Top cybersecurity lessons for e-commerce website administrators

Introduction

In 2018, card-skimming malware targeting Magento-based online stores resulted in the infection of 7,339 e-commerce sites. Any customer entering card details into the site then had those cards exposed to fraudsters. According to Sophos, the malware homed in on vulnerabilities in Magento as well as using other tricks, including dormant accounts and poor authentication.

By the end of 2019, there were around 2.1 billion online retail purchasers in the world. Around 80% of people in the U.S. shop online and over half of those use their smartphone to make a purchase. Shopping online requires high levels of fraud detection and security. This is evidenced by the $130 billion loss expected from 2018–2023 from digital CNP (Card Not Present) fraud.

As owners, administrators or hosts of e-commerce sites, we need to make sure we offer our customers the most secure experience we can.

Why it is a win-win-win to have a secure e-commerce website

Happy customers are loyal customers and they spread the word that your site is a safe bet. But making sure that your online experience is secure is not just about creating a great relationship with your clientele. It is about other aspects of online life too, including:

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Meeting compliance requirements

If you process personal data and/or handle financial information, you will come under the watch of numerous data protection and financial regulations. This may be by geography or industry, but it is likely to include the General Data Protection Regulation (GDPR) and/or the California Consumer Privacy Act (CCPA). 

You may also need to ensure you meet financial regulations such as PCI-DSS and PSD2. All of these regulations have at least some focus on data security and privacy.

Reducing data breaches and other security threats

Poor e-commerce web security can result in a variety (Read more...)