Cyber security in retail and eCommerce industries offers today’s most common attack surfaces. They provide massive amounts of valuable financial and personal information to hackers. As online merchants incorporate more cutting-edge technologies into their websites to remain competitive, cybercriminals also hone their techniques. Further, the cost of a breach can be extremely harmful to organizations of all sizes. There are costs regarding the erosion of client trust and the loss of data. With the increase in digital transformation and fast devops processes, protecting your online store and customers from exploitation is more difficult in retail and eCommerce industries.
This blog will assist you in better understanding how to keep up with the latest developments in retail/eCommerce security and possible threats.
Who Can Be the Target?
There are many different types of retail and eCommerce companies that cyber security breaches can impact. For example, online stores are particularly susceptible to attacks that seek to steal customer data. Credit card information is highly targeted. In either case, the consequences of a breach can be significant, ranging from financial losses to damage to the company’s reputation.
A hacker group has recently broken into at least 570 e-commerce stores in 55 countries in the last three years, leaking information on more than 184,000 stolen credit cards and generating over $7 million from selling compromised payment cards. The consequences are indeed severe. All retail and eCommerce companies need proactive cyber security testing to protect themselves from potential attacks.
What Are the Cyber Security Risks and Threats a Retail or eCommerce Company Faces in the Event of Not Prioritizing Cyber Security?
Credit card details, personal identification numbers, and even sensitive organizational data—including that of governments—are being stolen from online databases by hackers. Data storage on the Internet is hard to keep secure. The risk is significantly greater for enterprises engaged in eCommerce. The foundation of the entire retail or eCommerce company strategy is a trust that can go wrong without a proper cyber security testing strategy.
This could potentially lead to the following outcomes:
Disruption of operations
Companies frequently incur indirect costs from cyber risks and direct financial losses, such as the potential for a significant interruption in business operations and associated revenue loss. Cyber threats can restrict a company’s regular operations in various ways. Your web server may be hacked with malware that deletes valuable data. Hackers may upload a harmful script to a server so users become a victim while shopping on the site.
Reputational harm
Trust is a crucial component of a client relationship in the retail industry. Cyberattacks can damage your business’s reputation and undermine customer confidence. It may also influence your suppliers and impair your relationships with partners and investors. This results in unexpected customer churn.
Legal implications of a cyberattack
Data protection and privacy regulations (GDPR) mandate that you maintain the safety of every personal data you have, whether it relates to your clients or your employees. You could be subject to penalties and regulatory punishment if personal data is unintentionally or purposefully compromised. There are cases of CISOs under investigations by the legal authorities.
Availability of services
Malware attacks can harm an organization’s eCommerce website. Hackers that commit denial of service reduce the functionality of an online store by preventing authorized users from accessing it. Imagine the loss of revenue during special dates such as black Friday.
Defending Retail and eCommerce Companies From Present and Future Cyber Attacks
When operating an online retail business, you must be cautious while handling your customers’ personal information. If your cyber security systems are compromised, you risk losing sensitive information about your clients. And that can cost your company the credibility and goodwill you’ve worked hard to establish.
Businesses must ensure that their IT teams establish a secure environment using the right guidelines.
Follow these instructions to increase the cyber security of your eCommerce marketplace:
Firewalls or other network security devices
You must secure the endpoint devices used by remote employees. The most open to assault are unprotected endpoint devices.
Establish and carry out an ongoing reliable cyber security awareness program
The program needs to be engaging enough to keep the staff interested. Primary concerns in this program should be adopting good cyber hygiene habits and detecting harmful communications.
Achieve compliance
With cyber threats’ rising and ever-evolving nature, authorities emphasize a company’s ability to recognize, mitigate, and respond to security issues. Retailers are under additional pressure than ever to safeguard customer information and abide by the law.
Auditing your system and processes
Web application attacks are one of the most severe threats to online stores. Hackers can access corporate backend databases by taking advantage of flaws in mission-critical business programs. Web apps and mobile apps are both easy targets for hackers. Your logistics, shipping, payment, customer data, and other crucial information may be affected or lost.
An efficient approach for handling cyber security incidents can assist you after an attack by:
- Lessening the attack’s impact
- Notifying the appropriate authority about the occurrence
- Filing a cybercrime report
- Reclaiming the compromised systems
- Getting your company up and operating as soon as you can
Lastly, keep moving forward in your attempts to protect your eCommerce company. Consider and practice all the options for safeguarding your company and clients against online threats. As a result, your eCommerce company can lower the likelihood of data breaches over time.
How Can BugBounter’s Bug Bounty Solution Help Retail and eCommerce Companies Before Being Attacked?
The importance of cyber security to your eCommerce firm cannot be emphasized enough. ECommerce enterprises must develop a detailed offensive strategy. You must carry out constant cyber security testing because organized criminal hackers are growing experts at their games day by day.
BugBounter’s ecosystem contains thousands of global cyber security researchers and ethical hacking experts who have interest in various attack surfaces and vulnerability types. The blockchain-based bug bounty platform of BugBounter offers businesses access to new talent by refreshing the pool of cyber security professionals periodically. Having 24/7 availability and capability of flexible scopes makes Bugbounter services adaptable to changing business environments.
With a guaranteed ROI, no fees are assessed unless a cyber security expert reports a valid security vulnerability. Bounty schemes are quick, cost-effective, and smart to find critical cyber vulnerabilities in your retail or eCommerce company’s web/mobile applications, database or critical infrastructures. A bug bounty program can be set up, customized, and managed quickly, with results likely to appear within the first 24 hours.
Why wait until a cyber incident occurs? Just get in touch with us and receive your first bug report for free?
Contact us today, and let’s create the best solution for you.
