How E-Commerce Industry Can Counter Cyber Threats

E-Commerce involves the buying and selling of goods and services online. Any commercial transaction or business that includes the transfer of information across the internet falls under e-commerce.

Cyber Threat refers to anything capable of compromising the security of internet-connected devices, information systems and the data on them and the services they provide primarily by cyber means. Cyber threats cover a wide spectrum of malicious activity that takes place in the cyberspace. It includes espionage, theft of intellectual property, website defacement, denial of service attacks and malware.

Most people nowadays prefer to do their business transactions online. E-commerce has brought about convenience. However, the convenience comes with the real danger of cyber-attacks. The e-commerce industry has no alternative but to implement strategies that can help combat cyber threats.

Here Are Some Valuable Tips On How To Secure Your E-Commerce Website:

1. Use Secure Connection (SSL) & Make Sure You Are PCI Compliant:

Secure Sockets Layer (SSL) is a security technology used for establishing an encrypted link between the server and a client. It allows the secure transmission of sensitive information such as social security numbers, credit card numbers as well as login credentials. Data encryption is necessary for any organization that wants to securely protect data that they do not want third parties to have access. Encrypting helps organizations to protect corporate secrets as well as their client?s information thereby guarding against things like identity theft.

Encryption changes the information to become unreadable to everyone but only to those who possess a key that can modify the information back to its readable form. Internet users trust only those websites that have SSL Certificate. The websites are easily identifiable with the lock icon for SSL-secured websites and a green address bar for extended validation SSL-secured internet sites.

Payment Card Industry (PCI) Compliance standards were created by the major credit card issuers to protect personal information and to ensure security when payments are processed using a payment card. Failure to comply with the standards will not only lead to fines from credit card companies and banks but also not be able to process credit cards all together.

You can save lots of money when purchasing SSL Certificates as follows:

• You get discounts when you buy SSL Certificates in bulk.
• Buying a Wildcard SSL Certificate with the help of promo codes & discounts will enable you to save money and will also secure unlimited sub-domains on one domain name at the same time.
• Discount offers are available on certificates that are valid for more than a year.
• Please consider your requirement before purchasing SSL certificate. Don?t waste money on the wrong certificate.
• Compare several SSL Certificate authorities before purchasing. The prices offered by different authorities may differ.

2. Employ An Address & Card Verification System:

The Address Verification System (AVS) verifies that the billing address of the credit card matches the address given by the customer. It is an advanced level of credit card security whereby if the addresses do not match; the transaction does not go through. AVS helps to fight against fraud activity by cross checking the cardholder?s address data with the card issuer?s records. Automated authentication uncovers fraudulent behavior, protects the customer?s information and helps verify legitimate transactions.

3. Layer Your Security:

Layered Security also referred to as Layered Defense, is a security system that uses multiple components to protect operations on different levels. It is where various strategies and resources are employed to block, slow or delay a threat, thus neutralizing it.

The best defense against cyber threats is taking a Multi-Layered Approach. Layered security involves security protocols at the system or network level. It is an ingenious way of addressing problems with different types of phishing or hacking, denial of service attacks as well as worms, malware, viruses, and other passive system attacks. Extra layers of security to your organization’s website such as login boxes, contact forms, as well as search queries will go a long way to protect your e-commerce platform against attacks.

4. Use Tracking Number Of All The Orders:

Having Tracking Numbers for every order that a business sends out is useful in combating chargeback fraud. Chargeback encompasses a scenario where a customer makes an online shopping purchase with their card and afterward files a chargeback against the credit card company. The business has to pay the chargeback fee even where the claim is rejected or is a subject of identity theft or fraud. Tracking is important for businesses especially those that drop ship.

5. Two-Step Verification:

Two-Factor Authentication is a method of computer access control whereby the user is granted control only after providing two separate pieces of evidence. ?Enabling two-factor authentication is another way of combating cyber threat. Instead of entering a username and password only to login, the website asks you to enter a code that is sent to your smartphone to verify your identity. Many online service providers like Google, Yahoo use two steps verification as a measure to combat the insurgence of cyber threats.

6. Don’t Store Confidential Data:

It is important for a business to protect a customer?s sensitive information. Customers desist doing business with companies that do not have clear procedures for protecting their private information. Keeping too much of a customer?s information on a server can motivate hackers to try to steal such information. You should only store minimum confidential information. The PCI security standards are against keeping such information, particularly when credit card information is concerned. The breach of the PCI rules can result in penalties.

Conclusion:

Cyber Threats are among the main factors that affect businesses. Hackers are continually stealing credit card and other confidential information from e-commerce websites. For a company to successfully combat cybercrime, it has to lay down policies and procedures of tackling cyber threats consciously. Apart from the strategies mentioned above, businesses should stay informed about cyber threats and the potential impact they may have on the organization. A business should also put in place continuous monitoring methods to help predict, and prevent cyber threats. Lastly, an organization should employ an intelligent approach to cyber threats and recognize that it is important to provide sufficient resources to the organization’s cyber threat risk management.