How E-Commerce Companies Can Protect Themselves from Cybercrime
Cybercrime is now sort of all-pervading, touching almost all industries. However, it’s the retail industry that is the most vulnerable especially because for this industry, it’s all transaction based and cyber criminals everywhere are on the lookout for sensitive personal information which they can sell or misuse.
To be remembered is the fact that the average total cost of a data breach is $4 million while the average cost for each single record that’s breached in the retail industry comes to around $172. These figures are enough to prove that data breach is a real big menace as far as the e-commerce industry is concerned. Taking a look at the tactics that cybercriminals employ to carry out data breaches, it becomes evident that they employ three different tactics in the retail industry. Denial of service is the most common tactic, with an incidence rate of 45% while POS intrusions happen at an incidence rate of 32%. Web App attacks rank third and the incidence rate is 13%.
The Preventive Measures…
There are many things that need to be done to protect e-commerce businesses from data breaches. Let’s take a look at some of the most effective preventive measures that need to be adopted…
Data encryption – Every entrepreneur today is on the look out for the best SSL certificate available in the market. This because businesses today understand the importance of SSL certificate and data encryption. All data- those pertaining to the business as well as customers’ personal data- need to be kept encrypted. It’s also advisable not to store data (such as credit and debit card details of customers) on the server of an e-commerce business once the purpose of the data is served.
PCI Compliance – Being PCI compliant is of utmost importance for any e-commerce business. It helps protect data and also serves to win the confidence of customers, thereby doing good for the business on the whole.
Password Management – Password management has to be given top priority. Passwords need to be strong ( with a mix of alphabets, numbers and non-alphanumeric characters) and they need to be changed from time to time.
System alert for suspicious activities – Alerts can be set for any suspicious activities or transactions taking place on a system or through an IP address.
Training employees – Security always begins with individuals- employees as well as customers. Thus it becomes important that all employees within an organization are trained properly on all aspects of cyber security and data breaches.
Patching the systems – Proper patch management is key to cyber security and hence every e-commerce business needs to ensure proper and regular patching of the systems.