In recent years, online shopping has flourished due to advancements in digital technology and the rapid growth of e-commerce platforms. This trend accelerated during the COVID-19 pandemic, pushing many businesses to move online to stay connected with customers.
The Cyber Security Breaches Survey revealed that nearly 98% of businesses rely on digital communication or online services.
While a strong online presence offers many benefits, it also introduces unique challenges, especially the heightened risk of cyber threats like malware, denial of service attacks, and other security breaches that can disrupt operations.
With more customers turning to e-commerce, cybersecurity is more critical than ever. Protecting your e-commerce website from potential cyber risks is essential for ensuring business continuity, even for smaller companies. To safeguard your business, consider implementing tools like antivirus software, training staff to recognise potential threats like phishing attacks, and establishing internal compliance standards.
Additionally, taking out Cyber Insurance may protect your business from losses in the event of a cyberattack. Here are some essential steps to strengthen your e-commerce cybersecurity.
HTTPS provides a layer of security over standard HTTP by using an SSL certificate to encrypt data between your site and its users. This added security is crucial, as it prevents cybercriminals from intercepting sensitive customer information like usernames, passwords, and payment details. Without HTTPS, data sent between your site and your customers is vulnerable to attacks, leaving it open to unauthorised access.
Regular updates to your website's platform, plugins, and other software are vital. Developers release updates not just to improve functionality but also to patch potential security weaknesses. Neglecting updates can make your site a target for cyber threats. Regularly updating the content and design of your site also helps with SEO, while keeping critical security features in place to protect your business.
Customer accounts on e-commerce sites are often targeted by hackers. Research indicates that weak passwords contribute to around 81% of data breaches. Encourage secure practices by implementing strong password requirements and multi-factor authentication for account setup. Password strength meters can prompt users to create stronger passwords, enhancing their security and yours.
Top Tip: When employees access your website's content management system, encourage strong password creation by using a mix of special characters, numbers, and letters.
Regular backups provide a safety net in case your systems are compromised. Choose a secure off-site or cloud-based location for backups rather than storing them on your primary server, as this reduces the risk of losing data in a cyberattack. Regular, secure backups allow your business to recover quickly from potential data loss, reducing disruption and financial impacts.
If you don’t prioritise cybersecurity, your website can become a tool for cybercriminals to spread malware, including SEO spam. SEO spam can significantly impact your business by dropping your website's rankings on Google, making it harder for potential customers to find you. This can lead to a sharp decline in organic traffic and a direct hit to revenue. In severe cases, search engines may blacklist your website, resulting in up to a 95% drop in organic traffic—a loss that many businesses struggle to recover from.
With e-commerce security threats and data breaches now a common reality, Cyber insurance can protect you from financial loss and other damages.
Compare quotes from leading insurers, all in one place
Prices from £4.74 a month*
In partnership with Simply Business
*The price is for up to £2 million of public liability insurance – 10% of customers paid £4.74 or less annually between 1st Jan - 31st May 2024. Equivalent to £56.82 a year (and excludes the extra costs for paying monthly). If you complete a quote, more types of cover will be available and these all have additional costs.
Keep your business connected and secure with fast, reliable broadband that supports your cybersecurity efforts.
Safeguard your business from digital threats with insurance options that cover potential cyber risks.
Choose reliable payment terminals that help protect sensitive customer data, enhancing both trust and security for your business.