E-commerce is the digital-based trading of goods and commodities. This means eCommerce transactions are processed online through digital methods and electronic funds.
Due to digital money transfers, eCommerce stores and transactions are prime targets of hackers and attackers.
In 2022, 63% of all internet data breaches were financially motivated, and most of them targeted eCommerce and individuals. The following are six key cyber threats that eCommerce stores experience.
Financial Fraud And Passwords Attacks
Every online financial transaction asks for a password or PIN to approve/authorize the transactions.
Attackers place their spyware and viruses strategically to steal this sensitive information from unsuspecting users’ credit or debit card information. Some fraudsters outrightly use the password.
They then use the details to buy commodities and goods from eCommerce stores. The store can then package and send the goods without knowing it’s fraud.
If the customer realizes the fraud and initiates the chargeback, the store loses.
Phishing
Phishing is one of the key cyber threats eCommerce stores face. Attackers send spam emails with special links to users, enticing them to click the link.
Any click on the link enables the attackers to steal the users’ passwords and logins of their eCommerce and financial/payment systems.
Some attackers even create websites that resemble real ones to make unknowing users fill out their information.
They then capture this information targeting financial logins and details and use them to shop in eCommerce stores, defrauding both the store and the user.
SQL Injections
eCommerce sites that use SQL face a risk of SQL injections. This is where attackers inject malicious SQL codes to manipulate the eCommerce database.
This malware changes how the site reads data and can add, change, delete, or collect sensitive information, including the user’s financial information.
They then use the information to defraud users and steal their money.
Cross-Site Scripting (XSS)
XSS is a zero day vulnerability attack mode, where hackers target the eCommerce store’s website by entering malicious/scripted code into their main codebase.
This is a very harmful attack because the eCommerce company loses control of their entire website to the attackers.
Attackers can then track users through their cookies, browser history, browsing activity, and cookies.
DDoS And DoS Attacks
DDos or Distributed Denial of Service and Denial of Service (DoS) are severe eCommerce attacks.
Hackers use many bots with untraceable IP addresses to send overwhelming requests to your site, making it crash and unavailable to legitimate site visitors.
It prevents your site from receiving customers and makes it vulnerable to further attacks.
Man-In-The-Middle Attacks
This is where attackers can get in between the eCommerce store and users (through malware) and get their information or eavesdrop on their conversation.
MITM attacks are common when site visitors use unsecured public networks (Wi-Fi).
How To Prevent eCommerce Cyberthreats
You can prevent these eCommerce threats using the following ways:
Payment gateway: Secure the payment gateway your eCommerce website uses with high-security software and strict policies against data leaking.
Endpoint and Anti-malware: Deploy quality endpoint and anti-malware/anti-virus solutions on all your computer systems and cloud to prevent endpoint malware entries.
HTTPS: Use HTTPS to keep your eCommerce website data secure from different digital attacks. HTTPS encrypts users’ data making it harder for hackers to crack.
Endnote
If you’re in eCommerce, you should understand that you’re always facing cyber threats internally and externally.
Your first step to thwarting these threats is understanding their types, points of entry, and modes of operation.
This allows you to take critical steps to protect your business against cyberattacks and mitigate their potential damage.
