The ecommerce industry is experiencing rapid growth, with global sales projected to reach $8.1 trillion by 2026, a 56% increase from current figures. However, this growth also comes with increased cybersecurity risks. Cyberattacks on ecommerce platforms are on the rise, with a 30% increase in attack rates compared to the previous year. To protect their finances, data, and business reputation, ecommerce enterprises need to be aware of the main cyber threats they face and take steps to mitigate them.
Malware is a significant threat to ecommerce sites and mobile apps. The number of malware attacks is growing annually, with 450,000 new pieces of malware being detected each day. In 2022 alone, there were 5.5 billion malware attacks, a 2% increase from the previous year. Ecommerce businesses need to implement robust security measures to protect against malware infiltrations and data breaches.
Denial of Service (DoS) and Distributed Denial of Service (DDoS) attacks are also common in the ecommerce industry. These attacks involve overwhelming web servers with traffic, resulting in the disabling of digital systems. Ecommerce platforms are at an increased risk, with a 300% increase in application-layer DDoS attacks in 2022 compared to the previous year. Ecommerce enterprises must have measures in place to prevent and mitigate these attacks to ensure uninterrupted service for their customers.
Social engineering is another significant cyber threat that ecommerce businesses face. Attackers manipulate employees through techniques like scareware and pretexting to gain access to valuable data. Despite the high risk, nearly 30% of enterprises do not cover social engineering in their security awareness training programs. It is crucial for ecommerce enterprises to educate their employees and implement strong security protocols to prevent social engineering attacks.
Financial fraud is a sensitive and damaging cyber threat for ecommerce enterprises. Attackers use stolen credit card data to make unauthorized purchases, leading to revenue loss and damage to the merchant’s reputation. In 2022, ecommerce enterprises lost $41 billion due to online payment fraud, and this figure is expected to increase to $48 billion by 2023. Ecommerce businesses must implement robust payment security measures and closely monitor transactions to prevent financial fraud.
E-skimming, or online skimming, is a threat specific to businesses that accept online payments, including ecommerce enterprises. Attackers inject malicious code into payment processing systems or ecommerce sites to steal credit card information and make unauthorized purchases. These attacks cost consumers and financial organizations more than $1 billion annually. Ecommerce businesses need to prioritize payment security and regularly update their systems to prevent e-skimming attacks.
Automated malicious bots pose another significant threat to ecommerce businesses. These bots can take over customer accounts, steal credit card information, and scrape a merchant’s prices and content. Ecommerce sites are particularly targeted, with 62% of all attacks against ecommerce sites being carried out by bots. Implementing robust bot detection and prevention measures is crucial for ecommerce enterprises to protect their customers and their business.
As ecommerce businesses become more omnichannel, the use of API interfaces increases, posing another potential access point for hackers. API traffic accounts for nearly 42% of all traffic on ecommerce websites, and 12% of APIs are connected to critical customer data. Ecommerce enterprises must pay special attention to API security and implement measures to protect against API attacks.
To secure their ecommerce businesses from cyber threats, enterprises should conduct regular security audits to identify strengths and weaknesses in their infrastructure. Role-based access control should be established to limit access to sensitive data and reduce the risk of social engineering attacks. Implementing AI and ML-based monitoring tools can help identify and mitigate online threats in real-time. Regular data backups, preferably using cloud storage, should also be conducted to quickly restore data in case of loss or hack.
In conclusion, the ecommerce industry is experiencing significant growth but also faces increasing cybersecurity risks. By understanding and addressing the main cyber threats, ecommerce enterprises can protect their finances, data, and reputation. Implementing robust security measures, conducting regular security audits, and staying informed about the latest threats and prevention strategies are crucial for ecommerce businesses to thrive in the digital landscape.