Best Security Tips for E-commerce Website Owners

Maintaining users' security is an essential aspect of successfully running an e-commerce business.?

Wondering why?

The attack patterns over the past show that almost 30% of companies have lost $1 million due to cyber-attacks. In 2020, the e-commerce fraud market had reached $28 billion. This figure is expected to cross $102.28 billion by 2030.?

If you are an e-commerce business owner, you need to know “how to protect your online store” to ensure complete data security of your users. We have mentioned the best practices for you to follow to protect your e-commerce website.?

E-commerce Fraud Market Statistics?

• Last year, e-commerce companies lost almost 2.9% of global revenue to fraud.?
• Around 3.0% of international e-commerce orders were fraud in 2022, compared to 3.4% of orders in 2021.
• In 2022, phishing has emerged as the top form of e-commerce fraud, affecting 43% of global merchants.
• Fraud cases have increased by 104% for luxury goods, 106% for collectibles, and 42% for outdoor products.
• E-commerce business owners ideally spend 11% of yearly revenue on fraud management.

• Almost 2 in 5 e-commerce consumers have fallen prey to payment fraud, with adults aged 35-44 being the most susceptible to it.
• In 2022, women reported 68.4% of online purchase scams compared to 31.6% reported by men.?
• 75% of e-commerce businesses wish to increase their fraud prevention budget.
• On average, an e-commerce company uses 5 fraud detection tools.

4 Security Tips to Protect Your E-commerce Website?

Here’s a list of e-commerce website security tips that you can follow to keep your website safe:

1. Secure Sockets Layer (SSL)

Thanks to SSL encryption, the financial information between a customer's device and the payment processor is transferred smoothly. SSL serves as a safeguard to transport information securely and prevent third-party servers from accessing it.

For instance, you might have seen websites that read "not secure." Such websites don’t have an SSL. HTTP becomes HTTPS after the security level is set, highlighting the industry standard for online security.

It's bad for e-commerce website owners to not have SSL. It also discourages visitors from visiting your website. Furthermore, search engines also pop up warning pages for websites that do not have SSL protection, suggesting that the page is not safe.?

In short, every e-commerce business owner must use SSL and HTTPS security features for e-commerce website to safeguard user data.?

2. Regular Software Updates?

You must perform routine software updates to protect your e-commerce website from cyber threats. Updated program patches and software upgrades contain security enhancements that help keep your website safe. Furthermore, you must monitor suspicious activities about the IP address and domain name of your website.?

3. Let Experts Handle Payment and Data Processing?

The secret to not losing customer data is not having any! You must avoid saving any personal information about your customers on the website unless necessary.

E-commerce websites must use a third-party encrypted checkout tunnel as a standard safety practice. Almost all popular payment gateways are safe and have no history of disclosing private customer information.

Make sure you select a payment platform that aligns with your e-commerce goals so you can have a secure e-commerce website.?

4. Monitor Downloaded and Integrated Plugins?

You can download and integrate tools, apps, and plugins directly to your website. However, pay close attention to what you download and use at all times.?

That’s because these add-ons can be used by certain hackers to introduce malicious protocols into your website. Also, several plugins might not be compatible with your program to its maximum potential, leaving your website open to hackers.

Common E-commerce Security Threats

Along with knowing about the security measures for e-commerce website, you should be aware of e-commerce security threats to stay safe:?

1. Data Security?

One of the most important components of e-commerce safety is data security. It addresses several aspects of consumer protection. Data security threats generally include malware, hacking attempts, and denial-of-service (DoS) attacks.?

2. Payment Security?

Next on the list of common e-commerce security threats is payment security scams. Under this threat, scammers and hackers try to collect customer payment method information, like credit card details to financially harm the website. Phishing, skimming, and credit card fraud are the most common payment security scams.?

3. Network Security?

Network security is considered to be an essential component of the e-commerce security plan. By having strong network security, you can stop hackers & scammers from accessing your website and making illegal changes. Weak network security leads to unauthorized access, poor password management, and insecure network infrastructure.?

Conclusion?

Common attacks on e-commerce security include credit card fraud, phishing attacks, hacking, and misuse of customer data.?

Don’t worry! You can follow the best types of e-commerce security tips to keep up the security of your e-commerce website. You can even use cutting-edge technology like AI, ML, biometric authentication, and more to maintain better security.?

Still curious??

Get in touch with our e-commerce experts to develop a secure, robust, and scalable e-commerce website and application.