Cybersecurity for E-commerce businesses: A guide to staying safe online
Protecting your E-commerce business from cyber threats: A guide
If you run an e-commerce business, cybersecurity should be at the forefront of your mind. The online marketplace has become a prime target for cybercriminals, with the number of cyberattacks on e-commerce businesses increasing year on year. In this blog, we’ll discuss how e-commerce businesses can protect themselves against cyber threats and the latest tools available to fight against these threats.
“According to a report by the UK government, 46% of businesses experienced a cyberattack in the past year, with the average cost of an attack being £8,460 per business”
The Growing Threat of Cyberattacks
Cyberattacks have become more frequent, sophisticated, and costly in recent years. In the UK, the average cost of a data breach in 2020 was £2.7 million, up from £2.4 million in 2019. According to a report by the UK government, 46% of businesses experienced a cyberattack in the past year, with the average cost of an attack being £8,460 per business. E-commerce businesses are particularly vulnerable to cyberattacks due to the large amounts of customer data they handle, including payment card details, personal information, and purchase history.
Protecting Your Business and Your Customers
Protecting your e-commerce business against cyber threats requires a multi-layered approach. Here are some of the most effective measures you can take:
- Implement Strong Password Policies: Your employees should use strong passwords and change them regularly. Consider using two-factor authentication to add an extra layer of security.
- Use Firewalls and Antivirus Software: Install and regularly update firewalls and antivirus software to detect and block malware and other malicious software.
- Keep Your Software Up to Date: Regularly update your software to ensure it is protected against the latest threats.
- Educate Your Employees: Train your employees on cybersecurity best practices, including how to spot phishing emails and social engineering attacks.
- Monitor Your Systems: Implement monitoring tools to detect unusual activity on your network and systems.
The Latest Tools for Fighting Cyber Threats
The cybersecurity landscape is constantly evolving, with new threats emerging all the time. Fortunately, there are also new tools and technologies available to help e-commerce businesses protect themselves. Here are some of the latest tools for fighting cyber threats:
- Endpoint Detection and Response (EDR): EDR tools provide real-time monitoring and response to threats on endpoint devices such as laptops, desktops, and mobile devices.
- Security Information and Event Management (SIEM): SIEM tools analyse security event data from across your network and systems to detect and respond to threats.
- Threat Intelligence: Threat intelligence tools provide up-to-date information on the latest threats, enabling businesses to take proactive measures to protect themselves.
- Artificial Intelligence (AI) and Machine Learning (ML): AI and ML can be used to analyse large amounts of data and detect patterns that indicate potential cyber threats.
- Cloud Security: Cloud security tools provide protection for cloud-based applications and data.
Fighting Authorised Push Payment Fraud in the UK
Authorised push payment (APP) fraud has become increasingly common in the UK in recent years. This is where fraudsters impersonate someone else, such as a supplier or customer, and persuade the business to transfer money to a fraudulent account. According to UK Finance, there were 149,946 cases of APP fraud in 2020, with losses totalling £479 million.
To protect against APP fraud, businesses can use various tools, including confirmation of payee, which verifies the recipient’s name and account details before making a payment, and fraud detection systems, which use machine learning and other technologies to identify suspicious transactions. Additionally, businesses should have robust procedures in place for verifying payment requests, such as requiring a call-back to the requester or using alternative contact details to confirm the request.
Why Cybersecurity is Critical for E-commerce Businesses
As an e-commerce business, your customers rely on you to keep their personal and financial information safe. A data breach or cyberattack can result in financial loss, reputational damage, and loss of customer trust. By implementing effective cybersecurity measures, you can protect your business and your customers from these risks.
At Elorn, we know first-hand the importance of cybersecurity for e-commerce businesses. That’s why we offer a range of security features and services to help protect your business and your customers. We take cybersecurity seriously, and we want to help you stay protected against cyber threats.
In conclusion, cybersecurity is a critical concern for e-commerce businesses. By implementing strong password policies, using firewalls and antivirus software, keeping software up to date, educating employees, and monitoring systems, businesses can reduce their risk of a data breach.
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