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#CyberCrime: Is your #ECommerce Secure enough for Growth?
Advances in technology, logistics, payments, coupled with increasing internet and mobile access have created more than US $1.9 trillion global online shopping arena, where millions of consumers no longer ‘go’ shopping, but literally ‘are’ shopping, at every moment and everywhere via different devices.
The development of each e-commerce business relies heavily on the user experience. But what happens when technologies that aim to optimize this experience can also be the reason of cybercrime?
More and more economic sectors are transforming by technology and e-commerce. Improved customer experience, simplified supplier relationships, development of digital marketing operations, disruption of sales techniques are the benefits of these new technologies. While vendors have enthusiastically embraced new technologies, they have been less responsive to cybersecurity:
- 55% say they haven’t invested in this area in the last 12 months
- 69% of European traders say they have been targeted by cyber attacks
- 53% of all retail fraud, in the UK, occurs online and represent an overall loss amounting to 100£ million
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When we look at those high level cyber-attacks of companies such as, Target and Home Depot, which have allowed more than 100 million customer records to be hijacked, or we look at #Wannacry worldwide #CyberAttack which infected more than 230000 computer over 150 countries, it’s very easy to understand why customer’s trust can be affected.
- 19% of consumers say they are willing to stop buying from a cyber-attacked vendor
- 33% say they would avoid buying from a seller who had been hacked in the last three months for fear of exposing their personal data.
Clearly cybercrime does not only affect the perception of clients; E-commerce companies are among the most affected players in recovering from a cyber-attack or an infraction: a study indicates that they need 33 hours to solve problems caused by piracy, 26% reported delays with their customers, and 93% of attacks had affected their ability to function.
The same statistics also indicate that cybersecurity is only beneficial to organizations. It’s an element of differentiation, which protects technologies and preserves the continuity of activities. To combat cyber threats, e-traders must be as skilled as cybercriminals. Therefore, #CyberSecurity needs to be integrated at the beginning of any innovation or transformation processes, not added on later. Proper integration into your strategy from the beginning can help you turn your cyber risk into opportunity. Plus, cyber security solutions that can evolve and adapt while leveraging the latest information on threats are essential. However, given the number of channels to be protected, it is important that cybersecurity remains simple, does not create heavy administrative tasks and does not lose sight of the essential: business!
Size doesn’t matter!
Many small and medium-sized enterprises mistakenly think they are not a target for cybercriminals. The reality is quite different: not only they do have attractive data for criminals, but they are also known for the weakness of their security solutions, making them easy prey:
- 43% of cyber-attacks target small businesses
- 60% of small businesses go bankrupt within six months of a cyber attack
- 48% of security violations are due to malicious actions
Online commerce is based entirely on customer’s trust. Customers want a more personalized service and a reward for their loyalty. Relationships with suppliers are built on trust and data sharing protection. With loyalty programs merchants of all sizes collect, share and store large amounts of sensitive information such as payment information, supplier contact information and pricing data. This information is stored and shared through devices connected to a network and technologies such as the Internet, mail servers, tablets and smartphones. Associated with the details of a payment card, it is the type of information that strongly attracts cybercriminals:
- Names, addresses, birthdates, phone numbers, e-mail addresses, identifiers, and product preferences gathered within loyalty programs provide valuable data for phishing and identity theft.
- Billing and pricing information, as well as vendor payment information, may be stolen or exploited for phishing attacks.
- Connection information about vendors and other third parties can be a very interesting “backdoor” for cybercriminals seeking to attack companies that work with yours.
To obtain this data, cybercriminals use malicious programs, phishing techniques, malicious websites and vulnerabilities in the most common programs. For cybercriminals seeking to steal money as quickly as possible, ransomware and DDoS attacks exploit the value your company places on data and operations by keeping them hostage and offline till you pay the ransom fee. In this environment, protecting the availability of systems has never been so difficult.
True Cyber Security for E-Commercials
It is illusory to think that we can prevent all cyber-attacks. In an environment where it is impossible to block everything, the way traders react to attacks is extremely important. E-retailers must ensure that phishing attacks, malicious programs, threats to mobile devices and cyber threats they face won’t impact their customers and the availability of their e-commerce site.
In situations where internal access to third-party websites, unauthorized devices and USB or none-secure devices, traders can adopt a proactive multi-layer approach to cybersecurity. Such positioning allows to overcome the risk of data loss, fraud and downtime that could compromise sales, customer confidence and reputation.
Cyber Security solutions for Business must be able to protects users from known, unknown, or advanced threats via multilevel technologies designed to block threats, regardless of the means used. Malware detection, cloud-based threat intelligence must be enforced by next-generation technologies such as artificial intelligence and machine learning algorithms.