Amidst the Covid-19 pandemic, e-commerce companies experienced remarkable growth, driven by significant shifts in consumer behavior. With remote work becoming a necessity, organizations and their employees turned to online platforms for accessing goods and services. The adoption of internet-facing technologies accelerated, leading to a surge in online shopping and customer interactions. This transformation offered unmatched convenience and global reach, creating lasting changes in the already growing trend of online shopping.
Due to the expanded growth and online presence, cybercrime activity increased by over 600% since the start of the pandemic.
Existing platforms, such as Amazon, Walmart, and many others, experienced an increased demand for their products and services, including grocery store chains. Simultaneously, small businesses and entrepreneurs responded to the shifting landscape by establishing their own online presence to sell their products and services. E-commerce platforms and retailers made significant investments in mobile applications that provided customers with the convenience of being able to make purchases from anywhere. As a result, consumers increasingly adopted mobile platforms, such as smartphones and tablets, to browse and shop online. This shift towards mobile shopping further drove the growth of e-commerce and reshaped the way people shop and conduct business.
The substantial investments and expansion of online capabilities have led to an increase in digital attack surfaces for both individuals and organizations. Cybercrime activity significantly increased since March 2020, and threat actors now have more opportunities to identify and exploit vulnerabilities or weaknesses, posing significant challenges to cybersecurity and data protection efforts.
5 Cybersecurity Measures for Safeguarding E-Commerce
Cybersecurity has become essential for e-commerce organizations due to the exchange of sensitive information, such as credit card details, personal information, and financial data, during online transactions. This information is often shared with third-party organizations, further increasing the complexity of protecting customer data and privacy. Without proper cybersecurity measures in place, e-commerce platforms and their third parties are vulnerable to cyber-attacks and threats, which can compromise the security and privacy of customers and the overall integrity of businesses. An organization’s attack surface is an essential part of maintaining security. This involves understanding an organization’s risks associated with its e-commerce assets and implementing a range of controls to identify and mitigate vulnerabilities.
Key measures include:
- Hardening systems and configurations
- Implementing access controls and encryption
- Regular software and system updates
- Conducting security audits and assessments
- Educating employees about security best practices
By adopting these cybersecurity measures, e-commerce organizations can significantly reduce their exposure to cyber threats and safeguard the trust and confidence of their customers.
A cyber-attack can cause significant disruption to the normal functioning of an e-commerce platform, resulting in operational downtime and financial losses. Cybersecurity measures play a critical role in helping to ensure business continuity by preventing or minimizing the impact of such attacks. These measures are essential for protecting both e-commerce platforms and their customers from suffering business losses. A successful cyber-attack can result in stolen funds, lost revenue, and damage to the company’s reputation, along with the added concern for potential legal and regulatory repercussions.
Withum’s team of experts has extensive experience providing services in over 71 countries to clients across the spectrum, from large multinational corporations with enterprise-class environments to small-to-medium-sized start-ups and businesses. Private sector expertise spans various industries, including but not limited to banking, energy, telecommunications, technology, healthcare, U.S. critical infrastructure and more. At Withum, our mission is to help customers protect their data and address any specific cybersecurity needs.
Authors: Jason Spezzano | [email protected] and Dana Minardi, CPA | [email protected]
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