Small business owners fondly believe that their revenues and customer base are not enough to attract intruders, but statistics on cyber attacks says otherwise. The year 2017 already marked a point of 164% increase in stolen, lost, or compromised records compared to the previous year. Most of the breaches fall within internet security breaches. Relatively 43% of cyber attacks target small businesses. What happens if you neglect precautions and leave your store unprotected? All scenarios are equally unpleasant. You can either lose money directly or expose your customers and lose them as a result. Small or big, online business requires people to trust them their personal information. Customers carelessly accept the risks of paying online and give stores and merchants their card numbers and PayPal account details. There are two parties involved in the deal, but the merchant is the one that is expected to take security measures. In the following article, we will talk about effective ways to protect your online store.
Worst cases of security breachesThe cases are numerous but we will focus on the ones that concern ecommerce giants.
- Yahoo — 3 billion user accounts affected in 2013-2014. Data breach compromised names, email addresses, dates of birth and telephone numbers. The damage cost reached $350 million. It all happened because of the bcrypt algorithm that went unnoticed.
- eBay — 145 million user accounts exposed in 2014. Leaked employee login information provided hackers the access to customer database for half a year. It resulted in exposed customer data, including email addresses, passwords, and real names, and decline in user activity. The reason for the incident was poor mechanism of password security and renewal, and lack of customer notification.
- Target Stores — 110 million accounts involved. The breach wasn’t discovered right away, and intruders had a few weeks to gain access to credit card and contact information. The intrusion cost $162 million. The intrusion cost the company $162 million, and happened right before Black Friday weekend.
- Sony PlayStation Network — 77 million accounts compromised. This fraud, with losses of $171 million and site being down for a few weeks, is recognized as the worst ever in gaming community. Leaked data contained 10 million unencrypted credit card numbers and full customer information, including purchasing history and login credentials. The hackers started to use stolen credit card details, and after that the fraud become clear.