In 2020, we are seeing the e-commerce industry reach its zenith. With people locked inside their homes the only resort they have is to buy products online. However, consumers remain extremely concerned about the privacy and security that e-commerce websites offer. This concern is not entirely misplaced because there are many threats plaguing the ecommerce industry like malware, data breach, payment frauds, eavesdropping, denial of service attack, etc.
There are a lot of security misconceptions and outdated ideas prevalent in the industry. Through this article we try to bust the most common e-commerce security frauds and myths. Readers should note that this list is in no way exhaustive of all the wrong information about e-commerce security doing rounds on the internet, but these are by far the most common and most harmful for your business.
1. I run a small business. Hackers will not target me.
This is the most common of all the myths. A famous cybersecurity expert Stephane Nappo put it as, “One of the main cyber-risks is to think they don’t exist.”
Online store owners have this notion that hackers are not after them because they are running a small business. Here are a few hacking stats that will shatter this myth right here:
- 43% of All Data Breaches Target SMBs
- 83% of SMBs Lack the Funds to Deal with the Repercussions of a Cyber Attack
- There Was a 424% Increase in Authentic and New Breaches of Small Businesses in 2018
Rather frequently, hackers look for small & medium enterprises to hack as compared to the giant ones. There are two compelling reasons for this:
- Small businesses invest less in their security infrastructure and are easier to hack into
- Small enterprises provide them with the comfort of being anonymous. Fear of attracting the limelight (as would have been the case with a gigantic name) just vanishes with an SMB.
Know that risks exist, regardless of the size of your business.
2. Investing in security gives no returns
Anyone who runs an online business can tell that there is a constant tradeoff between security and the cost of security in which the cost of security, more often than not, takes the higher ground. This results in business owners to turn to alternate, cost reducing e-commerce security solutions.
3. I have thoroughly scanned my website. We have nothing to worry about.
Cyber security is ever-changing and ever-evolving. What was considered to be best security practice two years back may not be as effective today. This is simply because hackers and fraudsters are continuously looking for new ways to harm your business. They devise new ways to enter your website. So should you to protect it. There’s no guarantee of not getting hacked if you had scanned Hence we have to develop new ways of securing it.
4. Security is the responsibility of security team only.
Another myth that prevails in the e-commerce industry is that only the security team does security. I have heard stakeholders saying – “I have hired a security team, they should do the security for me.” While hiring a security team does take a lot of burden from your shoulders, it never implies you or other employees have no part to play now.
No! Security is a shared responsibility and should be treated that way.
A secure business has to have all its employees following secure practices to keep its security intact. An unaware employee can open up more risky doors for your store. Thus, businesses that rely entirely on a defined security team end up suffering greatly.
The other aspect of this is – while you strive to protect your e-commerce from outside forces, you must also remain vigilant for inside cyber-risks. Disgruntled employees, shrewd members, and careless personals can pose an even greater risk for your e-commerce. You must have a security policy in place to avoid such incidents.
5. Following necessary security standards automatically make my business secure.
While ensuring a secure password does impart some level of security to your account, it is never to be believed that it’s impenetrable. Similarly, security practices should be seen as a part of security maintenance and not the ultimate solution for all e-commerce security problems. By all means, indulge in updates, back-ups, configurations, but do not have misconceptions that these are all that you need to do. Security is a complex process and not everybody is good at it. This is why you should invest in a security tool which provides 24*7 monitoring and protection to your e-commerce store.
These were some of the most common misconceptions store owners have regarding their website’s security.