Best Practices for Securing E-Commerce Against Cyber Threats

In the twenty-first century and especially since the pandemic, it’s become ever more apparent that many of the biggest threats to businesses come from digital sources. This is particularly true for e-commerce, where the entire customer-facing portion is digital.

To give an idea of scale, attacks were reported to have cost the world around a trillion dollars in 2020. A previous post already covered how to keep the physical site of your retail business safe. Now we’ll talk about how to keep the online side safe from threats.

Proper Monitoring

If you’re not already doing it, keeping track of activity on the servers is vital. This can be done manually by an administrator, but is often undertaken automatically using a security information and event manager, or SIEM. Anything unusual or unauthorized is usually picked up by these systems.

Keep Up With Standards

A great baseline is to meet common international standards for e-commerce. Two major ones include PCI DSS and ISO. The Payment Card Industry Data Security Standard — sometimes just referred to as PCI — is exactly what it sounds like. Available for download from the PCI Security Standards Council website, it was designed to make sure credit card data is communicated and stored securely online.

The ISO or International Organization for Standardization, meanwhile, publishes a broad range of standards that cover everything from industry-specific standards to Covid-19. ISO/IEC 27001:2013 specifically deals with data security, including how to avert risk and management systems. There will be other relevant standards you may be legally required to comply with, such as the GDPR if operating in the European Union. Standards are also sometimes updated, so periodically checking as a matter of procedure is advised.

Have a Cybersecurity Expert on Staff

Whether it’s in a full- or part-time role, someone will need to be on hand to handle changing threats and maintain standards. Hiring an experienced cybersecurity expert who’s taken further studies in cybersecurity means that you’ll have a skilled resource on your team who will know how to adapt and respond to cybersecurity threats.

When vetting potential hires, there’s also a lot more variety available in terms of credentials. Online degrees in cybersecurity are just as valid as traditional degrees because they teach the same skills such as security analysis, cloud security and legal training, and include industry-recognized certifications. Depending on the size of your e-commerce business, cybersecurity might be rolled into another job, but a couple of years of specific experience is recommended.

Use Secure Authentication

Complex authentication may seem off-putting to some users and therefore discourage some e-commerce platforms from implementing it. But the benefits are worth it, and may even attract some users.

There are three types of authentication to be aware of, with different levels of security. 2 Step Verification is a long-standing popular method involving a one-time code sent via SMS, email or phone to a user. 2 Factor Authentication (2FA) is a little more secure, usually involving the use of another device to log in. Multi Factor Authentication (MFA) is generally the term used if using additional factors. Implementing at least one of these authentication methods using a trusted software solution can often be the key to deterring cyber threats.

A cyber attack is often very serious — nearly two thirds of small businesses go under within six months of suffering one. Using any or all of the tips above is essential for ensuring that your online business stays safe from cyber threats, and remains successful and secure for years to come.

Exclusively penned for echannelhub.com

by Mary Jean Conan