Online Business Security Issues: 7 Most Common and A Way Out

Technological Development And Online Business Security Issues

The dawn of technology brings in state-of-the-art business processes.

For instance, the way companies collaborate with employees has changed.

This is due to the emergence of cloud-based services.

More and more businesses prefer working remotely due to less maintenance and higher affordability.

Some businesses also do things the conventional way like setting up their own infrastructure in terms of software and hardware.

Regardless of the type of business infrastructure they have, both are prone to Online Business risk resulting to security issues

And for online businesses, a security issue could mean losing a huge amount of money.

Even though technological developments are rising,

more and more Online Business security issues are also sprouting like mushrooms.

Even though more companies are distributing antivirus or spam filters,

hackers and Online Business criminals try to penetrate your system in any way they can.

Moreover, having an entire network that contains sensitive files and data requires more than just an antivirus software.

How To Prevent Data Breaches

Online business security issues is one menace that needs immediate attention.

To be able to prevent data breaches, online businesses owners must invest in a full suite of Online Business security issues tools.

This is to ensure that there is no loophole for hackers and Online Business criminals.

No matter how robust your anti-virus software is, one malware can grab your sensitive information in a snap of a finger.

That said, online businesses owners must think of their business security thoroughly so as not to jeopardize years of hard work.

To ensure your online business have a reliable cyber security system in place, they have to know what they’re fighting against.

Knowing the possible security issues will allow business owners to prepare than be sorry later.

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Without further ado, here are seven of the most common online business security issues.

Plus, we’ll also give you the lowdown on how to resolve each of them.

This way, you can rest assured that every security issues and your business structure is protected at all times.

7 Most Common Online Business Security Issues

On the topmost list of Online Business security issues is;

Unencrypted data

There’s a reason why this online business security issue is on the top of the list.

And that’s because this is the most common Online Business security issue among the others.

While a tracking device can monitor what goes on around you, internet tools and software aren’t as robust.

There are many ways hackers can get into your system and access your sensitive data.

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That is the reason why all sensitive data should be encrypted at all times. And there is no other way around that.

One of the reasons why this is very common is that most consumers and businesses permit online transactions.

And this is where information such as name, email, credit card, passwords, and more are vulnerable.

For instance, stealing credit card information is quite common as anyone can be a victim of phishing.

You can easily input your credit card number and if it’s not encrypted, many will have access to it.

Moreover, the password is also another issue when entering your information online.

That’s why many websites have a hashing algorithm so it protects the password.

Solution

Whether you’re an online customer or eCommerce entrepreneur, always ensure your site uses HTTPS.

It means Hypertext Transfer Protocol Secure. In the past, most websites use HTTP.

However, nowadays, experts advise internet users,

To always rely on websites that use HTTPS to avoid Online Business security issues.

It is a certificate that uses the TLS/SSL protocol to encrypt sensitive information whenever it travels in between networks.

Another simple solution for online users is to never store credit card information for your purchases on various websites.

You can use other payment processors such as Stripe.

But if you really need to store your sensitive data, ensure that it’s encrypted and the password is hashed.

The second on the list of common Online Business security issues is;

Insider web security issues

Web attacks are the worse incident any Online Business owners can face along the road.

However, insider attacks are even worse than that.

According to IBM and Harvard Business Review, more or less 60 percent of cyber web attacks are from insiders.

That goes without saying, the biggest web security threat to any business network is its employees.

Those that have the privilege to access users and systems. Some of the most known insider attacks are:

  • Leaking confidential information outside the company
  • Copying confidential files and bringing them outside the office premises
  • Abuse of user account privileges
  • Identity theft

These are just a few of the many security attacks any employee can do.

And the worst part is it’s hard to identify who is responsible for these attacks.

Solution

It’s hard not to give access to the most appropriate people.

That said, employ the concept of the principle of least privilege (POLP). This concept works by limiting user access rights.

However, this doesn’t mean they will be limited in their productivity also. This means that they only need to ask minimal permissions to perform their jobs.

The third on the list of common Online Business security issues is;

Malware Security Issues

Malware, otherwise known as malicious software, consists of data breach and network attacks.

This includes ransomware, spyware, and viruses.

Cyber attackers develop code that penetrates your system and does great damage to your data or the entire system.

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Moreover, malware can also gain access to several systems and networks.

The worst factor about malware infection is you don’t know where they come from.

It can be from the email you just clicked or a device that has malware.

Before building your infrastructure, you must ensure that you have a robust scanning system to filter emails.

This is the first line of defense you can do against malware infection.

But there are other simple ways to prevent it.

Solution:

Some types of malware like ransomware cannot be cleaned.

That said, it’s best to prevent malware infection especially if you haven’t backed up your files.

Here are simple precautions you can do:

  • Update plugins, operating systems, and browsers
  • Enable click-to-play plugins
  • Delete the software you don’t use
  • Always practice caution when opening emails
  • Use strong passwords
  • Make sure you’re using a secure connection
  • Always log out of any website or account afterward
  • Don’t call fake tech numbers
  • Don’t entertain cold callers

Next on the list is;

Data breaches Security Issues

The biggest data breaches of all time have served as a lesson for businesses.

Yahoo claims one of the biggest data breaches in 2013 and 2014.

The number of records affected is three billion and 500 million, respectively.

Recently, Facebook also had a huge data breach in 2019.

The number of records affected was 540 million and this is due to poor security.

Overall, a data breach can have a devastating effect on the organization.

Solution:

Here are some best practices you can do to prevent data breaches:

  • Regular updates of the software
  • Encrypt sensitive data
  • Upgrade software if the manufacturer no longer supports it
  • Employ BYOD security policies
  • Using strong usernames and passwords
  • Enforce multi-factor authentication
  • Educate employees against social engineering attacks

Another most common security issues is;

Buyer Fraud

One of the many online business security issues is also buyer fraud.

This can come in different forms and can be done by an ordinary fraudster or a hacker.

For instance, one fake buyer could be using a stolen credit card.

And when the real owner reports this, your online business could be losing a lot of products and services.

Another form of buyer fraud is when a buyer abuses you and demands for refunds.

For example, the fraudulent buyer could buy a lot from your online store. Then the buyer will claim that the transaction is not his.

In turn, the buyer then requests for a refund.

Solution:

While this might be a long shot because it seems impossible online, try to gain information about your customers.

Know your customers so you’ll have an idea at the onset if the transaction is fraudulent or not.

Next is to monitor declined cards.

What you can do is go to your dashboard, then check transaction status.

Another important solution to avoid this security issue is to always match shipping and billing information and postcodes.

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Distributed Denial of Service attack

A DDoS attack is an attempt to clog up traffic to a server to disrupt its normal flow.

It is achieved by using several servers or even IoT devices to bring unusual traffic to a server.

An attacker typically gains control of online machine networks.

This is so the attacker can perform the DDoS attacks.

Then the attacker also gains control of a series of bots called a botnet.

Once this is established, the attacker can then command the bots through a remote control.

Through the target’s IP address, the bot will then start sending requests to the target.

In turn, this causes the target’s server to bring in heavy traffic.

And this results in a denial-of-service.

In online business, this can be a security issue because it causes delays to your site.

Due to so much traffic, your website may take too long to load, causing customers to abandon your site.

Solution:

First and foremost, experts must be able to determine a DDoS traffic and normal traffic.

Although this is challenging, enforcing a variety of strategies is crucial to circumvent this issue.

Some are:

  • Limiting the number of requests that a server should accept
  • Create funnel traffic and blackhole route
  • Use a Web Application Firewall
  • Distribute the attack traffic to a couple of network servers

Finally on the list of the most common Online Business security issues is;

Phishing Security Issues

Another type of security issues that could threaten your online business is phishing attacks.

In phishing, hackers may try to gain your client information such as email addresses.

Then they will send your clients an email pretending that it comes from you.

These hackers will then ask for your clients’ sensitive information.

This is very tricky because hackers can make the email look like it came from your business by putting your logo and replicating a similar email domain.

However, this is the easiest online business security to prevent.

For one, detecting grammar and spelling mistakes is already a dead giveaway.

Secondly, strange attachments should also make your clients wonder if it’s a legitimate email or not.

Lastly, phishing emails have a sense of urgency wanting clients to immediately input their username and password.

Solution:

The best solution for protecting your clients against email is to educate them.

Consistently send your clients email newsletters reminding them never to fall prey to phishing attacks.

Conclusion

Online business security issues is a big problem faced by most Online Business owners.

These issues are very common in today’s world, but

Securing your business with the above listed solutions, will improve your online presence.

4 thoughts on “Online Business Security Issues: 7 Most Common and A Way Out”

  1. You have some good general points to make here, plus you expand into detail not often delved into by the average generic blogger!
    Nicely presented blog, I wish you well with your work.

    Reply

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