The dark web is a dark place where many unspeakable transactions occur. But its existence is posing a threat to any form of semblance to the world wide web. E-commerce businesses need to prioritise cyberattack protection, especially since the Indian e-commerce sector is exploding with new entrants to the market every single day.
Investing in robust cybersecurity infrastructure
Single-click checkouts are very popular among Indian e-commerce consumers since the volume and frequency of online orders is so rampant. New e-commerce businesses need to prioritise investing in a robust cybersecurity infrastructure before collecting users’ sensitive personal and bank information.
Mandatory Reporting Mechanism
Incorporate a mandatory reporting mechanism of data breaches and cyberattacks for your e-commerce company as part of your business policy. Doing this will create a sense of ownership within your organisation about protecting sensitive personal and financial information of key stakeholders.
Increase percentage of cybersecurity investment in your IT budget
Restructure your IT budgets and prioritise cybersecurity as a major chunk of your investment. The remote work model combined with the economic constraints calls for higher investment in security.
Deploy key cybersecurity technologies
Technology solutions like ZTNA (Zero Trust Network Access), DLP (Data Loss Prevention), and XDR (Extended Detection and Response) are key in securing your e-commerce platform from malicious hackers online.
Improve your security posture
If your e-commerce store regularly deals with customer data including address, phone number, emails and credit card details, you should take steps to improve your security posture. Invest in security posture management technology to keep a safe bubble around your end consumers’ data amidst high volume of digital transactions.
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New e-commerce businesses need to prioritise investing in a robust cybersecurity infrastructure before collecting users’ sensitive personal and bank information.
What’s in it for me?
In April of this year, a database of over 10 crore MobiKwik users was posted on the dark web. These attacks are steadily becoming more rampant as top corporations like Air India and Jubilant Foodworks’ Dominos Pizza also suffered a similar data breach. What’s interesting to note is that the same hacker has breached both MobiKwik and Dominos’ databases.
Experts state that hackers are increasingly targeting start-ups mostly because of their naivety and obvious lack of advanced security measures. The biggest start-up names like BigBasket and Upstox are being hacked and small websites like e-commerce portals are most vulnerable to such threat actors. Since most e-commerce portals are interconnected in terms of user info, a breach on one may threaten the security of another.
Follow a proper security structure and methodology and ensure to collect only vital customer information. A lot of times, small e-commerce firms collect unnecessary details for opt-ins and subscriptions to newsletters. The less information you store, the more you can safeguard the integrity of your website as well as your customers. If your site has a payment gateway, which most e-commerce companies have, RBI has mandated that you are not allowed to store payment and credit card information. As a precautionary measure, you should comply until investing in cybersecurity technology is a possibility for your firm.
