How to Manage Security of Your Ecommerce Business

E-commerce businesses have emerged as viable entrepreneurial opportunities for driven individuals in New Zealand. The country ranks as the 39^th largest market for online sales, which generated a revenue of US$ 4 billion during the peak of the pandemic in 2020. It has been estimated that 83% of the population will be shopping online by 2026. Naturally, e-commerce businesses are mushrooming all over cyberspace, and aspiring entrepreneurs looking for a business for sale in New Zealand are choosing virtual storefronts over physical stores.

However, with so much sensitive data stored online and rising cases of security breaches and thefts, cybersecurity has become a significant concern for e-commerce business owners. Many of them have become victims of cybercrime that have led to financial losses, extended downtime, and loss of credibility. Thus, offering a secure shopping environment and safe online transactions has become a priority for these businesses. Let us understand how they can boost their security amidst the rise of cyberattacks.

1. Securing Online Payments

Many small e-commerce businesses ignore cybersecurity because of their size. However, hackers deliberately target these entities because of the lack of security measures, which leads to shutting down as most of them are unable to get their customers back or find new ones. Thus, the first step is to ensure the security of personal and payment data provided by the customers to make transactions.

Online criminals are more interested in breaching the payment gateway of the site to commit crimes. You need to make sure that it is compliant with the Payment Card Industry Data Security Standard, which ensures that the credit card information provided and stored online is protected. It involves maintaining firewall configuration to keep customer data safe and using strong system passwords along with data encryption.

2. Use TLS, SSL, and HTTPS

Websites that have a virtual storefront and payment gateway must use Transport Layer Security (TLS) and Secure Sockets Layer (SSL) protocols to secure communication taking place over the internet between computers. It helps in authenticating and encrypting links. TLS differentiates between HTTP and HTTPS traffic as the latter is encrypted. Using HTTPS helps the customers to feel confident while browsing a site and sending emails or messages to it.

The usage of these protocols allows the users to identify these websites as credible and verified. Thus, getting the SSL certificate should be the first step of moving towards cybersecurity. It should be used across the site to encrypt the virtual store.

3. Utilise Industry Best Practices

Sometimes employees can open documents and enter data repository without any malicious intent because of ignorance and leave them unprotected. Thus, every e-commerce business needs to implement the best cybersecurity practices and train the employees to follow the protocol. Make the sensitive information inaccessible to staff members and make them aware of online safety and data privacy.

The business owner must get cyber insurance that provides cover for data breaches, website hacking and frauds. They should have a cybersecurity team to monitor the site to run without any issues and risks and keep the data safe.

4. Rely on Multi-Factor Authentication

Multi-Factor Authentication (MFA) is needed to secure data by adding layers of protection that go beyond usernames and passwords. It requires additional verification information from the user to avoid frauds and cyberattacks, such as one-time passwords on the registered mobile phone numbers. In addition, AI-enabled MFA uses the IP address of the user to identify their location and match it with the data available with the business to verify their identity. It ensures that the website is safe from online criminals and hackers.

5. Router Protection

The router helps businesses connect their data with the internet and enables Wi-Fi in the office. The IT team needs to ensure that the wireless network's name is changed and has a strong password. The inbuilt firewalls must be working perfectly, and the system must be updated regularly. The customers should be provided with a guest network so that any threats are not transferred from their computers or mobile phones to the business network.

If the features of the devices that are present on the business network are not getting utilised, they must be deactivated to reduce their vulnerabilities. The router must be hidden away from the public eye so that it cannot be breached, and the employees should not have access to the server. Only the senior-most people in the IT team must be allowed to handle the safety of the network.

6. Avoid Storing Private Customer Data

Privacy of customer data is the biggest responsibility of the business owner. Theft of confidential information can lead to distrust among potential customers and loss of existing client base. Customer data is required by businesses to gain insight into the demographics and psychographics of the target audience. However, the data can come under cyberattack and put everything at risk for the business.

Thus, it is wiser to collect minimum information that is required for business operations and avoid storing sensitive personal information. If you want the customers to store their card details on the website for the convenience of repeat buying, you must ensure that it is safeguarded effectively with the best firewall protection.

7. Software Update and Antivirus

An e-commerce business uses a variety of software for stock management, payroll management, accounting etc. Thus, they need to make sure that these are updated regularly to fix the bugs and issues that can prove risky. The IT department must install antivirus protection software on the network and devices working on the network to avoid getting attacked by ransomware, spyware, and viruses.

Malware can stop the business from accessing its own data by blocking its path. It increases downtime and leads to loss of sales and customers. Thus, it is better to avoid clicking on unverified links in emails. Also, the users need to have strong passwords, change them regularly, and not provide any information without authentication. Moreover, businesses need to stay safe from SQL injection, cross-site scripting, e-skimming, and phishing, leading to data breaches.

Conclusion

E-commerce has been growing by leaps and bounds after the pandemic. Most businesses are pivoting to e-commerce to sustain their sales in the lockdown. Thus, if you wish to purchase a business for sale in New Zealand, you must keep it protected from online threats and risks.