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Ecommerce explosion ‘opens cyber attack floodgates’

 960 640 Stuart O'Brien
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According to the Global Information Security Survey by Ernst and Young, customer information is the most valuable type of data for most attackers.

The threat to cybersecurity and privacy is increasing: about 6 in 10 organizations (59%) have faced a significant incident in the past 12 months, and 48% of executive boards believe that cyber attacks and data breaches will more than moderately impact their business in the next 12 months. 

Data breaches involving payment fraud and other issues related to online security have skyrocketed over the past few years, coinciding with the growth of the e-commerce industry, especially during the COVID-19 mandated quarantine regime. Measures to protect businesses and customers against cyber threats have never been more important.

One challenge that has grown for e-commerce businesses is that of open-source software vulnerabilities, according to NordVPN. Open-source software uses code that anyone can view, modify, or enhance. And while it has been hugely valuable to e-commerce businesses, it also carries a number of cybersecurity challenges.

‘’Open-source software is popular because it is often free to use or can be modified to suit the individual needs of a business. But this popularity means that any vulnerabilities found in the code can be a massive problem across a huge number of websites. Add in the changes COVID-19 has brought, and this problem has intensified a lot. Companies should really start making technical improvements to their websites fast if they want to avoid a potentially catastrophic breach. If they continue using unpatched, open-source software with vulnerabilities, they’ll leave themselves open to attacks,’’ said Juta Gurinaviciute, Chief Technology Officer at NordVPN Teams.

Another issue businesses are facing is the rise in attacks on outdated or fake plugins. When used on companies’ websites, these compromised plugins can lead to the spread of malware. One such issue is e-skimming — an attack where malware infects online checkout pages to steal payment and personal information of shoppers. E-skimming is getting more common — companies both large and small have been hit by e-skimming attacks in the past two years, and that includes big names like Macy’s, Puma, and Ticketmaster. 

Other security threats to e-commerce sites include phishing, ransomware, SQL injection, DDoS attacks, and cross-site scripting (XSS).

E-commerce websites hold a lot of valuable data about their customers, and that makes business owners a target. Customers put a lot of trust in the merchants they shop with, providing personal data and sensitive payment information with every purchase. Earning consumer trust is critical to a continued relationship. Once lost, earning it back is really hard.

Businesses are also required to meet various compliance standards, and fines can be levied if those are not met. In case of a breach, there is a whole host of other problems to address: forensic investigation, data recovery services, credit monitoring for impacted parties, and liability insurance to help mitigate this financial risk, to name just a few.E-commerce security is never a done deal. Threats and hacking methodologies evolve at an alarming rate, so maintaining awareness and a security-focused mindset is the key to staying secure. Layering multiple solutions for business security is one of the best ways to keep an online business safe against cyber attacks.

‘’Companies can start with their firewalls (including web application firewalls), making sure the connection is secure, ensuring that passwords are strong, implementing multi-factor authentication, using intrusion detection systems, and constantly monitoring and updating web platforms,’’ the NordVPN Teams expert added.

Hiscox reveals results of staged ‘real world’ Brompton cyber attack

 960 640 Stuart O'Brien
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Hiscox recently collaborated with iconic bike manufacturer Brompton to stage a ‘real world’ cyber attack, simulating the effects by constructing a complete clone of Brompton Bicycle’s east-London store overnight, hiring ‘staff’ and stocking shelves with counterfeit merchandise.

The fake store, called ‘3rompton,’ opened its doors to the public on the opposite side of the road and subsequently launched a series of cyber attack simulations on the genuine Brompton store in Shoreditch, with reactions of staff and passers by captured on video (https://www.youtube.com/watch?v=Y1b8865GOHU&feature=youtu.be).

Common hacking techniques such as ransomware and phishing were brought to life through a series of simulated offline attacks; the real store was boarded up, displaying a ransom note demanding Bitcoin in exchange for re-entry; genuine stock deliveries were diverted to the fake ‘3rompton’ store, highlighting the potential effects of a phishing scam; finally the real Brompton store was flooded with imitation customers overwhelming staff, simulating a denial-of-service (DDoS) attack.

According to the insurer, one in three (33%) UK small businesses have suffered a cyber breach and this simulation is the latest initiative in its cyber awareness campaign, set-up to highlight this risk. 

The firm says cyber security incidents cost the average small business £25,7003 a year in direct costs (e.g. the costs of IT experts in response to the incident, lost revenue and replacement systems), but this is just the beginning. Indirect costs such as damage to reputation, the impact of losing customers and difficulty attracting future customers, means the true figure can be significantly higher.

Robert Hannigan, former Director of GCHQ and Special Advisor to Hiscox, said: “Cyber crime is one of the biggest security risks facing businesses today but many aren’t taking it seriously and many more are underprepared. It’s a less tangible risk than burglary or a fire which can make it hard for businesses to grasp, so bringing cyber crime to life with an exercise like this is a useful way of conveying an important message. 

“The hacking techniques being simulated such as ransomware and phishing are extremely commonplace and have been for many years. At the same time, new types of cyber crime continue to emerge, which makes staying on top of cyber security an ever-evolving challenge.”

Will Butler-Adams, CEO Brompton Bicycle, added: “Our business is about our bike; the design, function and support we give to our customers over the life of the product. We have spent forty years developing the Brompton brand and continue to take risks to innovate and improve the design. When people copy us, with little understanding of the engineering and care behind the design, they are trying to fool our customers who may go on to buy a potentially dangerous product. We wanted to work with Hiscox to highlight these risks, as it is a serious issue and is not limited to the product but also to online cyber fraud, spam emails and viruses, that hurt businesses and their customers alike.”