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Cybersecurity Analysis: Why it's Important for your e-Commerce Business?

Cybersecurity Analysis: Why it's Important for your e-Commerce Business?

Do you know that e-commerce businesses are the ultimate target for cybercriminals?

Hackers cast a wide net of cyberattacks to access customers' personal and sensitive data like bank account details, email addresses, contact numbers, etc. If they succeed in hitting the bull's eye, they can misuse that data for personal use, involving crimes and frauds. Even worse, they can demand ransom by keeping your data hostage.

Cybercrime is at its peak and isn't likely to stop any time soon. While your e-Commerce business will always be vulnerable to cyberattacks, you can take some precautionary measures by performing an in-depth cybersecurity analysis of your business.

Let’s check out why cybersecurity analysis is important for businesses of all sizes.

Why Is a Cybersecurity Analysis Necessary?

Cybersecurity analysts ensure the scrutinization of the security system of e-commerce businesses. They assess all the possible security risks and vulnerabilities in your business and highlight how a cybercriminal can invade it.

One of the common mistakes that most e-Commerce businesses make is putting cybersecurity in cold storage. 54% of businesses simply assume they are too small to become victims of a cyberattack.

However, the fact is, small e-Commerce businesses are a favorite target of black hats, aiming 43% of cyberattacks at them, according to a report of CNBC news.

And what's even more worrisome is that 60% of small businesses that become victims of cyberattacks, get forced to shut down within half a year, as per the US National Cyber Security Alliance report.

There is no specified timing for a cyberattack to happen, and no one can anticipate them.

Cybercriminals can easily infiltrate networks with weak security. If e-Commerce businesses don't have a solid defense plan, they can easily be targeted by cybercriminals.

Despite how important it is for businesses to implement cybersecurity, 54% of all small companies don't implement any defensive plans to tackle a cyberattack. As a result, hackers are free to quietly breach networks and steal data for prolonged periods.

Rest assured, the longer a cyberattack remains unnoticed, the more problems it can create for your e-Commerce business and its shareholders.

In tough times like this, cybersecurity analysis can be a savior for e-Commerce businesses. It can help businesses recognize security gaps proactively before an attack can cause any substantial damages.

By performing cybersecurity analysis, e-Commerce businesses can decide the best possible actions to strengthen their security posture.

The Importance of Integrated eCommerce in cybersecurity

To strengthen your company's security, the cybersecurity analyst may suggest an integrated e-Commerce solution. The solution has a direct link to your enterprise resource planning (ERP) system and helps to get rid of the necessity for complicated connections that otherwise generate security gaps.

An integrated e-commerce solution has advantages that go even beyond cybersecurity, such as:

  • Supplying your customers with real-time information about the product.
  • Ensuring instant transactions for the customers and delivering the orders on time.

Since eCommerce businesses handle a lot of sensitive data like credit card details, they must ensure that their customer data remains safe.

I often engage with different online businesses to see how and what they are doing to strengthen their cybersecurity. For example, I recently got a chance to talk with Lucie Mooij, the Chief Marketing Officer (CMO) of a clothing brand called Elise Stories. Here is what she has to say:

“We hired a third-party cybersecurity company to run a full website audit for our brand. After the audit, we discovered that our business was potentially vulnerable to a cross-site scripting vulnerability that exists in koa-shopify-auth v3.1.61-v3.1.62. This vulnerability allows an attacker to discreetly inject JS payloads into the `shop` parameter on the `/shopify/auth/enable_cookies` endpoint. By carrying out a full audit, we were able to make his website and customer data more secure. All in all, an integrated e-commerce solution sets your company apart from its competitors and develops trust and loyalty by delivering customer experiences.”

Make network security your number one priority

No e-Commerce business has an immune system to protect it against cyber threats. The moment the cybercriminal breaks through your network, they have all the power to conduct malicious activities, such as stealing your data. Not only this, but they can also defame your brand's name by putting up misleading information.

Using an integrated e-Commerce solution will help you make network security your number one priority. In such a manner, you can guard your e-Commerce business against cyberattacks and help it flourish.

It would help if you also don't take for granted the downtime that your company undergoes because of a cyberattack. Your e-Commerce business can miss out on revenues every second during your network's inactivity. 40% of small businesses suffer at least eight hours or even more of downtime caused by a cyber breach, and this downtime results in a loss of $1.56 million on average.

Keeping hands on hands and waiting for a cyberattack to happen is not a good idea at all, but investing in software for network monitoring is. With the help of network security software, you can recognize cyberattacks and nip them in the bud.

Furthermore, team coordination and communication also play a crucial role in network security. So without wasting any further time, start giving your employees the knowledge regarding network security. Implementing a training program will also be helpful for them to learn about the security dangers and how to identify them.

Protect Yourself against Cyberattacks Now and in the Future

The cybersecurity analysis provides a solid foundation for guarding your e-Commerce business. This analysis makes you aware of the strong and weak points of your company's cybersecurity system. It also provides you with a better understanding of protecting your website and other multiple ways to strengthen your network security.

Performing a cybersecurity analysis only one time is not enough. For securing your e-Commerce business against cyberattacks, you must conduct frequent evaluations. These evaluations hold tremendous value, as they can help you tackle data breaches proactively.

Last but not least, stay dynamic in your efforts to guard your e-Commerce business. Think and implement all the possible ways to protect your business and customers against cyberattacks. Consequently, your e-Commerce business can reduce the chances of data breaches in the longer run.

Conclusion

Cybersecurity is essential to your e-Commerce business. Without it, your business will be unable to survive.

As cybercriminals are becoming masters at their games, you must realize that it is high time for e-Commerce businesses to create a concrete defense plan and perform cybersecurity analysis periodically.

To form a robust defense line, you can give training to your employees regarding the aspects of cybersecurity so that they may learn how to detect and deter it themselves.

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