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You may have heard about the Target data breach in 2013 when millions of card numbers were stolen and sold on the black market. Or maybe, a little closer to home, you’ve heard about the eCommerce platform Volusion’s hacking in 2019. These events are a perfect example of how one mistake can lead to thousands of people becoming victims and billions of dollars lost. If you haven’t already, it’s time to take digital risks seriously. 95% of CEOs believe their organizations will face serious threats and disruption in the next three years. In this blog post, we’ll discuss how to protect your eCommerce website from hacking and phishing schemes so that you don’t become another statistic!
What Kind of Digital Risks Exist For Websites?
There are many types of digital risks that can affect eCommerce websites, but it’s important to be aware of the most common ones. Some common digital risks include:
- Phishing: Attackers send out emails or other messages that look legitimate but are actually trying to trick you into clicking on a link where malware is downloaded. Once the computer has been infected, it’s open season for hackers who can steal sensitive information like passwords and credit card numbers.
- Hacking: When an attacker manages to get into your website and take control of it. This can be used to install malware or redirect visitors to other websites where they will get spammed with ads and viruses.
- Denial of Service: When attackers flood a website’s server with requests, causing the site to crash and shut down temporarily while the issue is addressed. Even if this doesn’t result in any stolen information, it can be extremely frustrating for customers who are trying to purchase items.
- Data Privacy: when customers’ personal data is lost or stolen by hackers, typically through a breach. This can have an effect on the reputation of your business if it’s mishandled and causes guilt by association with other companies who were responsible for the leak.
As a merchant, you should always make an effort to protect your website from these digital risks as much as possible. If not, there is a chance that hackers could gain access to personal information and use it for malicious purposes such as identity theft or credit card fraud.
Why is Cybersecurity Important to Business Owners?
A new cyberattack occurs every 39 seconds and by 2024, business losses to cybercrime are expected to exceed $5 trillion – an increase of nearly 70 percent over the next five years. Protecting your eCommerce website from digital risks is important because it’s the only way to keep personal information safe and prevent customers (and potential customers) from becoming victims of cybercrime. In addition, protecting your website is important for the sake of your business reputation. Customers will avoid buying from a company whose products or services they perceive to be insecure and this can have a negative impact on ROI over time.
Consumer Habits and How They Relate To Digital Security
When it comes to protecting your website from digital risks, consumer habits are a big part of the equation. At a basic level, you should be doing things like making sure that online payments go through secure servers and offering ways for customers to contact customer service if they have questions or concerns about security.
In addition, you also need to make an effort to educate customers about the risks of buying online. For example, you can include information on your website’s homepage that talks about different threats and how they might affect purchases. Customers also need to be aware that transactions are only as secure as the retailer is trustworthy before making their purchase decision.
How Can eCommerce Merchants Protect Their Digital Assets?
There are several ways that eCommerce merchants can protect their digital assets from these risks. They include:
- Keeping all software updated and patched as new vulnerabilities become known. In the past, hackers have been able to exploit outdated systems which have led to data breaches such as those at Target and Neiman Marcus in 2013/14.
- Using website firewalls to block attacks. In addition to blocking spam and viruses, a firewall can also detect when an attack is taking place so it can be stopped before penetrating the system.
- Employing regular penetration testing from companies like Merchant Focus Security that have experience in web application security audits. This will help merchants identify weaknesses or issues within their system that could lead to an attack.
- Being aware of the latest digital risks and how you can protect your site from them. For example, if you would like to learn more about protecting against phishing schemes, take a look at this post.
There are many other ways for eCommerce merchants to protect themselves from these kinds of digital risks. However, it all comes down to keeping your systems updated and patched as new vulnerabilities are discovered, updating software regularly (i.e., WordPress plugins), implementing firewalls, conducting penetration testing, or hiring security experts who can do this for you on a regular basis, and knowing the latest threats that exist in order to stay ahead of them.
As you can see, there are many digital risks that eCommerce merchants face and it’s important to take them seriously and do what you can to protect your website from these kinds of issues as much as possible. If not, the consequences could be disastrous for both your business and customers.
How Can EYStudios Help With Cybersecurity?
If you’re an eCommerce merchant who is concerned about cybersecurity, EYStudios is able to help with the maintenance of your site. Our team of experts can help keep your site up to date with all the latest security measures and protect your site from digital risks.
If you would like to learn more about how we can help your eCommerce site, feel free to contact us today.