposed.
Updated software is especially important for SSL certificates and PCI-compliant payment software. Setting up automatic updates or scheduling regular maintenance checks can ensure your website always uses the latest, most secure versions.
5. Regular Monitoring
Make sure the cybersecurity team and IT are closely watching for suspicious transactions. Red flags include unusually high-volume orders, multiple orders from the same IP address in quick succession, or orders with different billing and shipping addresses.
If you see a new customer placing multiple high-value orders within minutes, it may indicate stolen credit card use. Set up fraud detection systems that alert you to unusual patterns so you can investigate further before fulfilling these orders.
6. Listen to IT
Too many executives fail to grasp the importance of safeguarding data from hackers. Do not internalize these thoughts, and do not try to cut corners with digital security. If the IT team needs something the company can reasonably acquire, there’s no reason to say no.
Let IT handle security updates, deploy new authentication methods, or set up advanced firewalls. The IT team’s insights and actions are crucial for safeguarding your e-commerce site. Encourage open communication so IT can regularly inform management about emerging threats and necessary security measures.
7. Always Have Backups
Data loss is inevitable when a cyberattack finally breaks through. This is why regular backups are a must for any modern business. Backup your data frequently, storing copies both on and off-site in a secure location. Testing your backup system periodically ensures that data can be restored promptly.
In the event of ransomware or data corruption, reliable backups enable you to recover your site without losing critical information, minimizing downtime and preventing business interruptions.
Additionally, protecting your physical inventory from disruptions is crucial. Inventory financing can help ensure you have the resources to restock quickly, even if setbacks occur due to cyberattacks. By combining reliable data backups with strong inventory management, you can minimize downtime and keep your operations running smoothly, safeguarding your business’s profitability.
Final Thoughts
Cybersecurity has no finish line. Bad actors and scammers will always dig for new ways to trick people out of their hard-earned income. Thankfully, technology always has a solution, and common sense training goes a long way toward keeping people safe from digital ruin.