Securing Your Online Store: Ransomware Protection Best Practices for Retailers

Ransomware attack on Online Stores and Retailers

One of the earliest forms of human commerce was through shops and markets. The major shift they have experienced as they evolved is the sharp rise in the amount of technology they integrate into their operations. Nearly every aspect of retail businesses’ activities, from cash registers and staffing management to inventory checking tools, largely depends on technology. Unfortunately, there are still challenges with all of these advancements.

In the past year, 1 in 8 retailers experienced a ransomware attack, according to information released in a report. A cybersecurity strategy is in place in just 46% of retail organisations, which is less than the global average of 52% for all businesses.

One of the businesses that is currently rushing the fastest towards new technology and digital solutions is the retail sector. It has expanded during the last three years at a rate equivalent to a decade, and this growth is anticipated to continue at a reasonable pace. This is a positive step for the industry’s growth, but it also puts cyber security in danger. Though considering ransomware protection is always a good idea, the holidays provide an excellent opportunity to consider how you can keep your online transactions safe. The retail industry has seen a significant transition, as nearly all physical stores have transitioned to online platforms for e-commerce in order to maintain consumer relationships and boost revenues.

The retail sector is susceptible to numerous illegitimate internet transactions and security lapses. It’s worth remembering the controversial eBay hack. Sophos reports that the average ransom payment worldwide, across all industries, is $170,404. The average ransom payment in retail is $147,811. Only a few organisations’ data was restored, though, thanks to the ransom. Given that 62% of retail organisations anticipate experiencing ransomware in the near future, there is a need to refine cybersecurity protocols. Retailers experienced significant workload increases as a result of the rapid digital change and rise in online commerce, but they also benefited from new learning possibilities.

Top cyber security risks for online retail

1. Phishing
   • Phishing is a technique of social engineering in which cybercriminals try to fool customers by sending them unsolicited emails, texts, or phone calls with login credentials, bank account numbers, and passwords.
   • Hackers may ask recipients of emails to update their login information by clicking on a particular link, or they may provide links that go to bogus online retailers.
2. Malicious software
   • Malware is software that is downloaded and installed on computers or mobile devices maliciously and without the user’s knowledge. Malware includes viruses, ransomware, Trojan horses, and spyware.
   • Ransomware encrypts files, data, or apps to keep the victim from accessing them. Next, in order to obtain a key that will unlock the data, hackers want a ransom. Malicious emails, fake websites, or pop-ups can all be used by ransomware to infiltrate systems.
3. The injection of SQL
   • An SQL query is inserted using query submission forms in a SQL injection attack.
   • Hackers can use it to access private files, read and alter data from databases, perform administrative tasks, and even send commands to the operating system.
4. XSS, or cross-site scripting technique
   • Hackers use session tokens, cookies, and sensitive data on customers’ computers to insert malicious JavaScript snippets into reputable online retailers, exposing customers to malware, phishing scams, and other threats.
   • The HTML content of the compromised page may even be altered by certain malicious programmes.
5. e-skimming
   • PII and credit card information are stolen from online retailers’ checkout pages through a process known as “e-skimming.“
   • Through third-party hacks, cross-site scripting, brute force attacks, or phishing attempts, hackers get access to the website. Then, when customers are using the checkout page, they instantly collect their payment information.
6. DDoS attacks
   • DDoS assaults inflict financial losses by stopping sales and disrupting online stores.
   • Hackers use untraceable IP addresses to bombard your server with a large number of strange requests, overloading it and causing it to fail.

Best practices for ransomware protection in online retail

• Select a safe online shopping platform.
  • This is the fundamental action you have to take to safeguard your online store. Everything else will work itself out. Sadly, there are a lot of e-commerce platforms available these days, which makes selecting the best one difficult. Nonetheless, it’s not unusual to see that Woo Commerce or Magneto are widely used by e-commerce consumers. And you may be asking why that is the case. Their advanced security measures set them apart from the competition, which is evident.
  • PrestaShop is another alternative that is quite different and has some very strong security measures. Regardless of the platform you select, the most important thing is for you to make sure your server complies with PCI. Verify that you are using the most recent software version. Make sure to install any updates as soon as they are released.
• Deploy the SSL certificate into practice
  • If you really want to secure your online transactions, you have to do this. SSL certificates guarantee user identity and data encryption while it’s being stored and transported. Ensuring safe connectivity between end users and your website is crucial.
  • To ensure the security of their personal information and credit card information when shopping online, tech-savvy end consumers are constantly checking for the HTTPS padlock sign in the address bar. These users are probably going to support a well-known company that has worked hard to implement SSL certificates and secure the security of its website. It is essential to install an SSL certificate, and to do so, you must select a cheap SSL certificate for your company.
• Evaluate the error messages
  • Periodically, your computer may display error messages due to system upgrades and maintenance. Such data can be obtained by cybercriminals to access and hack your website. Make sure you use the website’s backend to access these errors and disable them. As an alternative, you might make a file called php.ini and submit it to the file management system on your website. Additionally, regardless of when or why an error occurs, correct it as quickly as you can. For example, maintaining the security and usability of your website for visitors should come first when addressing the PR_CONNECT_RESET_ERROR problem.
• Card verification value (CVV):
  • A three-digit code, sometimes known as a security number, is printed on the back of your credit card. It is important to remember that PCI does not let you save the CVV number in addition to the credit card number and the cardholder’s name. This CVV is a very significant security number that cannot be accessed unless someone physically obtains it. However, the majority of payment processors have a secure checkout process that requires you to enter your CVV, which works just as well.

• Update your software regularly
  • In recent years, ransomware infections have increased. Ransomware has been updated by cybercriminals to allow them to breach even the most secure software. For this reason, it’s critical to keep an eye out for software upgrades and to configure all of your apps to install themselves once a new version is made available. You can keep hackers off your computer for a very long period of time if you do this on a regular basis.
• Install firewalls for web applications.
  • A web application firewall (WAF), which controls traffic entering and leaving your online store, is your first line of defence against cyberattacks. Moreover, it guards against XSS, SQL injection attacks, and dubious networks.
  • A Content Delivery Network (CDN) can also be employed to thwart DDoS attacks. They can mitigate DDoS attacks because of their capacity to analyse and ingest anomalous levels of traffic, which is typically used to improve website performance.
• Safe server and admin panel
  • It is recommended to use strong passwords for both the admin panel and the client’s server. It is advisable to frequently change these passwords.
  • According to the Principle of Least Privilege, users are only granted access to the extent necessary. Additionally, user roles need to be well specified. By doing this, user security breaches are avoided.
  • Moreover, alarms can be configured on the admin panel to notify users whenever an unidentified IP attempts to access it.

Impacts of ransomware attacks on retailers:

• Lowering Consumer Trust in Brand
  • Customers losing faith in the brand is one of the biggest effects of an e-commerce ransomware attack. All customer data, including bank and credit card information and personal information, is vulnerable to e-commerce ransomware. Cybercriminals may use this data to steal from clients, carry out illegal activities, or launch more assaults against them.
  • Customers could be reluctant to give the company their personal and financial information in the future if they believe that consumer data has been compromised. This may result in a decline in the consumer base and a tarnished reputation that may be challenging to repair.
• Interruption in business administration Processes
  • One of the main effects of e-commerce ransomware is the interruption of vital company processes. Once inside the system, the ransomware can stop all functions and prevent access to important data. Depending on the size and scope of the company, this sudden stop can cost several hundred to thousands of dollars.
• Reduced Revenue
  • Sales could be lost as a result of an e-commerce ransomware assault. When a website is unavailable or malfunctioning, users may decide to do business with another provider. E-commerce companies may suffer a large loss of income as a result of this, particularly if the outage lasts for a long time.
• The Financial Toll
  • Beyond the expense of temporarily stopping business, an e-commerce ransomware assault has the potential to do enormous financial damage. Customer loss, data recovery operations, and the requirement to bolster security measures are possible outcomes. Businesses may have to pay for client notifications, investigation expenses, settlements or damage fees, legal fees, regulatory fees, and internal financial damages in addition to external financial losses.
• Lawsuit Against the Business
  • E-commerce companies are required to notify clients that their data will be protected when they acquire it from them. That is compromised by a data breach, which may result in legal issues for the company. Client lawsuits for negligence, contract violations, and data privacy regulations could be filed against the company. The government may also impose fines and penalties on the corporation.
• Credibility Damage
  • Establishing a solid brand reputation is essential for every e-commerce company. All of a company’s hard work can be rapidly undone, though, by e-commerce ransomware. Businesses will seem bad if they don’t protect the information that belongs to their customers. One serious effect of an e-commerce ransomware attack is losing current and potential clients as a result of such an occurrence.

For any owner of an online business, safeguarding their online shops against e-commerce ransomware ought to be their first concern. A ransomware attack can have catastrophic results that range from monetary loss to reputational damage and legal issues. It is essential to remain vigilant and take precautions against possible dangers to your store.

You can greatly lower the likelihood of a ransomware attack by adhering to the recommended practices described above, which include using strong passwords, enabling two-factor authentication, and routinely upgrading your software and applications. It’s also critical to train yourself and your colleagues on how to recognise and steer clear of phishing scams, as well as to have a backup plan in place.