Ecommerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. These business transactions occur either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.
Importance of Ecommerce Security
Ecommerce security is a set of protocols that safely guide e-commerce transactions. Stringent security requirements must be in place to protect companies from threats like credit card fraud, or they risk jeopardizing revenue and customer trust, due to the inability to guarantee safe credit card processing. it refers to the principles which guide safe electronic transactions, allowing the buying and selling of goods and services through the Internet, but with protocols in place to provide safety for those involved.
Examples Of Security Threats For Ecommerce
Phishing attacks are the fraudulent attempt to obtain sensitive information such as usernames, passwords, and credit card details by disguising as a trustworthy entity in electronic communication.
Credit card fraud is a wide-ranging term for theft and fraud committed using or involving a payment card, such as a credit card or debit card, as a fraudulent source of funds in a transaction.
Ecommerce Security Best Practices
Make sure your ecommerce platform has multi-layered security Make sure your platform host has protections in place on an application-level like contact forms, search tools, and login fields.
Monitor all transactions Set up an alert system to flag potential threats like a billing address and shipping address not matching, or multiple orders being placed by a single user with different credit cards
Deploy regular PCI scans and updates Automatic updates should also be standard practice in preventing new vulnerabilities to viruses and malware.
Utilize the Address Verification System To facilitate safer credit card processing, use an Address Verification System to compare the billing address a customer has entered to what the credit card issuer has on file.
Require a CVV Card Verification Value is the three- or four-digit code on the Back of a credit card Require stronger passwords Hackers use algorithms that generate customers’ passwords.
Use SSL certificates to facilitate a secure connection SSL certificates authenticate the identity of your business and secure the data in transit during checkout.
Choose a hosting provider that is PCI compliant PCI compliant, and ecommerce platform must adhere to a strict set of policies and procedures that guarantee the security of payment via credit or debit card.
Make sure your platform protects against DoS/DDoS attacks Most websites simply don’t have the bandwidth to protect against a DoS/DDoS attack.