The Impact Of Cyberattacks On Ecommerce Businesses

Learn popular attack types and how to protect against cybercriminals

The Impact Of Cyberattacks On Your Site

Last year, online retail sales exceeded brick-and-mortar sales in the U.S. for the first time ever, and global ecommerce revenue growth reached approximately $3.5 trillion. The momentum of ecommerce is attracting more entrepreneurs than ever before who see the unlimited growth potential in online retail. Unfortunately, it has also gained the attention of cybercriminals who are increasingly setting their sights on smaller online retailers — usually in the hopes of stealing valuable customer data.

For ecommerce businesses, it only takes one cybersecurity breach to wreak havoc on their bottom line. Let’s take a look at some of the most common tactics favored by modern cybercriminals and the threats they pose to online retailers.

Choosing The Right Features For Your Ecommerce Website

When selecting an ecommerce platform for your business, you can improve the experience of your site by keeping these three features in mind for any solution you choose:

Cross-Site scripting (XSS):

XSS attacks account for 31% of all cyberattacks, making it the most common weapon among cybercriminals. In order to carry out an XSS attack, cybercriminals inject code into websites via forms and other input fields used to collect data from site visitors. When a visitor’s browser executes that code, cybercriminals can covertly hijack the browsing session to steal data from unsuspecting shoppers. XSS attacks can ultimately provide cybercriminals unauthorized access to sensitive customer data.

SQL Injections (SQLi):

Look for platform options that can easily integrate with a Secure Sockets Layer (SSL) certificate and a website security solution. An SSL certificate is a cybersecurity measure that encrypts data as it moves between a website and a server. When your customers input information into fields on your site — such as login or payment info — an SSL certificate will encrypt the information and keep it safe and protected.

Bad Bots:

You will also want a platform with the ability to connect through a File Transfer Protocol (FTP) or Secure File Transfer Protocol (SFTP), as this is required to use a website scanner. Website scanners review files on your website for vulnerabilities and automatically patch them before cybercriminals have the chance to access your site.

Backdoor Attacks:

A backdoor attack occurs when cybercriminals install malware on a website through unsecured entry points such as form fields or outdated plugins. The malware gives them unauthorized access to a site’s database until the backdoor is detected and removed. The longer an attack lasts, the more damage cybercriminals can do to a business. An undetected backdoor attack can give bad actors unauthorized access to company and customer data.

Take Charge of Your Ecommerce Website Security

The effects of cyberattacks on small ecommerce businesses can indeed be disastrous, but the good news is that you can take steps now to secure your business and protect your customers.

Start By Following These Cyberattack Prevention Basic Best Practices:

Never store credit card data on your website.

Develop and maintain cybersecurity awareness training for all employees.

Use a payment processor that is payment card industry (PCI) compliant.

Implement a comprehensive and proactive cybersecurity solution that includes automated website scanning, traffic monitoring, and malware removal.

Have a strong password policy in place, and ensure usernames and passwords are updated regularly.

You should also have a trusted third-party perform a security audit on your website. A comprehensive review of your overall cybersecurity risk posture will allow you to understand where you’re most vulnerable to an attack and how to mitigate weaknesses. The more you do to prepare now, the better you can protect your business from the financial impacts of a cyberattack in the future.