If you have a digital business that operates in the online space, you can be prone to certain cyberattacks. Cybercriminals are constantly evolving, and they tend to target e-commerce businesses more than any other. Various cyberattacks directly impact businesses revenue growth and cause setbacks. Therefore, if you are competing in the online world, it’s important to be aware of certain cybercrimes.
Some security breaches are very powerful and can leave lasting impacts on your business growth. Specifically in the e-commerce world, where you can lose your potential customers if your system gets breached. As the internet evolves, new cyberattack techniques come and go; therefore, it’s important to stay on the same page. Knowing about various cybercrimes will keep you one step ahead of cybercriminals and prevent them from targeting your organization.
Securing your online business should be your priority. With this in mind, Let’s look at the types of cybercrimes that affect your revenue growth.
Why Is It Important to Protect Your Online Business?
It can take years to build a reputation and earn customers’ trust, and it can diminish with one security breach. E-commerce companies need to secure their network infrastructure from online threats to maintain their reputation. Online businesses usually store critical customer information, which cybercriminals can steal. Therefore, securing your business is equally important as any other aspect of your business.
This article will throw light on top cybercrimes that directly impact your revenue growth.
1. DDoS
Distributed Denial-of-Service (DDoS) is a powerful attack where cybercriminals can attack your website with multiple IP Addresses. These attacks are sent to cause server crashes, prevent users from accessing your website, and sluggish website performance. This can affect your customer base drastically and force them to leave your website.
These attacks can happen anytime, and without any preventive measures in place, you can face a prolonged website outage. DDoS attacks can consume and exceed your server’s current bandwidth and make your website inaccessible. Considering these concerns, businesses get in touch with professionals at cybersecurity companies Dubai to help them safeguard their network against DDoS and other cyber threats.
2. Backdoor Attacks
Backdoor attacks refer to a technique where cybercriminals target your unsecured entry points and install malware. Every website can have various entry points, such as outdated plugins and form fields. This method allows cybercriminals to access your website database and steal sensitive data.
These attacks are sometimes unnoticeable, and hackers stay inside your system until they are detected and removed. Also, the longer these attacks last, the more damage attackers can cause to your business operations. This is crucial, as using this method can give hackers access to your customer’s data and unauthorized access to your company.
3. Financial Fraud
Financial fraud attacks are carried out to steal your financial assets. In the most common scenarios, cybercriminals use stolen credit cards to make unauthentic purchases in your store. Thus, when the actual cardholder realizes this, he requests a chargeback, which causes business owners a loss of revenue.
Therefore, companies that do not require any additional information when customers purchase their products can suffer from these attacks frequently. Additionally, according to stats, e-commerce businesses have lost $41 billion due to these online payment frauds. And it’s expected to reach $48 billion by the end of 2023.
4. API Attacks
The e-commerce world is constantly striving to become more omnichannel and provide customers with more convenience. Thus, they build and deploy more API interfaces to streamline their business operations. However, along with the convenience these APIs offer, they can also be used by cybercriminals.
Unfortunately, these APIs are used by attackers as an access point, and thus, they can gain access to sensitive information. Specifically, in most cases, these APIs are directly connected to endpoints that have critical customer data, such as credit cards and other credentials. Therefore, it’s important to pay attention to these threats that can affect your revenue negatively.
5. Man in the Middle Attack
Man in the Middle Attack (MitM) is a method used by cybercriminals to interfere in client and host sessions. Attackers can then use IP spoofing to disconnect the host and communicate with the customer as the host. They can ask customers for their sensitive information like their bank details and other credentials.
The customer trusts the host in this scenario, and if these attacks happen, it can affect your reputation drastically. Considering this, it’s important to keep all your connections end-to-end encrypted. Therefore, to keep your network end-to-end encrypted, ecommerce companies refer to cybersecurity companies Dubai to ensure all their sessions are protected and prevent unauthorized access.
How Can You Secure Your Online Business?
Leverage the knowledge and resources of professional cybersecurity experts to alleviate the most common and emerging cyber threats. With their decades of experience, they ensure your business is always out of cybercriminals’ reach. Contact now to get professional cybersecurity services that strengthen your company’s network infrastructure.