The e-commerce industry is one of the world’s fastest-growing industries that saw a staggering increase amid the pandemic. In 2020 alone, consumers have spent almost $800 billion on online purchases. It also means for cybercriminals that there is more money they can swindle and a more significant number of weak spots that they can take advantage of on the internet.
The e-commerce and payment platforms database can be a gold mine for cybercriminals that they can extract and sell to the highest bidder. In this digital age, one datum can be worth around $0.36, which can add up to over $14 million if one looks at the data that refers to a demographic composed of almost 12% of the current population. If cybercriminals get a hold of these databases, it can mean significant losses for companies that hold such data.
Cybercriminals usually target different industries, including finance, healthcare, energy, and construction, among many others. However, the nature of e-commerce makes it more susceptible to cyberattacks, especially if networks and platforms are not secure. Unauthorized individuals can exploit these weaknesses in security to gain access to confidential information and system controls.
Data breaches are some of the common risks to e-commerce platforms. Credit card numbers, CVV codes, and account PINs are some types of private information that can be at risk when making online payments and purchases. Once stolen, it may lead to fraudulent transactions, or they can be sold on the dark web. What is alarming about these data breaches is that the state can hold the business accountable for negligence if it happens due to inadequate control.
E-commerce businesses can minimize cybersecurity threats through awareness and cybersecurity reinforcement. By learning the different possible threats to security, enterprises can avoid committing common errors that often lead to security breaches. Moreover, integrating strong customer authentication solutions into e-commerce platforms also helps block criminals from executing their attacks.
As e-commerce platforms continue to improve, hackers are also becoming more sophisticated in breaking cybersecurity walls for their gain. Fortunately, there are cybersecurity solutions that can help in e-commerce fraud prevention.