eCommerce has seen a rapid increase in cyber-attacks throughout the last 10 years. As such, it has had a detrimental effect on many businesses. Customers lose trust in companies when their information is compromised, making them feel exposed or in danger. Therefore, implementing eCommerce cybersecurity solutions is a must for all businesses.
According to a 2017 survey by Security Scorecard, online retailers do not score well in Network Security and Patching, Application Security, DNS Health and IP Reputation. By implementing better cybersecurity features, companies experience tangible results. For example, a 2017 American Express survey saw that 58 percent of merchants who had higher sales during the previous year noted that “enhanced security features have had a very significant impact on their sales numbers.”
Building infrastructures to host and manage eCommerce websites is now cheaper and easier than ever. However, due to the low cost and ease of use, security challenges are often overlooked by eCommerce organizations. Oftentimes, the business may be more focused on speed to market rather than thoroughly vetting the site before launch. This is a mistake that will eventually cost the eCommerce organization customers.
eCommerce sites are not exempt from the risks faced by other industries, particularly in smaller to midsized organizations. Oftentimes, businesses rely on third party solutions on their site. As such, this affects their eCommerce cybersecurity efficacy. Therefore, payment processing, supply chain risk, inventory management, website design and website hosting are areas that pose potential risks to eCommerce businesses.
Dependence upon third parties for payment processing and web hosting is common across all industries involved in eCommerce. As a result of bringing in third-party solutions, the risk of exposure drastically increases, particularly if vendors are not managed effectively. Therefore, sites not only need to ensure their eCommerce cybersecurity is up to par, but they also need to vet the third-party vendors they will use on the backend of their site.