Cybersecurity is a real threat to modern society. The world is more connected than ever before, which means there are more opportunities for cybercriminals to exploit vulnerabilities. These vulnerabilities can mean thousands of dollars stolen from a person or stealing personal data. When specific industries are involved, such as e-commerce, this can lead to millions of dollars stolen and thousands of data lost forever, and that’s just the start.
Here are three reasons why cyber-attacks should worry e-commerce giants.
The cost of a cyber-attack can be crippling
As stated earlier, a particular vulnerability can cost a company millions of dollars. A singular data breach can cost a company over $3 million. These numbers increase when the company is larger. A company has to worry about the direct financial loss from a cyber-attack, but they also have to worry about the indirect costs.
These include loss of productivity, legal fees, and reputational damage. Among these things, the reputational damage can be the worse.
When a company is hacked, it can mean a loss of trust from the consumer. This is because the consumer doesn’t feel safe using the platform anymore. They may feel that their data isn’t secure or that consumers can’t trust the company with their information.
This loss of trust can lead to a loss in business. The e-commerce company may see a decrease in sales and increased customer churn. Studies have shown that nearly 60% of customers will stop using a company’s services after a data breach.
It’s not just the loss of current customers that can be problematic, but it can also lead to a loss of future customers. After all, if people don’t trust a company, they’re not going to recommend it to others.
This loss of business can be devastating to a company, so cyber-attacks should worry e-commerce giants.
Data breaches are becoming more common
As the world becomes more connected, data breaches and other forms of cybercrime are becoming more common.
The increase can be attributed to several things, such as increasing internet users and the rise of e-commerce. As more people use the internet and conduct transactions online, there are more opportunities for cybercriminals to exploit vulnerabilities.
As the world becomes more connected, it’s easier for cybercriminals to share information and techniques. This means that they can learn from each other and become more sophisticated in their attacks.
This is evident in the rise of ransomware attacks. Ransomware is malware that locks a person’s computer or device and demands a ransom be paid for the device to be unlocked.
These attacks have become more common in recent years, as cybercriminals have become more sophisticated in their techniques, leading to our next reason.
Attacks are Far More Sophisticated Than Before
As cybercriminals become more sophisticated, so make their attacks. They’re no longer using simple techniques to exploit vulnerabilities. Instead, they’re using more sophisticated methods that are difficult to detect and even harder to defend against.
One of the most common techniques that cybercriminals are using is social engineering. This is where they trick people into doing something that they wouldn’t normally do, such as clicking on a malicious link.
Hackers can do this through phishing emails or text messages. The cybercriminal will send an email or text that appears to be from a legitimate source, such as a bank or company. The message will often contain a sense of urgency and require the person to take action, such as clicking on a link.
Once the person clicks on the link, they’re taken to a malicious website that can infect their device with malware or steal their personal information.
Social engineering is just one of the many techniques that cybercriminals use to conduct cyber-attacks.
It’s Time to Fight Back
E-commerce giants have the resources to fight back, and they are doing it by implementing systems to monitor their websites, network penetration, and employee seminars.
Monitoring systems help e-commerce companies to keep a watchful eye on their servers. A robust form of the monitoring system is the MDR system. Such a system detects cyber threats and also investigates and responds to them. Usually, they have teams that work 24/7 to check any attacks and prevent them from happening.
Penetration testing, also known as pen-testing, is a form of security test used to find vulnerabilities in a system. Then, the tester will attempt to exploit the vulnerabilities to gain access to sensitive data or systems.
E-commerce companies can use penetration testing to find weaknesses in their system before attackers do. This way, they can patch the vulnerabilities and make their system more secure.
E-commerce companies also educate their employees on cybersecurity. Unfortunately, employees are often the weakest link in a company’s security. This is because social engineering techniques can easily trick them.
By educating employees on cybersecurity, e-commerce companies can make them more aware of the threats and how to avoid them.
Cyber-attacks are becoming more common and more sophisticated. Therefore, E-commerce giants need to be aware of the threats and take measures to protect themselves. Through preventive measures, they can drastically reduce their costs against cyberattacks.