Marketing & Industry Trends

The Importance of E-Commerce Security

The Importance of E-Commerce Security: Top 7 Things to be Aware of to Mitigate Risks

February 23, 2024

Alistair Bryan
Head of Marketing and Business Transformation

As businesses expand their online presence, securing the e-commerce platform is more critical than ever. While online transactions offer convenience and accessibility, they also pose risks due to cyber-attacks, data breaches, and identity theft. In fact, according to a report by the Ponemon Institute, data breaches in e-commerce cost an average of $7.2 million per incident. In this article, we will highlight the top seven things to be aware of regarding e-commerce security issues and provide insights on mitigating them.

Keep Your Software Up-to-Date: 

One of the most crucial aspects of e-commerce security is keeping the software up-to-date. E-commerce platforms and software are constantly evolving, and so are the security threats. Regular updates and patches can help mitigate these risks by fixing security vulnerabilities and keeping the platform secure from attacks. Additionally, routine maintenance and security checks can help promptly identify and fix any security concerns.

Implement Data Encryption:

Data encryption is crucial in e-commerce security as it ensures that all data transmitted between customers and businesses remains confidential. By implementing data encryption, businesses can protect sensitive customer information, such as credit card details, from unauthorised access or theft. This can be achieved by using Secure Socket Layer (SSL) encryption, which secures web traffic by encrypting it with a secure key.

Protect Against Phishing Scams:

Phishing scams are one of the most common methods used by cybercriminals to steal sensitive information through deceptive emails or websites. Businesses can protect themselves by regularly training their employees on how to identify and report potential phishing scams. Additionally, implementing email filters and two-factor authentication can help mitigate the risk of phishing attacks.

Use Reliable E-Commerce Platforms:

To mitigate the risks associated with e-commerce, businesses must ensure that they use a reliable e-commerce platform. Adobe Commerce Cloud is an ideal option, as its cloud-based, headless architecture model allows businesses to integrate essential systems while securely transferring data. With server-level patches, firewall configurations, and incident response management, high levels of security and reliable protection are guaranteed.

Avoid Storing Sensitive Data:

One of the most effective ways to mitigate e-commerce security risks is to avoid storing sensitive data. When customer data is stored, it becomes an attractive target for hackers. Businesses must only store data that is absolutely necessary and ensure that it is stored securely. Sensitive information should be encrypted and kept away from prying eyes.

Conduct Regular Security Audits:

Regular security audits can help identify vulnerabilities in e-commerce systems and detect potential risks. Businesses can conduct these audits independently or enlist third-party security experts' services. By identifying potential risks early on, businesses can prevent security breaches and implement necessary changes to avoid potential risks.

Invest in Cybersecurity Insurance:

Cybersecurity insurance is becoming more popular as the risks associated with e-commerce security continue to grow. Cybersecurity insurance can help businesses protect themselves against the costs of data breaches and cyber-attacks such as lawsuit expenses, notification expenses, and more. 

E-commerce continuously evolves, and businesses must stay vigilant and adapt to new security threats. By following best practices such as keeping your software up-to-date, implementing data encryption, and avoiding storing sensitive data, businesses can mitigate e-commerce security risks. Additionally, using reliable e-commerce platforms like Adobe Commerce, conducting regular security audits, and investing in cybersecurity insurance can go a long way in protecting businesses from potential cyber threats. 

At The Pixel, we have a set of guidelines for security that ensures safe online transactions and prioritises privacy, integrity, and authentication for our clients. By implementing world-leading processes and products, we continue to deliver our clients the highest levels of security.

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