Importance of Coping with Cyber Security Challenges in E Commerce Business

E-commerce is a platform where customers and firms meet on the internet to buy and sell things. It is transforming the way people transact from the comfort of home at a mouse click. More and more people preferring online shopping, is indeed a boon for ecommerce sites. However, cybercrime is also on an exponential rise, imposing a major threat. Credit card frauds, innovative phishing attacks, bad bots are a few challenges and there is a plethora of others resulting in not only loss in revenue but reputational damage to the e-commerce organization. Confidence in digital security has been essentially eroded due to major data leaks. Cyber Security is like air, vital for existence. The foundation pillars of cyber security are confidentiality which ensures that the customer's critical information like bank card details is safe, integrity which implies maintaining the accuracy and reliability of data throughout the ecommerce site surfing and transaction activity, and availability of requested data 24*7 on the website. Ecommerce industry needs to keep cyber security challenges at the center of all management decisions to ensure continuity, resilience and agility of the ongoing processes. The major area of concern is data privacy-security of customers' data. The paper discusses and analyses various types of cyber-attacks on leading ecommerce sites, and vulnerabilities frequently affecting the e-commerce web applications and suggests mitigation measures based on current industry standards. This should lead to better and more comprehensive management decision support in the e-commerce industry.