30 Apr
This is the First Blog Post for TrackMatriX’s Cybersecurity Series.
32% of cyber incidents end in hackers stealing and selling organizational data. E-commerce websites face a significant threat from cyberattacks, with approximately 32.4% of these sites being affected. A concerning 29% of traffic directed towards e-commerce websites has malicious intentions, aiming to steal sensitive data from the site.
As e-commerce expands, so does the collection and storage of personal data, heightening the risk of cyberattacks, data breaches, and security threats, especially for smaller businesses. Cybersecurity is crucial for safeguarding e-commerce websites from scams, hackers, and other threats. Whether small-scale or enterprise-level, all business owners must implement robust security measures to prevent data breaches and respond effectively to security breaches.
Despite inherent risks, e-commerce businesses can mitigate and address many security issues through best cybersecurity practices. This blog post explores the impact of cybersecurity on e-commerce enterprises and strategies to mitigate their primary cyber risks.
Cybersecurity Threats for E-Commerce Websites
Malware and Ransomware Attacks
Malware encompasses various threats, including viruses, worms, Trojans, spyware, and adware, all aiming to infiltrate or damage systems without consent. It spreads through email attachments, malicious websites, or software vulnerabilities.
Ransomware encrypts files and demands payment for decryption, often spread through phishing emails or compromised websites. Paying the ransom doesn’t guarantee file recovery and can encourage further attacks.
Both types of attacks can lead to financial losses, data breaches, identity theft, and reputational damage. Preventive measures include updating software, using antivirus programs, educating users, and regularly backing up data.
Cross-Site Scripting (XSS)
Cross-site scripting (XSS) is a type of security vulnerability typically found in web applications. It occurs when an attacker injects malicious scripts (usually JavaScript) into web pages viewed by other users. These scripts can execute in the context of the victim’s browser, allowing the attacker to steal information, hijack sessions, or perform actions on behalf of the user.
XSS vulnerabilities commonly arise from inadequate input validation and lack of proper output encoding in web applications. Mitigating XSS involves implementing strict input validation, and output encoding, and using security mechanisms like Content Security Policy (CSP) to prevent unauthorized scripts from executing.
SQL Injection
SQL injection is a type of security vulnerability that occurs when an attacker inserts malicious SQL code into input fields or parameters used by a web application. This malicious SQL code can manipulate the application’s SQL query, potentially allowing the attacker to access, modify, or delete data stored in the application’s database.
SQL injection attacks often target web applications that use user input to construct SQL queries without proper validation or sanitization. Mitigating SQL injection involves using parameterized queries or prepared statements, input validation, and limiting the privileges of database accounts to minimize the impact of successful attacks.
Phishing Attacks
Phishing attacks are attempts by cybercriminals to trick individuals into disclosing sensitive information such as usernames, passwords, credit card numbers, or other personal data. This is typically done through fraudulent emails, messages, or websites that impersonate legitimate organizations or individuals.
Phishing attacks often employ social engineering tactics to create a sense of urgency or legitimacy, prompting victims to click on malicious links, download attachments, or provide confidential information. Common types of phishing attacks include email phishing, where attackers send deceptive emails pretending to be from trusted sources, and spear phishing, which targets specific individuals or organizations.
Mitigating phishing attacks involves educating users about recognizing phishing attempts, implementing email filtering and authentication techniques, and regularly updating security protocols and software.
E-Skimming
E-skimming is a cyberattack where hackers steal payment card details from e-commerce websites during transactions. They inject malicious code into the site’s checkout pages, capturing card information entered by customers. This stolen data is then used for fraudulent transactions or sold on the dark web. Prevention involves regular website security checks, HTTPS implementation, and monitoring for suspicious activity.
Distributed Denial of Service (DDoS)
Distributed Denial of Service (DDoS) is a cyberattack where multiple compromised computers, often infected with malware, are used to flood a target system or network with an overwhelming amount of traffic. This flood of traffic disrupts the normal functioning of the target, rendering it inaccessible to legitimate users.
DDoS attacks can be launched using botnets, which are networks of compromised devices controlled by the attacker. The goal of a DDoS attack is to disrupt the availability of a service or website, causing financial losses or reputational damage to the target. Mitigation strategies for DDoS attacks include using specialized DDoS protection services, implementing traffic filtering mechanisms, and increasing network bandwidth to withstand large-scale attacks.
Brute Force Attack
A brute force attack is a method where cybercriminals systematically guess passwords or encryption keys by trying all possible combinations until they find the correct one. It’s time-consuming and resource-intensive but can be effective. To prevent such attacks, use strong, unique passwords, implement account lockout policies, and consider using multi-factor authentication.
15 Best Practices to Strengthen Cybersecurity of an E-Commerce Website
Below are some of the best practices to strengthen cybersecurity for an e-commerce website:
1. Install an SSL Certificate
Encrypt data transferred between the website and server, ensuring the security of login credentials and payment details during transmission. Customers can verify the presence of an SSL certificate by looking for a padlock icon in the URL bar or seeing “https” instead of “http” in the website URL.
2. Stay Updated with Security Patches
Regularly update the e-commerce platform and associated software to patch security vulnerabilities. Promptly install new versions and updates released by developers to ensure the website remains secure against emerging threats.
3. Use an Automatic Scanner
Implement an automatic website scanner to conduct daily scans for vulnerabilities, malware, spam, and common attacks like XSS and SQL injection. Choose a comprehensive scanner that can automatically detect and remove threats upon detection.
4. Install a Web Application Firewall (WAF)
Deploy a WAF to filter out malicious traffic and prevent malware and malicious bots from accessing the website. A properly configured WAF acts as a gatekeeper, blocking critical attacks and enhancing overall security.
5. Employ Proper Key Management
Focus on managing encryption keys effectively to safeguard sensitive data. While encryption solutions are commonly utilized, ensuring proper key management is equally crucial to prevent unauthorized access in case of a compromise.
6. Know And Control Your Data
Understand the data collected, processed, and stored by your e-commerce platform. Implement measures to protect and manage this data effectively while complying with regulatory requirements.
7. Use Encryption Everywhere
Prioritize encryption to secure data both in transit and at rest. Employ HTTPS for secure communication within microservices and externally, regularly rotate encryption keys, and consider archiving data with different encryption keys.
8. Implement Privacy By Design
Embed privacy considerations into the design of your e-commerce platform. Utilize encryption for data at rest and in transit, ensuring that users have control over their data and consent to transactions.
9. Have An Incident Response Plan Ready
Prepare for potential security breaches by implementing secure data storage practices, including encryption of sensitive customer information, regular data backups, strict access controls, and incident response plans.
10. Focus On First-Party Data Management
Pay attention to creating, managing, and owning first-party data securely. Ensure compliance with global regulations and avoid risky data strategies that could compromise consumer data.
11. Consider Cybersecurity As Part Of Risk Management
Treat cybersecurity as a critical component of risk management. Establish a robust framework for auditing the environment and continuously monitoring for potential threats.
12. Conduct Regular PII Audits
Identify personally identifiable information (PII) relevant to your business, encrypt it when at rest and in transit, and conduct regular audits to ensure compliance and stay current with best practices.
13. Explore Post-Quantum Cryptography
Stay ahead of emerging threats by exploring post-quantum cryptographic algorithms to protect sensitive data during transmission and storage, mitigating risks associated with quantum computing attacks.
14. Practice Data Rationalization
Prioritize data rationalization to store only valuable data. Regularly evaluate the value of stored data against security costs and purge unnecessary data to reduce risk and improve overall security posture.
15. Perform Penetration and Vulnerability Testing
Penetration testing and vulnerability testing are essential cybersecurity practices aimed at assessing the security of systems, networks, and applications. Penetration testing involves simulating real-world attacks to identify weaknesses and exploit vulnerabilities in a controlled environment. On the other hand, vulnerability testing focuses on identifying and assessing potential security flaws and weaknesses within systems and applications.
The primary benefit of these testing methods is that they provide organizations with valuable insights into their security posture, allowing them to identify and address potential vulnerabilities before they can be exploited by attackers. By proactively testing for vulnerabilities and weaknesses, organizations can enhance their overall security posture, reduce the risk of security breaches, and protect sensitive data and systems from unauthorized access and exploitation.
Implementing AI-powered Cybersecurity Solutions by TrackMatriX
As AI-powered cyber attacks advance in sophistication, conventional cybersecurity measures are becoming inadequate. Organizations must embrace AI-driven cybersecurity solutions capable of detecting and countering these evolving threats. With the appropriate technology and fine-tuning, your defenses can adapt, learning to discern “good” activity and effectively guard against malicious actors.
TrackMatriX’s AI-powered cybersecurity solutions are effective in combatting various types of cyberattacks. TrackMatriX provides cyber-secure, data-privacy-protected, and quality-managed solutions for businesses to protect their mission-critical data.
The AI-driven Cyberattacks are Here to Stay; Strengthen your Cybersecurity
Organizations with fully deployed security and AI automation paid an average of US$ 3.05 million for data breach damages, US$ 1.3 million less than the global average across all security environments, and they detected breaches faster – 249 days compared to 323 days with no AI and automation solutions.
This implies that security breaches and cyberattacks are here to stay, and to reduce our business losses, both in terms of money and data, we need to strengthen our cybersecurity.
So what are you waiting for, contact us now to know how we can cyber-secure your business against AI and other exploitations.
Read the Second Blog Post of TrackMatriX’s Cybersecurity Series Here.
About TrackMatriX Technologies Limited
TrackMatriX is a leading AI-enabled solution provider, technology developer, and system integrator dedicated to accelerating growth for retail, logistics, and manufacturing businesses. TrackMatriX provides brand protection, advanced digitalization, AI, AR, and SaaS development solutions for better business growth, personalized product experiences, and maximized customer engagement. TrackMatriX is your business partner for boosting revenue, protecting your brand identity, and providing you with advanced, scalable, and cyber-secure cloud-based, AI, and AR systems.
In 2010 NanaoMatriX developed the TrackMatriX SaaS platform, which was later patented in 2012 for the verification of product and document authentication using mobile devices, QR codes, and RFID tags. In 2019, NanoMatriX incorporated TrackMatriX Technologies Limited, which uses the TrackMatriX SaaS platform to track & trace products and documents for retail, logistics, and manufacturing startups and enterprises.
