E-commerce Security Threats

Introduction

The emergence of e-commerce represents a real revolution in the world of business. Today, as the most superior technological basis, it is based on modern telecommunications, computing, information technology and cryptology.

E-commerce involves trade transactions between organizations and individuals, based on digital technology. Certainly, both components are equally important: digital technologies, which refer to the Internet and the Web, as well as trade, which implies the exchange of values for goods and services beyond individual and organizational boundaries (E-Commerce and E-Business, 2012). (Dodge, Carver & Ferguson, 2007).
E-commerce is one of the most vulnerable industries when it comes to cyber risks. With the exponential growth of internet use, the need for e-commerce has also increased. Therefore, e-commerce deals are a real source of wealth. Attacks during which data theft and misuse occur are the biggest risk for a company in the field of e-commerce. Without security procedures and solutions, these companies are constantly at high risk of losing their clients' private data as well as revenue. The most common threats they face are: spamming, e-skimming, financial fraud, phishing, DDoS attacks (distributed denial of service)), malware, as well as bots.

The proposed measures can mitigate cyber threats and thus help the company to raise its resilience to a higher level.

I Phishing

1. What is “phishing”?

Phishing is the most common security threat to e-commerce. This social engineering technique is used by hackers and cybercriminals. The term ‘Phishing’ refers to an attempt to steal personal information or user data. These are primarily usernames, passwords, account information, credit card numbers, as well as private information that can later be used for blackmail. Chaudhry, Chaudhry & Rittenhouse (2016). This is done through messages, calls, emails, and fake websites that are made to take someone else’s personal information.

Banks, insurance companies, and other companies that store this data are particularly exposed to phishing. They are implemented through social engineering tactics (manipulating users to obtain personal data). Such attacks have no limits and go all the way to the level of knowledge and skills of the attackers, who are constantly improving their techniques. This process of evolution takes place quietly and silently, just like the fight against phishing.

2. How do phishing attacks work?

Unfortunately, in the last decade, a special type of threat has been discovered in the form of a "phishing" system, where attackers present themselves as large companies of authority. They create copies of commercial websites and financial institutions and send emails/messages to clients. Clients are instructed to open/download a specific file or to click on the link contained in the sent message.

The email usually contains a link that directs the user to a malicious website that appears to be legitimate. The sent message can look like a notification from a bank, online store, social networks, and more. The email warns customers that they need to enter the code and card information in order to protect themselves from fraud. By clicking on a certain link, which seems totally authentic, they are redirected to a fake page, where they leave their private data.

Read the case Blue Cloud Gets Agile on pages 47-49 of your text, an...