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Trust and reliability are two very critical factors that make an eCommerce website powered by WooCommerce a big success. That too in the present-day fiercely competitive marketplace. So, you need to safeguard the interest of your online business. As well as your valued customers. For this, you need to hire a cloud security specialist. This is to achieve a high level of cybersecurity on your WooCommerce website. And also to develop trust and confidence in customers about your eCommerce website.
According to the latest estimates about the losses due to cybersecurity breaches in the world. The total revenue of cybercrime has crossed $1.5 trillion in 2019. This revenue is as much as 3 times that of Walmart’s global revenue in the same year. As per Statista information. It says more than 1473 data breaches exposing over 164.6 million records were noticed in the US only in 2019. The average cost of a data breach is increasing heavily. That too especially in the field of eCommerce.
In this article, let’s talk about the importance of eCommerce security. And the popularity of the WooCommerce platform. And also the major cybersecurity threats to WooCommerce Websites. Then let’s discuss how to protect your WooCommerce powered website.
The popularity of WooCommerce in the eCommerce Field
WooCommerce is one of the fastest-growing eCommerce platforms in the world. There are more than 3,876,748 live websites that use WooCommerce at the time of writing this article. And over 196,478 websites redirect to the WooCommerce powered websites. Also, according to the SimilarTech information. WooCommerce is the leader in the top 1 million websites against Shopify. Which is the second in the top 1 million websites.
The market share of WooCommerce in the global CMS market is about 11.3% and about 6.8% until September 2020.
With such a huge growth and consequently expanding the market share. WooCommerce is a clear choice No.1 for a huge majority of the eCommerce entrepreneurs and developers. Above all, WooCommerce generated a Gross Merchandise Volume GMV of about $11.8 billion in 2019. That too with a significant uptrend in the growth of GMV in 2020.
Above all, the demand for a commerce cloud developer and cloud security solution providers are continuously increasing in the tech-talent market. Also, there is an increased demand for developers and security specialists. So, this pushes the cloud security specialist salary. That too substantially high in all major countries of the world.
What If Your Ecommerce Website Is Hacked?
According to a recent study conducted by IBM. It suggests that the average financial cost of a single data breach is about $3.86 million in 2020. Numerous other adverse effects are also associated with any particular data breach. So, an online store powered by WooCommerce will also face those stringent outcomes on hacking by cybercriminals. Always make sure of a high level of cybersecurity. This is by hiring an experienced cloud security specialist. That can help you reduce the risk of hacking of your eCommerce websites.
On hacking, your eCommerce business will suffer numerous setbacks as mentioned below.
As mentioned in the above paragraph. The average cost of a data breach is in millions depending on the size and type of breach. Any business sustaining a cyberattack would suffer from heavy financial losses – both directly and indirectly. This is due to multiple factors that incur heavy financial charges and compensation. The legal litigation from the data-breach sufferer is also a major component in this category.
Trust and reputation losses
Ecommerce websites heavily depend upon trust. Also, a reputation earned within the customer base. On the inflection of an eCommerce website by cybercriminals. Then, that particular online business loses the trust of the customers heavily. This translates into a reduced reputation and ill fame. It costs hugely on the prospects of the business.
Damage to brands
Creating a brand name is a long and cumbersome journey. Cybercrimes heavily damage these brands. Redeveloping the same brand value would be much more difficult than previous efforts. Which are used for creating the previous brand value in the marketplace.
It reduces sales. As your business suffers from damages of customer trust, brand value, and market reputation. All those factors directly impact the sales of your products and services. As a result, the customers will become reluctant in purchasing freely on a compromised website.
Damage control expenses
Initial financial losses, damage to brand, reputation, and sales are the immediate factors. That occurs once your website is compromised. Later on, you will have to invest significantly to recover from the damages. Which are inflicted on your eCommerce business due to cyberattacks. So, you will need new strategies, tech-talent. Also, consultancy and security professionals to revamp your business.
Major Security Flaws and Steps to Reduce Security Threats in WooCommerce Websites
WooCommerce is the most popular eCommerce platform. Websites developed through WordPress. And other popular programming languages and platforms extensively use this. The huge popularity of WooCommerce makes it the top target of hackers. It highly needs a team of professionals consisting of a remote cloud security specialist. And eCommerce cloud developer. Also, security analyst to reduce the security threats on WooCommerce websites.
The popularity of WordPress and WooCommerce are complementary to each other. Since it is designed and developed comprehensively on the WordPress platform. So, the security flaws of WooCommerce impact the security of WordPress and vice versa. Here are the steps to reduce major security flaws.
According to the WP White Security information. It says about 41% of the WordPress websites powered by WooCommerce are hacked due to hosting platform issues. Poor security and workflow in the hosting platform are some of the most critical flaws. Hackers exploit these to attack WooCommerce websites. You need to use the most robust. And reputed web hosting platform to avoid this problem.
Themes and plugins issues
Numerous themes and plugins are used for an eCommerce website. More than 51% of the data breaches happen through the exploitation of themes and plugins. The solution to this problem is simple. Update all themes and plugins regularly. Any plugins that are not updated during the past 6 months. Should be considered for replacement with another similar type of tool. Never use abandoned plugins or themes without regular updates.
Configuration of the WooCommerce platform, different plugins, WordPress administration. And other allied components is another major flaw in WooCommerce websites. Website hackers take advantage of these. It is recommended to custom configure the entire website. And also remove the default configuration. Create roles very carefully and use very strong passwords or 2-factor authentication. Also, login attempt limits to avoid any major online security threat.
Outdated and untrusted software issues
Exploiting the outdated software, plugins, themes, and tools are the most attractive ways for hackers. Hackers also use certain plugins, themes, and tools. That has been downloaded from untrusted sources to exploit. To avert any damage through these vulnerabilities. You should always download software tools from trusted sources. And delete any plugin or tools not-in-use immediately. Keep all those tools and plugins up to date always.
Overruling the security policy
Security is a continuous work. And needs a regular follow and adherence to the predefined sets of security protocols. If any lapses in the security mechanism occur. The website will be at high risk. So, always follow the security policy strictly.
How Can We Protect WooCommerce Websites?
Protecting your WooCommerce website is the prime responsibility of the entire technical team. Who develops, updates, monitors, and analyzes the website and its functions and capabilities. Protecting a WooCommerce website is not a one-time activity. For this, the entire team should instill a continuous culture. This includes the development of a website. Or a tool for the performance monitoring of the website. You should correctly define, implement, and monitor every step. Also, every stage for establishing robust cybersecurity on your WooCommerce website.
To protect a WooCommerce website, take the following useful steps.
Major Points to Note
- Always choose the best web hosting service provider. That offers a high level of security. And privacy on the cloud platform it offers.
- Develop a website through professional developers. Who are very well aware of the security factors. That makes the WooCommerce website more secure, robust, reliable.
- Never use the default configuration on either on WordPress or WooCommerce tools
- Make sure you use the custom configuration. With strong passwords for every role on all resources of the website.
- Enable 2-factor authentication wherever possible
- Install security software and plugins on your websites. To reduce the risk of viruses and malware attacks.
- Backup the entire websites regularly. To recover the website from any unwanted mishap or cyberattack.
- Install the latest version of Secure Socket Layer SSL certificate on your website. It is for robust encryption of communication between client and server
- Update every plugin, theme, tool. And other components used on the WooCommerce website on a regular basis.
- Harden your configuration for obtaining robust security. For this purpose. Use the option of blocking PHP execution in the folders that you don’t trust. Disable all file editors in all plugins. Also, change security keys consistently, and others
- Always monitor the performance and bugs on your website. Through different professional-level monitoring tools available in the market
- Set a security policy and protocol. And make the entire team and stakeholders follow that for day to day activities.
If all of the above-mentioned steps are implemented. Followed, and monitored properly. Then, your website will be able to avert many potential security threats.
WooCommerce is the fastest growing eCommerce platform. E-Commerce websites extensively use WooCommerce. The cybersecurity threat to WooCommerce websites is continuously increasing. This is due to its increased popularity. Numerous flaws and points of failure are available in WooCommerce websites. A hacked WooCommerce website will cost the entrepreneurs dearly. In terms of brand devaluation, loss of reputation. Also, direct financial loss, recovery losses, reduced sales, and others. So a Cloud Security Specialist is very necessary. This article also mentions the most useful tips to protect a WooCommerce website.