1. Financial Fraud in eCommerce: One of the Most Important Ones

eCommerce faces a relentless surge in financial fraud, reaching unprecedented levels globally. As highlighted by recent statistics, the landscape witnessed a staggering $41 million in losses due to online payment fraud in 2022, with projections indicating an alarming increase to over $48 billion by the end of 2023.

Europe, notably Germany and France, grapples with significant eCommerce fraud risks, with the region accounting for 26% of global eCommerce fraud. In North America, the epicenter of fraudulent transaction value, eCommerce fraud comprises a substantial 42%, emphasizing the urgent need for robust fraud prevention measures in the evolving digital marketplace.

2. Phishing: A Common but Grand Risk

Phishing attacks, often involving gift or discount coupons, remain a significant threat. Hackers leverage seemingly authentic messages and emails to defraud eCommerce customers. Vigilance is crucial as attackers impersonate reputable companies like PayPal and Google.

3. Botnet Intrusions: Competing with Malicious Automation

The rise of bot attacks, especially orchestrated by rival companies, poses a unique challenge. Competitors may deploy specialized bots to gather information on inventory and prices, manipulating them to gain a competitive edge. eCommerce sites must contend with automated tactics that artificially deplete inventory and hinder genuine customer purchases.

As the influence of artificial intelligence continues to permeate diverse industries, the concomitant surge in AI-based threats has become increasingly pronounced. Delve into the dynamic landscape of cyber threats induced by AI in our previous blog.

4. Spamming: Compromising Security and Performance

Infected links distributed via email or social media pose a dual threat by compromising security and slowing down website performance. eCommerce businesses must address the risk of malware spread through spamming, as it can have severe consequences for both security and user experience.

5. DoS and DDoS Attacks: Disrupting Operations

Denial-of-service (DoS) and distributed denial-of-service (DDoS) attacks continue to plague eCommerce. These attacks flood servers, leading to website shutdowns and overall sales shortages. With the prevalence of untraceable IP addresses, businesses often find themselves grappling with the aftermath of relentless cyber assaults.

6. Spyware and Adware: Hidden Threats

Spyware, capable of monitoring user activities without their knowledge, and adware, which automatically displays ads, are both prevalent in the eCommerce realm. While some adware may seem benign, the combination with spyware amplifies the risks, compromising user privacy and data security.

7. Man-in-the-Middle Attacks: Exploiting Communication Gaps

Hackers discreetly intervening in communication between parties, known as Man-in-the-Middle attacks, pose a continued risk. Increased business mobility, widespread use of open Wi-Fi, and the proliferation of insecure IoT devices contribute to the vulnerability of eCommerce companies to such attacks.

Ransomware

Ransomware attacks encrypt a company’s data, rendering it inaccessible until a ransom is paid. eCommerce businesses, with their vast customer databases, are lucrative targets for ransomware attacks that can disrupt operations and compromise sensitive information.

Supply Chain Risks

eCommerce relies heavily on complex supply chains. Cybercriminals may exploit vulnerabilities in the supply chain, compromising the integrity of products or gaining unauthorized access to sensitive information during transit.

Credential Stuffing

With the prevalence of users reusing passwords across multiple platforms, cybercriminals employ credential stuffing attacks. Hackers use stolen credentials from one site to gain unauthorized access to eCommerce accounts, potentially leading to financial loss and reputational damage.

1. Conduct Regular Security Audits

Evaluate your commerce infrastructure annually to identify strengths and weaknesses. Engage cybersecurity experts with industry-specific knowledge to tailor strategies addressing unique eCommerce security threats.

2. Role-Based Access Control

Evaluate your commerce infrastructure annually to identify strengths and weaknesses. Engage cybersecurity experts with industry-specific knowledge to tailor strategies addressing unique eCommerce security threats.

3. AI and ML for Monitoring

Employ artificial intelligence (AI) and machine learning (ML) to automate the analysis of traffic and data related to your IT infrastructure. These technologies enable real-time threat identification, allowing swift responses to potential risks.

4. Prioritize Data Backups

Back up critical data regularly, with cloud storage emerging as a flexible and cost-effective solution. Quick data restoration capabilities are essential in the event of loss or cyber-attacks.