For most businesses planning to go digital, it is vital to safeguard operations from the beginning. eCommerce security threats and breaches can be expensive and time consuming to address after they’ve happened. Both troubleshooting and loss of revenue can be troublesome. A report in InformationWeek magazine reveals that when companies are fighting cyberattacks, time is money. Referring to various studies, the report says the cost of data breach was $3.86 million in 2020. The cost was far higher for firms that did not protect with security automation and incident response processes. Among breaches identified, it was found that hackers went after customers’ personally identifiable information (PII). The average cost per stolen data record was $146 but the cost rose to $175 in breaches stemming from malicious attacks.
While these statistics reveal costs alone, a security breach can prove disastrous for startups and small businesses. It can cause fledgling and unprepared businesses to risk complete shut downs.
According to the CPO Magazine, four categories of healthcare web application attacks increased by 51% after the release of COVID-19 vaccines. These are protocol manipulation (increased by 76%), remote code execution (increased by 68% from November to December 2020), SQL injection (increased by 44%), and cross-site scripting (increased by 43%).
Each of these four attack scenarios affect software, data, and applications at a basic level, undoing business growth and negatively impacting customer trust and goodwill:
- Protocol manipulation: Protocol manipulations allow attackers to take advantage of vulnerabilities in website protocols, allowing modification of session, enough to access information or carry out actions in the guise of a genuine user.
- Remote code execution: RCE is when attackers target vulnerabilities within software security to implement their own code over local area networks or wide area networks.
- SQL injection: SQL injection attacks allow hackers to embed malicious code into applications. Exploiting vulnerabilities of poor design or lack of adequate security, the malicious code passes through the database in the background to allow hackers to steal information, including personal data.
Facing the sophistication of cyber crime
To address these eCommerce security threats, it is important to understand emerging technologies, software coding, and web security protocols, together with strong infrastructure support to ensure watertight security. The answer could include identity and data protection and privacy solutions across environments like the private cloud, the public cloud, and the hybrid cloud.
Understanding and acknowledging that your business is vulnerable to risk can be the first step toward securing your website. A secure website is important in building and maintaining trust among customers and visitors. A strong and secure website together with an attractive interface can contribute to converting visitors into paying customers.
When beginning eCommerce website development, it is ideal to begin by partnering with professional help. This ensures the robust backing needed to communicate and engage with customers while keeping data protected.
Managing both security and a great customer experience
Safety and a great user experience can be brought together without one compromising the other.
Technologies that support encryption, authorization, and key management can help retailers secure data on their websites. Other ways to ensure enhanced security include addition of more cloud applications. This allows your website to deliver security along with ease of use by creating simplified access. Websites can be equipped with better access management and services such as a single sign-on.
Leveraging professional eCommerce application development can help provide safety features along with a stellar website design and navigation system.
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