As India accelerates (more forcefully than ever) towards a more digitized world as a result of the coronavirus epidemic, we will undoubtedly witness an age powered by the mobile and cloud environment. However, the digital age comes with its own unique set of threats and obstacles. Well before the epidemic, India had a 37% rise in cyberattacks during the first quarter of 2020 relative to the fourth quarter a year ago. As per a PwC India research issued in July 2020, with shrinking geographical barriers, a need to defend organizations from opportunistic attacks has grown increasingly essential. For years, digital commerce sites have been at the forefront of hackers’ targets. They see these websites as potential data gold troves waiting to be discovered. E-commerce systems depend on technology as well as client trust, two of the most important business fundamentals. Cybercrime is a major financial and reputational loss because it is a compromise on both accounts.
Certain precautions must be taken by e-commerce platforms to avoid potential mishaps:
Regardless of how safe a website appears to be, it is subject to hacking attempts, malware insertion, and distributed denial of service assaults (DDoS). E-commerce websites understand that having insecure files, plugins, software, or configuration issues on the servers can result in reputational and financial harm. As a result, every e-commerce system must incorporate security mechanisms such as Cloudflare or Sucuri to analyze web traffic as well as prohibit any unwanted risks before they meet the intended website. Both of these apps are among the finest in terms of providing website firewall, DDoS, CDN, and protection services to assist in hiding the source IP addresses from websites accessible to the public.
Companies that are compelled to function from distant places really cannot bear to sacrifice on either of the industry’s best practices for security. Cybercriminals have used the situation to obtain illegal access to classified information. A VAPT (Vulnerability, Assessment, and Penetration Testing) will assist businesses in not only analyzing but also devising a plan of action to prevent flaws in the network.
In 2021, possessing a Secure Sockets Layer (SSL) certificate is no longer a choice; it is a must. Users should not trust any site that does not have one. The green ‘lock’ sign visible on the far left side of a URL can help consumers recognize this. It demonstrates the brand’s dedication to safeguarding sensitive data. E-commerce websites typically use them to collect sensitive data like payment information, passwords, login information, and so on. To verify identities as well as encrypt data transferred over the internet, the program employs a key pair.
ISO 27001 is just a certificate that seeks to secure a firm’s information’s confidentiality, availability, and integrity. It is used by e-commerce firms to maintain the security of critical assets like personnel and user data, info about third-party suppliers, intellectual property, and financial data. Obtaining ISO 27001 accreditation enables organizations to show their clients that they consider data security seriously and thus can be entrusted with it. It aids in determining where the dangers are and permit systematic treatment through the implementation of security measures, therefore securing the platform.
Bug bounty programs are simply a method implemented by businesses to encourage specialists to search for flaws in their network in exchange for just a monetary incentive. As global security breaches continue to torment us, bug bounty programs have shown to be a useful tool in assisting e-commerce businesses in identifying risk exposures at the initial stages. It keeps businesses ahead of the pack by being strategic and predictive. Unlike conventional testing services, which have been known to develop a culture of anxiety, bug bounty programs aid in the creation of an environment of transparency and accountability. It not only boosts brand trust but also assists businesses in establishing disclosure policies as soon as possible.
As organizations continue their activities, history can witness that being honest with the end customer is more important when coping with any potential malware insertion or data leakage. To guarantee that consumers are properly informed, e-commerce firms must constantly disseminate warnings regarding OTPs, dual authentication for any existing customer-related action, and so on. Based on the nature of the company, organizations must enlighten customers regarding their data collecting methods and rules, as well as having a risk management strategy in place.
Consumers must also follow specific procedures to maintain the confidentiality of data. Basic hygiene measures, such as reviewing your card bills for any unidentified purchases, re-confirming payment information before making a purchase, utilizing a wallet with a low amount, and so on, may go a long way toward preventing data breaches. One has to be cautious not to disclose any OTP with any representative over the phone; use the latest malware/anti-virus technology, and avoid using identical passwords for various websites. Even after locating the “green lock” sign, customers must be cautious of the website URLs (in case of spelling problems) that we visit and press on the lock symbol to authenticate the owner.
While developing and implementing a coherent national plan is challenging, cyber activists think that vocalizing and demystifying policies, tactics, and awareness would go a fair distance.