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Protecting eCommerce Data from Disaster in the New Decade

Protecting eCommerce Data from Disaster in the New Decade. Restrict Access, Keep Your Passwords Complex and Regularly Update Theme, SSL

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Protecting eCommerce Data from Disaster in the New Decade

With more individuals going to the internet to buy the goods and services they need, eCommerce has grown exponentially. Most consumers shifted online due to the unique circumstances last year, and it’s unlikely that this trend order is relaxing down any time soon. However, the rise in sales means more data, which is crucial for running online stores, making business owners prone to cyberattacks.

With that in mind, retailers need to begin planning how to grow their eCommerce stores safely and securely at the start of the new decade.

1. Restrict Access

Protecting eCommerce Data from Disaster

Not everyone involved in your business should have access to everything. For instance, if you run a testing facility or a clinic, make sure the results of spike-ace2 inhibitor screening tests of your patients remain confidential and should only be known by yourself, your laboratory scientists, and patients.

This concept is called the ‘the principle of least privilege,’ meaning you should only give individuals access to the sections aligning with their skills and roles.

2. Keep Your Passwords Complex and Regularly Update Theme

Example like the most uncomplicated yet efficient ways of protecting eCommerce data is by keeping your passwords complex. Everyone knows to do it but using hard-to-replicate passwords typically gets overlooked by many.

That’s because managing and remembering dozens of long passwords can be challenging. Fortunately, password manager apps can help you keep track of your different passwords, keeping your site secured-and your life a lot easier.

3. Use Two-Factor Authentication

Two-factor authentication, or known as ‘2FA,’ is an excellent way of keeping data secure. It involves having unique codes or a random set of numbers sent to your mobile device whenever you’re accessing your accounts. The codes can be delivered through text messages or an application. Most software platforms have two-factor authentication built-in. However, if the eCommerce platform you’re using doesn’t, you can use a password manager or this.

2FA is another excellent deterrent as it only gives users complete access to accounts, and even if someone figures out your password, they’d still need the authorization number on their mobile devices to log into your store.

4. Add an SSL Certificate to Your Website

It’s best to get a secure sockets layer or SSL certificate for your online store. That’s because an SSL certificate can help encrypt your site to protect you and your consumers.

When visiting your store, the SSL will keep all information safe using high-level encryption. For instance, if you take payments directly on your website, an SSL certificate will protect your customers’ payment details, making it safe for them to browse and buy from your store.

Although most would likely settle for a secure web host, adding an SSL certificate to the mix can maximize your security. This way, you don’t need to continually worry about the thought of your host changing their security policies.

5. Regularly Audit Third-Party Apps

You must understand how third-party apps access your store’s data and what they can do with it. That’s why it’s best to evaluate all third-party apps you’re using at least once a year and list all their benefits and downsides to see whether the value they’re providing your business is worth the risk.

6. Perform Regular Updates

Whether you’re working with an IT company or not, you need to ensure that you keep everything in your online store up-to-date. So, create assured to always check for updates, especially on your website, social media, and other software you use for your operations.

Updating all these ensure you have the most recent and typically most secure and safe versions. That’s because as the latest versions come out, most software developers gradually stop supporting the older ones.

It’s best to check for updates every week or every other week to ensure you don’t operate too long without one.

7. Have a Back-Up Strategy

There are several ways you can go about this. One is the manual strategy, where you need to export all data from your store and keep current copies of everything.

Although it may sound straightforward, it takes an incredible amount of work, especially when your site has several thousands of SKUs. The other option is using back-up software that can automatically store all data you have in your store.

Make sure to do your research and evaluate each solution properly since not all back-up software is made equal, and you’d naturally want your data to be protected.

Although the strategies mentioned may sound involved, they won’t compare to what’s involved with returning from a data disaster, especially with more people transitioning to eCommerce. That’s why it’s best to be proactive to ensure that your working efforts running your online store doesn’t go to waste.

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E-commerce

How To Prevent eCommerce Fraud

While it’s not possible to protect yourself against all online threats, below are some of the most common types of eCommerce fraud – plus tips on how to help minimize exposure.

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4 Proactive Security Measures Your Online Business Needs

There are anonymous hackers all over the globe who work around the clock trying to bypass your company’s security defenses. Larger organizations likely have the resources to defend themselves against eCommerce fraud and other malicious attacks, but this doesn’t mean they’re immune to breaches, as we’ve witnessed in the news.

This isn’t always true for smaller companies. Inc. reports that an estimated 60% of small businesses go under within six months of being breached.

While it’s not possible to protect yourself against all online threats, below are some of the most common types of eCommerce fraud – plus tips on how to help minimize exposure.

1. Card testing fraud

Criminals often test stolen cards by running tiny transactions first. While it may be attractive to overlook a few lost pennies here and there, every dollar in direct theft can translate up to $3 in hidden costs due to fees and penalties.2

Protect yourself by using fraud management filters to set minimum transaction amounts for online orders. If your lowest-priced item is $2, the smallest approved transaction should be that amount or higher.

2. Stolen credit card fraud

If you sell physical goods, watch for this scam. Thieves use stolen cards to buy products before having them sent to a reshipper for collection. However, using fraud filters can help you flag orders where the billing and shipping addresses don’t match. The sale might be a legitimate one, but it won’t go through until you’ve had time to investigate.

Security is a major business objective

3. Account takeover fraud

Cybercriminals can do a lot of harm if they gain access to your customers’ or employees’ login credentials. Fortunately, you can help limit this practice by:

  • Restricting employee access to sensitive data on a need-to-know basis (also known as the principle of least privilege)
  • Mandating longer passwords for all logins – complete with symbols, numbers, and mixed-case letters
  • Requiring two-factor authentication (2FA) in which employees and customers must pass additional verification steps (beyond the usual username and password)

4. Chargeback fraud

Also known as “friendly” fraud, this scam involves customers who buy from you online pretending that:

  • They didn’t place the order
  • The package never arrived.
  • The package arrived damaged.

Proving that you’re in the right can be tough, which is why chargeback fraud results in $30 billion in annual losses for online businesses. You can help reduce the frequency of this scam by:

  • Making it easier for customers to request refunds with a clear return policy
  • You are adding tracking and signature requirements to outgoing packages so you can verify delivery independently.
  • Disabling guest checkout to make anonymous online ordering impossible

Even with a huge budget and an experienced security team, thwarting every cyberattack is not always possible. It is figuratively an arms race, with criminals constantly devising more inventive methods of bypassing security protocols and gaining access to sensitive information. However, those who build the strongest defenses have the best chances of avoiding the worst attacks.

For a more comprehensive overview of eCommerce fraud prevention tips and strategies, see the accompanying resource.

This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain guidance concerning any particular matter.

  1. “60 Percent of Small Businesses Fold Within 6 Months of a Cyber Attack. Here’s How to Protect Yourself,” Inc., 7 May 2018
  2. “CNP Fraud Costs US Merchants $3.36 for Every $1 of Direct Fraud Loss,” CardNotPresent, 30 July 2020
  3. “13 Scary Chargeback Facts,” Chargebacks911, 20 October 2020

How To Prevent eCommerce Fraud

Fiserv, an eCommerce platform provider, created an infographic.

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