Statistics show that in 2021, online retail sales amounted to a staggering 4.9 trillion dollars, with purchases made by over two billion customers.
Experts anticipate that this trend will continue as more people select the ease of internet shopping. Unfortunately, it has also encouraged cyber criminals to target this area.
These two factors have prompted retailers and security experts to focus on improving online retail cybersecurity measures.
Threat to e-commerce retailers
The retail sector faces some specific threats. Ransomware has become widespread in this sector, as has phishing. Thankfully, both threats have robust, up-to-date means of being countered. Even so, there are other threats on which the retail industry must focus.
Spoofing is when a criminal takes a website address, email address, name, or another piece of data for an organisation, and changes it slightly to convince a target that they are dealing with a legitimate company. This change is often a single character, so at a glance, people are fooled.
This can be disastrous for an online retailer. It can result in numerous problems, such as the theft of a customer's personal information or payments diverted to the criminal's bank account.
E-skimming is when criminals insert malicious code into your website and steal customers' personally identifiable information (PII), which is then used for nefarious purposes or sold to a third party.
This type of attack can result in a severe blow to the brand credibility of the retailer.
Cross-site scripting is when criminals inject malicious code into a trusted website. The attacker then uses the web to send a packet of code, usually a script for a browser, to a customer's computer. The customer's browser will see nothing invalid about this script and will execute it. Once completed, the code can read any personal information stored within the browser.
How to keep customers' data safe
Every retailer's responsibility is to ensure that customers' data is kept safe and not exposed to malicious attacks. Here are three tips to help you, as a retailer, to do this.
Tip 1: Payment Card Industry Data Security Standard (PCI DSS)
If you accept credit card payments, this industry-standard is mandated for you. PCI DSS is the payment card industry data security standard for information security around branded credit cards and is required for any retailer that accepts branded credit cards. This standard provides control around the acceptance and use of these cards.
Ensure that you are an accredited PCI DSS merchant and work with a cybersecurity company that can assist you in meeting these requirements.
Tip 2: Keep your software updated
This is vital. Do not skimp on running regular updates on your software. You must ensure that any security loopholes are plugged. Cybercriminals are quick to exploit software loopholes, so make sure your software updates are done immediately, so the fixes released by the supplier are applied.
Tip 3: Encrypt customers' data
Encrypting customers’ data sounds like a simple idea, but many retailers fail to carry it out. Ensure that all customer data stored on your servers is encrypted with robust, industry-leading encryption technology. Access to the decryption modules must be vigilantly guarded.
Embark on your e-commerce endeavours safely
Retailers cannot take chances that they will not have a cyberattack. The retail sector is very appealing to criminals, as there are opportunities to steal valuable customer data and attack the retailer too.
Cybersecurity for retail can be covered by Nettitude, with our professional team of consultants. Your brand is one of your most valuable assets; don't risk it by not paying attention to the possibility of a cyberattack.