As ecommerce becomes increasingly popular it is attracting the attention of cyber criminals. Around the world cybercrime figures are increasing at an alarming rate. In Mexico, for example, online payment fraud rose by more than 75% in 2021. 

To protect your business systems and data and your customers’ sensitive information there are a number of steps you can take to mitigate the risks of cybercrime. 

Robust systems and processes to address critical security issues are the best ways to reduce the risks, protect customer data, and minimise potential losses caused by cybercrime. At the same time, they will build trust and give your customers confidence. 

Take expert advice 

The risks of cybercrime are so prevalent that there are now many professional security specialists who can carry out security audits across your organization. You might even consider employing a qualified expert to protect your systems and data and keep your customers’ information safe. These experts will advise you about best practices for firewalls, secure data backups, and specific measures to protect your business. 

Payment gateway security 

Because your payment gateway allows transactions to be completed in your online store it’s a high risk area. Important personal and financial information will be very attractive to cybercriminals. 

Choosing a secure payment gateway is a vital consideration to make sure all the data is safely transferred and processed. You will need end-to-end encryption, tokenization, and compliance with the Payment Card Industry (PCI) Data Security Standard. 

Password practices 

One of the simplest methods cyber-hackers use to access your accounts and steal your data is to discover your passwords. 

While almost nine out of 10 people know that they should use multiple passwords, more than six out of 10 admit that they re-use them across accounts. This significantly increases the risk of data breaches.   

Your employees should avoid using the same password across internal systems, especially for administrative and public-facing accounts. One of the best ways to maintain unique passwords for each log-in is to use a password manager and to set a schedule for regular updates. Then the only password you will need to remember is the master password for your management tool.

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Encryption 

Using Secure Sockets Layer (SSL) encryption for your ecommerce site gives visitors confidence. Customers using the Google Chrome browser, for example, are now warned before they visit sites that aren’t well encrypted.   

Most reputable ecommerce platform providers use SSL across all their sites and pages to make online shopping safe and secure. An HTTPS website will also be good for your site rankings because it gives positive trust signals to site visitors and online shoppers. 

Two-factor authentication 

Most software as a service (SaaS) ecommerce platforms will recommend two-factor authentication to improve security. 

Users will be required to verify their identity by providing additional information and login confirmations through different channels like their smartphone, SMS, or email. You can also use this approach for your social media accounts and other business applications. 

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Use existing security options 

Many business applications will have their own security features which you should use alongside your own arrangements.

While it might be tempting to sidestep these features, it can be a mistake because you will miss out on regular updates for known risks, especially when you are using applications to support your employees with remote working.

Adopting an always verify approach is important when you consider how many parts of your business could be targeted. 

Only hold information you need 

You can significantly reduce the risks associated with a data breach with carefully controlled data policies. By taking a robust approach you can reduce the amount of customer information you collect and retain to run your business effectively and provide high quality customer experiences. You will also reduce the risk that you will fail to comply with data privacy regulations.   

Include security in your customization plans 

If you use third-party integrations and extensions to customize your ecommerce platform it’s important to make sure you keep up to date with their security updates and patches. If you aren’t currently using some of your customizations removing rather than retiring them will help you maintain your site’s security. 

Restrict access 

Restricting user access and defining user roles are good security practices that will also help to minimize risk. By making sure each employee can only access information that they need on your administration panel you can reduce your exposure to data breaches. You can include warnings if an unknown user tries to access your data as an extra step in your security. 

Manage the human risks 

While technology will play an important part in your security plans you must also make sure all your employees are well trained and familiar with common cyber security threats. A simple download or click on a link in an authentic-looking email could be all that’s needed to bypass all your other security measures. 

Work with experts 

At Williams Commerce, we work closely with ecommerce platform providers and cyber security experts to stay ahead of cybercriminals and help our customers keep their ecommerce websites secure. 

To find out more about security best practices for your ecommerce business please get in touch. 

Williams Commerce Singapore