Why Cybersecurity Is So Vital For eCommerce Stores

89% of all companies have already adopted a digital-first business strategy. As more and more businesses enter the digital sphere thanks to a global pandemic and changing consumer habits, it’s clear to see that eCommerce and cybersecurity have become two allies that are simply irrespirable.

The importance of cybersecurity is underlined even more so with studies such as the one revealed by Forbes, which states that, on average, 30,000 new websites are hacked every single day. For those who are still on the fence when it comes to the importance of cybersecurity, the FBI has reported a 300% increase in the number of cybercrimes cases each day. So, it’s clear to see that eCommerce and cybersecurity go hand in hand.
Keeping that in mind, here are some of the latest cybersecurity best practices that simply can’t be ignored by those operating in the eCommerce space.

Network Segmentation

Ecommerce businesses that have been operating for a while know the importance of ensuring the security of their networks. It all starts with network segmentation, which is a concept that goes all the way back to the initial days of enterprise IT systems.
To ensure fool-proof network segmentation, businesses are required to enhance intrusion detection systems (IDS) and Intrusion prevention systems (IPS), update malware and antivirus software, use techniques such as sandboxing to process traffic in a safe environment, along with the use of SSL, decryption, distributed denial-of-service (DDoS) and web application firewalls. In this way, network segmentation can ensure the safety of financial data, user data, and POS data by tracking all lateral movement and detecting data breaches as soon as they occur.

Threat Intelligence

As an eCommerce business owner, it is up to you to make sure that cybersecurity is not something that’s taken for granted. One of the best ways of ensuring that is by investing in threat intelligence streams. If you don’t think you need it, just last year, cybersecurity threat intelligence helped stop a MegaCortex ransomware attack before it could be executed; the result – it helped organizations save up to $239 million in damages if the ransomware was successful.
Researching threat actors provides eCommerce businesses with a cross-section of insight into how they operate and the tactics that are used to steal data from businesses. In this way, threat intelligence insights are able to provide a warning to eCommerce businesses that their business was likely to be attacked by cybercriminals, and that they should take the necessary measures to mitigate a possible cyber attack.

Think Long-Term

Long-term thinking is another one of those cybersecurity best practices that more and more eCommerce businesses are acknowledging. This basically means making an effort to improve one’s cybersecurity posture by taking small steps that would have a long-term impact. Some of those steps include selecting a reliable eCommerce platform that’s secure and compliant with the Payment Card Industry Data Security Standard.