eCommerce Cyber Threats.

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If you are struggling to understand how you can manage this situation, you are not alone. According to the survey of the market by Wizards Island, there are a significant number of companies that need to play catch-up. And fast.

In eCommerce business, trust is your most important currency – it is critical to earn, convey and maintain trust in order to ensure your business’ success. In fact, more than 40% of online shoppers would COMPLETELY STOP to purchase from a company that had compromised their online data. Today’s C-suite must deploy a cyber-defense that is secure, vigilant, and resilient.

Cyber attacks on eCommerce organizations are on the rise. On an average 30,000 websites are being hacked every day. Of late hackers have set their sights on eCommerce websites. That is because access to information such as customer’s credentials stored in servers or company’s database, could earn the hackers many dollars.

It gets worse when you consider what the cost could be to customer loyalty if it becomes impossible to make a purchase or there is perception that the website is not secure.

Additionally, mobile malware increased 400 percent, with malware found on Android devices growing from 50,000 to more than 200,000 samples. Cyber threats have also increased, primarily because of the vulnerabilities found in these apps due to the inadequate technical controls and also due to the poor security practices of the mobile app owners. Many a time App developers overlook key security factors when developing an App

Why Individual Customers are the most vulnerable lot and targeted by the cyber criminals?

Individual consumers rifle through the Web in an attempt to save on all those limited-time-only offers, many online shoppers may let their guard down and behave a little more carelessly than usual. 

Preventing server downtime will be key for online retailers

Online retailers need to make sure that eCommerce portals and payment processing servers stay up and running effectively. Downtime at the wrong time may result in significant opportunity losses. If an online store is down or unusually slow, shoppers will not dawdle; they don’t want to risk missing out on other sales while they wait for a page to load.

eCommerce sites, big or small, must therefore ensure than any server-related issues are swiftly ameliorated, and one of the best ways to guarantee that this happens is with reboot to restore software for servers.

Common Vulnerabilities in eCommerce Apps:

1. Broken Trust Manager For SSL

2. Broken hostnameverifier for SSL

3. Insufficient Transport Layer Protection

4. Remote Code Execution through Javascript interface

5. Unprotected Services

There is no simple solution. We can't simply flip a switch and protect ourself. Cybersecurity is an ongoing and never-ending challenge. Cyber-risk will be with us always, and it will grow relentlessly.

There is a constant balancing steps to be made between making your eCommerce site secure, so that it remains protected from disruptive DDoS attacks and malicious bots or malware attacks that may be after your customer data; and site performance.

The choice is simple -- all businesses either must invest in protecting customer data on an ongoing basis, or face the ever-increasing risk of being hit with a devastating loss.

 

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Comments

  • Hana

    Aug 12, 2016

    Hi, This is Hana from Strategic Intelligence at eBay. Have you guys published any report on cyber threats? BR

  • Admin

    Aug 12, 2016

    Hi Hana, Yes we have a sellable market report on eCommerce Cyber Threats. Kindly send a request on contact@wizardsisland.com with your official email-id and we will send you a sample at the earliest. Thank You.

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