Why security is important in ecommerce ?

Retailers can’t be successful with a brick-and-mortar model only and must have a digital footprint. Global retail is growing, with a projected sales volume of $25.03 trillion for 2019, while eCommerce is projected to account for 14.1% of the total retail market, adding up to roughly $3.5 trillion in sales and the sales happening through electronic systems such as the Internet and to a lesser extent, other computer networks. Looking at these sales numbers and the projected growth estimates, it shouldn’t be surprising that the overall focus of retail is shifting towards eCommerce in a race to be the most accessible and convenient outlet. Online retailers have developed many avenues for consumers to do their online shopping such as websites, social media, and phone apps, which has resulted in easier shopping for every customer.

Unfortunately, this trend, with its higher potential for profit, lower risk, and wider reach has come under several attacks and is being abused by criminals. An increase in the uptake of eCommerce has led to a new generation of associated security threats, Ecommerce security is necessary and it refers to the measures taken to protect your business and your customers against cyber threats. Data Leakage is the most common happening as consumer data is extremely valuable and highly targeted by threat actors. While these impressive sales figures bode well for fast growing e-commerce organizations, it’s important to note fraudsters are also shifting their focus to online businesses, personal data or personal information which includes names, email addresses, and phone numbers, is becoming an easy target. Threat actors have found the low and slow method of data exfiltration to be effective and stealing data over a long period of time without detection and what’s more worrisome, the report shows, fraudsters are increasingly leveraging botnets to control vast networks of computers, many of which belong to unsuspecting consumers.

Privacy has become a major concern for consumers with the rise of identity theft and impersonation, and any concern for consumers must be treated as a major concern for eCommerce providers as fraudsters sell what they collected and then come back and collect moreover several years. Consumers are increasingly entrusting their personal credentials and payment information to a handpicked group of key retailers, sometimes logging in daily to browse for new goods and services. Ransomware is a type of malware, which mostly affects the systems, that locks the victim out of their system, or prevents access to data until a ransom is paid to the attacker. Breach reports were web injections that stole credit card data according to most reports. These attacks can also target other valuable data and even prevent access to the website and this trend is increasing in the high volume of login transactions for top retailers, and 50 percent of total e-commerce transactions are expected to come from mobile this year. Enterprises are poised to increase spending on security scanning tools to help reinforce vulnerable attack points such as web applications as mobile security is becoming a prime concern given the number of users that shops from mobile devices.

The highest number of attacks on e-commerce businesses, with more than 76 million attacks, a 60 percent increase compared to 2018 as digital transactions growing. Logins were attacked 30 percent more than last year and attacks on payment transactions increased by a whopping 70 percent as credit card data continues to be a lucrative target for theft.