“Ecommerce isn’t the cherry on the cake, it’s the new cake” – Jean Paul Ago, CEO L’Oréal
The pandemic surged the rate of online shopping and since then, the e-commerce sector has been evolving. The emergence of technological innovations has driven the number of people relying on online platforms for shopping. Although these e-commerce platforms are convenient, they can pose great risks. Cybersecurity is severely questioned with the advent of dynamic e-commerce trends since they make shopping convenient but also pose as a threat.
Online platforms are like hot skillets for cyber-attacks. Online shopping sites contain multiple personal data such as name, address, bank details and phone numbers and hackers are finding sophisticated ways to steal these user data. This is why e-security is of utmost importance to safeguard user details. E-security in e-commerce has evolved and so have the hackers.
What is e-commerce security?
E-commerce security is security measures taken by e-commerce websites to ensure the safeguarding of confidential consumer details. Various security tools in e-commerce are deployed to enable seamless transactions and purchases. Security tools such as firewalls, biometrics, security plugins and more are deployed for maximum safety and to create an e-commerce security environment which mitigates risks caused by the latest e-commerce trends.
Here are 5 key e-commerce security trends of 2023
AI/ML-focused innovations: AI/ML technologies are the latest e-commerce trends which not only assure better security but also offer enhanced customer services. The emerging technologies AI & ML are used for faster detection of potential frauds during transactions in e-commerce platforms. These technologies also automate the fraud detection process and deploy effective measures to eradicate threats. AI solutions help in developing effective threat intelligence which rules out further security ramifications.
Modern Payment Innovations: Contactless payments have emerged ever since the pandemic hit. These payment innovations include Google Pay, Apple wallet, Paytm, etc. These innovations are consistently used across all e-commerce platforms and will continue to remain. The advent of these contactless payment methods has made it more vital than ever to secure user identification and information.
Real User Monitoring (RUM): RUM tools enable organizations to combine the frontend and backend data to monitor and track key metrics of user activity on your website. This helps the company to take better decisions and examine issues which could cause potential damages. This dynamic tool allows e-commerce organizations to gain visibility into the overall customer activity on the platform.
E-Skimming / Digital Skimming: E-skimming is a hacking technique wherein hackers insert
a malicious skimming code into your website’s payment/transaction page. The code gets activated when users enter their card credentials and the hackers steal the user’s card data i.e., CVV number, card number and bank details when the user is paying. E-skimming is one hacking trend businesses must watch out for in this current digital era. Luckily, there are measures which reduce vulnerabilities by strengthening security systems. One such measure would be to ensure being compliant with The Payment Card Industry Data Security Standard (PCI DSS), this decreases potential credit card frauds for both active and inactive cards present on the website. Apart from that users must also ensure to enable multi-factor authentication and make it a habit to keep strong passwords. E-skimming attacks are generally targeted towards businesses from the retail, entertainment, tourism, etc industries which require people to add or make payments on the website.
Rise of Credential Stuffing Attacks: Credential Stuffing Attacks are when attackers reuse the information which has already been exposed in previous attacks to hack new websites. The key catalyst to such kinds of attacks was the pandemic, due to remote working, multiple account creations and sole reliance on e-commerce platforms enabled hackers to perform attacks of such sort and exploit confidential information.
CCoE Hyderabad is a joint venture between the Data Security Council of India and the Government of Telangana that aims to encourage innovation, entrepreneurship and capabilities in the cybersecurity and privacy domain. Our organization aims to stimulate India’s IT industry by incubating startups, conducting workshops, product showcases in experience zones and collaborating with local, national, and international initiatives to create safe and secure cyberspace in India.