Knowing the Different Risks in Running an E-Commerce Site and How to Eliminate Them
In everything we do, there are always potential risks. That is why risk management is essential, especially if you’re putting large assets in line.
For e-commerce sites, a platform where you input sensitive company information, the number one risk you will encounter is hackers. Hackers are people that attempt to crack a system to gain unauthorized access. Luckily, there are ways to prevent them from accessing your files and protect your business against fraud.
1. Security Risks
Your first line of defense is choosing a secure e-commerce platform. Secure platforms use sophisticated programming language to prevent hackers from penetrating its system. Also, you may consider having a secondary authentication method to filter users. Ventiv Tech advises that you layer your security. With the use of firewalls, you can stop criminals from gaining access to your network.
2. Sensitive Customer Data Risks
Hackers are on the move to steal personal data and other sensitive information. As an e-commerce site owner, you have the responsibility to protect and even reassure your customers that their data and information are safe with you. You can minimize sensitive data leakage risks by removing old records from your database and keeping minimal data only. The information you need to retain are those that are would be helpful for chargebacks and refunds.
Moreover, cybercriminals may easily access your customers or clients’ accounts if they have weak passwords. Encourage your customers or clients to use strong passwords with a minimum number of characters and numbers because it will make it more difficult for hackers to breach their account.
3. Credit Card Details Risks
For web and data protection, it is advisable that you use Secure Sockets Layer (SSL) authentication. SSL certificates authenticate your business and encrypt data which prevents your data from being stolen. In addition to this, you can employ and address verification system and a card verification values for credit card transactions.
4. Suspicious Activities Risks
System alerts can be set up for suspicious activities. If there are several transactions coming from the same IP address, you can set an alert notice for this. If you have chat sessions, make sure you train your employees well. They should never divulge sensitive data nor should they give customer information through chat sessions. Your employees should strictly adhere to your company’s security practices.
5. Hosting Risks
After doing your part to ensure that hackers and cybercriminals cannot penetrate your business website, make sure that your hosting service provider is also practicing the same level of security to protect your data. They should regularly monitor their servers from malware, viruses and other forms of security risks. Your hosting service provider must perform daily scanning and clean-up to ensure safe hosting for its clients.
Regardless of the type, size and age of your business, you should be vigilant enough to keep the risks at bay and deal with them as soon as possible. After all, the most important part of security is to be able to know all possible hazards, and be able to handle them efficiently and effectively.