E-commerce Success: What Every Business Needs to Know?

As the Black Friday season approaches, e-commerce businesses are gearing up not just for a surge in sales, but also for an uptick in cyber threats. With cybercrime damages expected to soar to $6 trillion globally in 2021, it’s a critical time for these businesses to bolster their cyber defenses to safeguard their operations and maintain customer trust. 

Phishing Scams 

The season is notorious for an influx of phishing scams. With over 200,000 unique phishing sites reported in just the third quarter of 2020, the risk is substantial. E-commerce businesses can counter this threat by educating both their teams and customers on recognizing and avoiding suspicious emails. Deploying advanced email filtering and security protocols is crucial in safeguarding against these malicious attempts. Moreover, ensuring clarity and authenticity in official communications can go a long way in preventing successful phishing attacks. 

DDoS Attack Risks 

2020 marked a significant rise in DDoS attacks, with a reported increase of 2.9 million incidents globally. To combat these, e-commerce sites need to fortify their online presence with robust firewalls and detection systems. It’s essential to monitor network traffic constantly for any signs of these attacks and collaborate with cloud-based DDoS mitigation services. Such proactive measures ensure that the website remains accessible even during peak traffic times, typical of the Black Friday shopping frenzy. 

Payment Fraud 

With identity fraud leading to losses of $56 billion in the U.S. in 2020, securing transaction data has never been more important. E-commerce platforms must integrate encrypted payment gateways and establish real-time monitoring systems to detect and prevent fraudulent activities. Keeping security measures current and educating customers about safe transaction practices are key steps in building a secure transaction environment. 

Data Backup and Recovery

Data loss can be catastrophic, with statistics indicating that 93% of companies without a disaster recovery plan go out of business within a year of a major data disaster. Regular data backups, secure storage, and a robust disaster recovery plan are fundamental to safeguarding data. These measures ensure quick operational restoration and minimal data loss in the event of a cyberattack, thereby maintaining business continuity. 

Incident Response Plan 

An effective incident response plan can significantly reduce the financial impact of a cyber breach. Companies with a well-prepared incident response team and robust testing protocols save, on average, $2 million in breach costs compared to unprepared businesses. A comprehensive incident response plan should detail specific actions for various cyberattack scenarios, including immediate steps for securing systems, communicating with stakeholders, and restoring normal operations swiftly. 

Black Friday presents both an opportunity and a challenge for e-commerce businesses. A strategic approach to cybersecurity during this period is vital. Focusing on these critical areas can help e-commerce platforms provide a secure shopping experience, protecting both their business and their customers. For expert cybersecurity guidance, Right Hand Technology Group offers solutions and support to help businesses stay ahead of cyber threats.