Security has to be one of your biggest priorities while running an online store. There are just so many online frauds that can put you out of business, if not prevented.
Did you know that only about 38% of companies that have experienced a cyberattack have managed to successfully handle it? Further, more than 43% of data breach victims were small businesses.
I am sure you do not want to add to that number.
Thankfully, there are a few measures you can take to secure your e-commerce store and avoid being a victim of a brutal cyberattack.
How to Secure Your E-commerce Store
1. Get an SSL Certification
This will ensure that all the sensitive data, like credit card and bank details, will be sent across the network in encrypted form. Encrypted data discourages any interception and makes it harder for hackers to get access to your store. An added advantage is that websites with an SSL certification rank better and get more online traffic.
2. Invest in Security
Make sure you invest a part of your resources and time in security. Guard your web store with a Firewall and pen testing solution. Instead of getting a different tool to cover each security requirement, get a single software with advanced features to secure your website.
Further, employ trained and skilled specialists to oversee cyber-security. If you can’t afford to employ a cyber professional, training your current employees on cybersecurity practices will also do.
3. Update, Scan, and Back-up
Update all the software timely and make sure they are all working perfectly fine. CMS, plugins & extensions, themes, operating systems, tech stack, etc. should be run on the latest versions at all times.
Along with that, conduct periodic scans for malware and other signs of danger. According to IBM, on average, companies take about 197 days to identify a breach! 197 days is ample time for the hacker to wipe all data and leave your business crumbling. Scanning at regular intervals will not only help you detect the hack but will also let you get rid of it while there still is time.
Next, back up all your data.
4. Get PCI Compliant
Major credit card companies (including American Express, Mastercard, Visa, Discover, and JCB) from all over the world collaborated to form the PCI SSC (Payment Card Industry Security Standards Council). They’ve established a set of guidelines known as the PCI-DSS (Payment card Council data security standards) for businesses to follow in order to avoid fraud. It consists of twelve main requirements along with several sub-requirements that measure the security policies applied by a business. These guidelines are strictly enforced for all good reasons.
To secure your e-commerce store, make sure your payment card security is following these guidelines by the PCI-DSS.
5. Verify Customer Identity & Address with AVS
Verifying the customer’s identity and address can help in detecting fraud orders. You can do this by using an AVS (Address Verification System). An AVS compares the billing address to the address stored in the credit card company by comparing numerical values.
6. Secure Payments with CVV
Card Verification Value (CVV) is the three or four-digit number present on the backside of the credit card. Requiring the CVV value ensures that the person making the purchase actually possesses the credit card in use. So, even if hackers get the credit card number, the purchase cannot be made.
7. Monitor Transactions
Logging up all transactions and analyzing them often, is another way to secure your e-commerce store. Draw up the list of customers vs the transactions made. Focus especially on huge transactions and frequent customers. Analyze the transactions for any suspicious activity like – inconsistent billing shipping information, frequent returns & cancellations, etc.
8. Opt for Signature on delivery
Sometimes scammers pretend as if they have not received their goods even though they did and demand compensation. Inability to prove the reception of goods will leave you with a loss. See print-on-demand e-commerce stats to see how the e-commerce market is performing.
Hence, asking the receiver to sign can help you to dodge these frauds.
9. Install Fraud Prevention Tools
You can also use a number of anti-fraud tools such as Riskified, Subuno, and Kount to scan and detect fraudulent activity on your store. These tools can help you with proxy-detection, browser-device fingerprinting, geolocation, and more.
10. Use Safe Passwords
The most basic security measure you can take is setting complicated passwords. You ought to urge your employees and customers to do the same. Use a minimum of 12 characters and include special characters (@,&,$…..).
Conclusion
Getting your business online is a wonderful idea. It lets you expand your business to the whole world. Although getting online is a lot beneficial to your business, it can also get you in trouble if you’re not cautious.
A careful application of e-commerce security measures is all it takes to do business without worrying about anything. Follow the points mentioned in this post and secure your e-commerce like that.
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