E-commerce Security Threats Causing $44 Million in Losses; Phishing the Main Culprit

As e-commerce continues to grow, so do the threats posed by cybercriminals bringing the need for E-commerce cybersecurity to the fore. Phishing attacks have become a significant concern, endangering businesses and consumers. In this blog post, we'll delve into the recent e-commerce security trends being driven by phishing attacks and discuss how organizations can mitigate these risks through comprehensive training and Jericho's advanced phishing simulation platform.

E-commerce Security Trends Reveal Phishing Attacks as the Main Culprit

Numbers always tell a story especially when you're trying to project into the future which is why these e-commerce security trends are so important . Unfortunately, in the case of e-commerce cybersecurity threats, the numbers tell an alarming story. Going by the numbers released by multiple independent sources (below), security threats to E-commerce are on the rise. In fact, they’re rising alarmingly fast as the availability of AI makes it easier for malicious actors to make phishing attacks even more sophisticated.

• 250% growth in phishing attacks between January 2021 and May 2022. (Source: INKY)
• $44 million in losses from August 2019 to December 2021. (Source: FBI)
• 5.6% of all phishing attacks targeting this industry. (Source: StationX)
• $40 billion in online payment fraud, often a result of phishing (Source: Statista)

These e-commerce security trends underscore the importance of implementing comprehensive cybersecurity measures, such as regular employee training and powerful email security solutions, to safeguard e-commerce businesses from the persistent threat of phishing attacks.

How to Deal with E-commerce Security Threats

The big question, however, is how to deal with these E-commerce security threats. While information security can be handled through tech upgrades, the weakest chink in the armor is employee gullibility and lack of security awareness. This is why companies should provide training to their employees to prevent phishing attacks on e-commerce platforms. But, what does the actual process look like? There are three layers that can be put in place to combat security threats in E-commerce arising out of human ignorance.

Educate employees on E-commerce Security Risks Such as Phishing

• Teach employees about the most common e-commerce security threats with a special emphasis on the dangers of phishing, how to identify suspicious emails, and the importance of adhering to cybersecurity protocols.
• Regularly conduct phishing awareness training sessions to keep employees up-to-date with the latest phishing techniques.

Simulate Phishing Security Threats in E-commerce Environments

• Use advanced phishing simulations that leverage AI to create realistic phishing scenarios and test employees' readiness to detect and report such attacks.
• Provide instant feedback and recommendations for improvement based on their performance.

Counter Prevalent E-commerce Security Issues by Fostering a Security-Conscious Culture

• Promote a culture of security awareness by encouraging employees to share information about phishing attempts and best practices.
• Reward employees who demonstrate exceptional awareness and quick response to potential threats.
  
  

E-commerce Security Trends Show That Phishing Training is the Need of the Hour!

As is evident, the e-commerce security trends show phishing to be incredibly widespread and dangerous with businesses and consumers alike at risk. This is why organizations must proactively educate and train employees to identify and respond effectively to these modern-day sophisticated e-commerce security threats. Organizations can significantly reduce the risk of phishing attacks and protect their valuable assets by partnering with Jericho for comprehensive phishing training and simulation.