The application of technology and the internet in our lives is tremendously excellent. We use the internet for entertainment, communication, shopping, etcetera. One place in which the application of the internet has been overwhelming is in commerce. Electronic commerce is a significant part of business, especially from a global perspective. Today, it is so possible to shop for a product overseas and make the payments electronically. Isn’t it amazing? Any form of trade where the parties communicate electronically rather than physically is referred to as ecommerce. Electronic commerce has grown to be so popular. A Statista report predicts that by 2023, e-commerce sales will account for over 22% of the global retail sales.
A critical component of e-commerce is the electronic payment system. Today, the electronic payment system is becoming increasingly popular because of the extensive overreliance on internet-based shopping. This trend has led to a broadly perceived risk attached to electronic transactions. The perception can be justified in various circumstances. The number of threats (malicious applications and intruders) targeting business transactions has accelerated dramatically in the recent past. Man in The Middle Attacks, spamming, transaction poisoning, worms, Trojans, and spoofing are some of the many threats that target business transactions. Concerted efforts should be directed to e-payments systems to ensure that they are secure. In this article, I will explain to you five of the critical measures that you should have to ensure your business transactions’ safety.
- Use anti-malware programs
Malware attacks are rampant in the ecommerce transaction arena. According to a report by the Organization for Economic Co-operation and Development, is a chief danger to the internet economy. Many key actors, including end-users, intermediaries, e-commerce stores, and vital infrastructures needed to facilitate e-commerce transactions, have previously felt the heat from malware attacks. The effect of a successful malware attack can be so shattering. Appropriate actions need to be taken hastily to protect business transactions from malware attacks and encourage a healthy and safe business environment.
Anti-malware software can be a very vital player in ensuring secure online e-business transactions. The software will detect, remove and protect your network from any form of malware attacks. The anti-malware program will continuously scan your network to identify and eliminate possible malware threats that could pose risks to your online business transactions. Essentially, the anti-malware program will do the following tasks:
Detecting any form of malware attacks or malicious codes that could be a danger to your business transactions.
Once the software has identified a malware attack; it will determine which form of malware it is.
Lastly, the software will disinfect the malware by removing it from your system and cleaning your system.
Here are some of the examples of anti-malware software that you should consider installing on your network to ensure for secure online transactions:
i. Anti-spam program
ii. Anti-virus program
iii. Anti-spam program
2. Implement the Secure Socket Layer Certificate Encryption
With the growing security compromises, most shoppers are reluctant to share their credit card details, online banking passwords, and other financial disclosures. Shoppers are wary that malicious intruders might intercept the details they share with ecommerce stores. The SSL certificate is a boon.
The Secure Socket Layer was first brought into existence in 1994 by the Netscape Corporation. It is also referred to as the Transport Security Layer (TSL). SSL certificates work in tandem with the HTTP protocol to give rise to a more secure- HTTPS protocol. The Secure Socket Layer Certificate fundamentally comprises small cryptographic tools that initiate secure communication between web servers and end-users’ browsers. An SSL certificate’s availability ensures that all the communication and file transfers between the web browsers and web servers remain encrypted. Only the intended recipients who possess the right key to decrypt the communication will do so.
Cheap SSL certificates, therefore, remain a crucial component for securing online business transactions. You are sure that your credit card details, financial records, and all other confidential information that you share online will remain in safe custody. For this reason, you do not have a choice but to install the certificate on your website. Website owners should only acquire the certificates from trusted certificate authorities. As a shopper, you must ensure that the ecommerce store you interact with has the certification. It is for your safety. To establish whether a website has an SSL certificate, you should check the website’s address. If the address begins with HTTPS instead of HTTP, you can go ahead to transact with the ecommerce store.
- Use Strong and Complex Passwords
Strong and unique passwords are indispensable in the quest to secure online business transactions. Weak passwords can give hackers an easy way into your accounts, steal money, information and tamper with your business transactions. Most ecommerce platforms will allow users to create their passwords without proper guidance from website administrators. Many users end up creating weak passwords that can easily expose them to hackers.
Hackers have become creative and are using advanced techniques to crack through passwords. The brute force attack is more prevalent in cracking passwords where the hacker will combine multiple passwords to log in to an account. If you conduct any form of online business transactions, it is wise that you apply the best password practices.
A good password should be strong enough to withstand the forces of attacks directed at them. A strong password should be complicated and hard to guess. Ensure that you use a long password that should be a blend of characters (numbers, uppercase, lowercase letters, and special characters). You should also ensure that you use a different password for every account. Take note of the proper password storage practices. Avoid storing passwords in vulnerable sources that a hacker can easily access. Furthermore, avoid the culture of letting your browsers store your passwords. It makes your passwords vulnerable, as all an attacker will need is access to your browser.
- Use an Up-to-Date Operating System
It is a smart move to stay up to date with all the security protocols, and measures experts are developing. System developers want to ensure that they are a step ahead of the hackers. They will figure out the security vulnerabilities and loopholes that can give an attacker access to your network and compromise your online business transactions. They will then release a new version of the software that addresses the vulnerabilities. If you want to be a step ahead of the hackers, you should regularly update your software and operating system.
- Constant Security Audits
Finally, carrying out thorough security audits to your payment system will help you tie up loose ends. Security audits will help you discover the weak links that a hacker can easily take advantage of. You can outsource for a company such as Security Metrics, which offers a wide variety of features to help with security audits. For instance, they provide the ethical hacking in which the penetration test analysts will assess your network and payment system much as a hacker would do. In doing so, they will discover the flaws that a hacker can easily exploit to tamper with your online business transactions. After discovering these flaws, you have to ensure that they are amended.
With the increase in cyber threats and vulnerabilities, it is always essential that you keep your online transactions safe. In this article, I have explained five simple measures that you can use to secure your online transactions. Following these guidelines will help you reduce the likelihood of a security breach hitting your online business transactions. They will help ensure that your business transactions run smoothly and free from any cyber threats.