Entrepreneurship has evolved from the physical to the digital realm. Instead of finding genius patents and thinking of completely new technology by yourself, you can just find a problem many people have, sell the solution, and make a fortune. It’s that simple.
Ecommerce is the pinnacle of being a merchant since you can connect consumers with a product or service they need. However, even though this sounds like a piece of cake, the reality is the total opposite. The entire world is fighting for short attention spans, and you often have a couple of seconds to make an impact on a potential buyer and remain inside their head for longer than a minute.
Apart from the massive competition, another obstacle muds up the entrepreneurial waters. That’s hackers. They’re constantly looking for weak websites to exploit, and yours may be one of them. Here are some of the threats that you need to watch out for.
Last year, more than 20 billion dollars were lost in online financial frauds. The main reason here is due to credit card fraud. A website became compromised with many people’s credit cards, and a single hacker is using all of them to avoid suspicion.
The easiest way to notice this is if a user uses multiple payment methods from the same IP address. Usually, hackers are smarter than that and use a VPN to cover up their tracks. But you can still see through what they’re doing if the shipping and billing addresses aren’t the same. If you get a hundred requests to deliver goods to a single shipping address, there’s probably something fishy about it.
One of the ways to ensure that you never leak your customer data is to use a data encryption service or not store credit card information at all.
If you’re doing good with your eCommerce business, you probably have a lot of eyes on you. When you’ve got jealous competitors looking at your success, you will likely start experiencing DDoS attacks.
Basically, one person controls a massive array of computers and tells them to start visiting your site. Because your servers can’t keep up with thousands of clicks from thousands of computers, your website will crash.
DDoS attacks can happen if your IP address leaks online, which makes it incredibly easy for hackers to target you. Of course, these attacks are pricey, ranging from 20 to 40 grand, depending on the size. So either you’ve got a wealthy adversary, or someone really wants to take you out of business. The only way to combat these attacks is always to use a VPN that masks your IP. That way, even if someone launched an attack, it would be directed towards the VPN company instead of your website. The only difference is that they’re prepared for these attacks, and you’re not.
Brute Force Attacks
You’d think that we’re past the stage where people use the word “password” as their password, but that’s not the case. Brute force attacks account for more than 60% of data breaches worldwide. It’s easy to log into an admin panel on an eCommerce website if the username and password are both “admin.”
Not only that, but when hackers breach a specific website, they have a list of all the usernames or emails used to log in to the site. The only thing they can do is guess the password combination through repeated login attempts and stop when they succeed. The only thing that stands in their way here is time, but cyber attackers have much of it.
You can do a couple of things to ensure this doesn’t happen to you. First of all, use complex passwords. That goes without saying. Next, integrate two-factor authentication to make accounts safer. If that doesn’t work as well, a simple captcha algorithm or tool will be enough to remove brute-force bots from exploiting sensitive data.
Ecommerce is a wonderful upgrade to business in general. However, you need to be careful not to let any unnecessary or sensitive information leak out. Many bad actors are looking for a single slip-up to target your store, steal money, and ruin your reputation.