The onset of e-commerce truly transformed how we buy and sell things today. However, as is the case with every other thing on the Internet, ecommerce too gets unwanted attention in the form of e-commerce security threats.
54% of e-commerce stores have confessed to experiencing at least one successful security attack on their website.
While cyber security threats spare none, it is more lethal for Small and Medium Enterprises. Most Small and Medium Enterprises (SMEs) that have faced a security attack have been wiped off within six months.
So if you own an e-commerce store, you should focus on your ecommerce store’s security. In order to do so, it is crucial to identify what threats an e-commerce face exactly on the Internet.
We explain e-commerce security threats in the most easily digestible language in the article below. Read and learn.
Common E-commerce Security Threats
1. Business Logic Errors
Business logic is the core logic of your website which deals with the creation, storage, and modification of data. So, business logic errors are ways in which the correct process is utilized to get negative results. An attacker can severely damage your e-commerce website using this. For example, the products on your website have a certain price. The attacker can discover and use the errors to manipulate the price while checking out. This would ultimately result in the wrong calculations and incur huge losses.
2. CVEs in E-commerce Security Threats
Common Vulnerabilities and Exposures, also known as CVE, is a publicly disclosed list of various security vulnerabilities and Exposures. Vulnerabilities related to different plugins, extensions, CMS and other web assets can be found here. Every threat is assigned a CVE ID to keep a track. Security analysts and IT professionals around the world coordinate to expand this list and at the same time benefit from it to make computer systems more secure.
3. Payment Manipulation Attacks
Websites that receive high volume of traffic are the most common targets of the payment manipulation attacks. Also, since it is practically difficult to properly validate each order, Payment manipulation is the commonest e-commerce security threat. Any small or custom shopping cart platforms face it the most. It is not a server-level vulnerability, hence, most people do not know what to look for against such attacks.
Generally, the calculated total payable price for an order is coded in a hidden HTML. An attacker manipulates this data to change the pricing of an order. Due to the high volume of transactions, the payment manipulation gets unnoticed when the information reaches the payment gateway, incurring a loss for the website owner.
4. Malicious Software aka Malware
Malware is an acronym for Malicious Software. The purpose of malware is to damage a site or gain full control of it. It is one of the major e-commerce security threats. Malware can be planted into websites by hackers by exploiting known or zero-day vulnerabilities in the site core or structure. Malware can be of various types, for instance, virus, ransomware, rootkit, etc. each have their separate functions.
Planting a malware into an e-commerce site enable hackers to:
- Tamper the site’s database.
- Spoof the identity of site admin or its users.
- Have control over your network and computers.
- Total access to all data in the systems.
- Sending malicious emails on your name.
- Launching DDoS attacks on other sites
We can see why malware is a potential threat.
5. Distributed Denial of Service aka DDoS
E-commerce security threats reach their peak during the festival or sale season. During this sale period, it is usual for the website to get huge traffic. This fact is abused by hackers and sometimes by competitors to stage the server crashing DDoS attack.
The DDoS attack is aimed towards disrupting the website and eventually turning it unavailable for its users. The effect can be both temporary and permanent. The incoming traffic is flooded with superfluous requests. This in turn overloads the systems. This attack adversely affects the legitimate requests, where legitimate prospects and customers fail to access your website, causing a loss of sale.
It is seen that the superfluous requests have different origins. Hence, by blocking a single source, the attack cannot be stopped. The magnitude of the seriousness of this attack is understandable.
6. Credit Card Fraud
It is one of the most common e-commerce security threats and has been going on for quite a long time. Detection is the key to finding out credit card fraud because it is tough to track. Your e-commerce website probably deals with a lot of transactions in a day. You have to keep an eye out for the signs of credit card fraud.
Some key signs are as follows.
- A successful order takes place after a lot of unsuccessful ones.
- When you deal with a comparatively very high-value sale than the usual ones.
- The location of the billing information is different from that of the IP address of the customer.
- The billing address and the shipping address are not the same.
You should verify such transactions. Otherwise, you would lose your inventory. And ultimately you would also have to pay the customer back. All of it can sum up to a good amount of money hence in revenue loss for your business.
Look for the Signs of E-commerce Security Threats!
E-commerce security threats are aimed towards your loss of revenue and damaging your reputation. If you are not careful enough, the e-commerce security threats can take a toll on your successful business. However, by taking precautions you can easily do away with the risks associated with e-commerce. It is your foremost duty to keep your customers safe. Eventually, it will take care of your interests too. Using a proper firewall and malware scanner may just do the job for you. When your e-commerce website is safe, it would lead to a smooth and uninterrupted shopping experience for your customers. In a nutshell, a correct security measure will help you to not stay worried about e-commerce security threats.