It is usually thought that the individuals and businesses who adapt the concept of online trading or even shopping might be well off by now. Well, it is not that easy as can be seen. There are a few pain points and the risks that all businesses go through.
Moving further on the topic, if we need to understand about E-COMMERCE, we first need to understand the word COMMERCE. What the word COMMERCE means? COMMERCE refers to an exchange of goods/services for monetary returns; AH! Now what would E-COMMERCE refer to? E-COMMERCE is nothing but Commercial transactions done through any electronic medium.
While doing some research online, I noted that, year by year E-COMMERCE businesses are trending at losing up to $305 billion or even more possibly considering the frauds that go undetected. At an initial stage this figure to me looked exaggerated. However, in digging further into the fact files, I was forced to be convinced with these numbers.
Coming to learn this, made me find out the risks which almost each E-COMMERCE business development is facing in today’s fast paced technical digital world. This is vulnerable and it’s really a task to bring the following under control.
Let me just list a few risks involved in such businesses and I have tried to keep things as simple as I could to make you understand these:
WELL! not to mention, these are just a few from the bag that keep growing continuously in terms of various ways these hackers and the online thugs/thieves find their exploitative ways to manipulate the system. Therefore, it becomes a necessity for any business to spend on having a strong trusted solution provider that can help curb the hacking risks and also a housed team of trained professionals who are good at analysing the transactions with key identifiers or suitable indicators and flag it with an alert.
Despite more resources and investment being indulged into data security, phishing, data mining and plethora of other cybercriminals are still successfully stealing businesses and confidentiality of data.
A few examples to go with the justification for the current hack happenings around us can be seen as follows:
To learn about what The Dark Web is and why is it known to be Hackers Paradise, we need to know where all the stolen data goes and how these Hackers benefit from the sales.
The Dark Web title is self-explanatory. It is a Marketplace for Stolen Data. The rise in the number of data thefts is patrolled, in huge chunks, by the Dark Web.
Earlier, such criminals used to sell their stolen products through a network of some sheltered contacts. This unilluminated corner of the internet does much of the same task, but, is remarkably more dreadful.
Under the anomic aphasia by trading in cryptocurrencies, the dark web is the place where data is purchased and sales happen for a price. Often people confuse Dark web with the Deep web. The dark web is far different and more menace when referring to various criminal activities taking part in a non-indexed part of the web.
Data keeps varying in value on the dark web. For instance, according to cybercriminal shopping list by the RSA (Rivest, Shamir, and Adleman), bank account details can be sold for anything starting from $4 to $25 – for being able to avail access to a variety of ecommerce development services for customer accounts including bank accounts to retail accounts. Also, personal information that is not easily changeable such as a credit card or bank accounts, is reportedly of more value to cybercriminals and in fact drives a huge hike in prices on the dark web.
Moreover, the dark web is not merely a place to purchase or sale stolen data; In addition, it promotes and enables cyberattacks by making it easy to avail hacking tools at a cheaper price to anyone and everyone who has a basic computer – this leads to be a big threat to the overall security throughout the web.
A research conducted in 2018 by (VPN) Virtual Private Network comparison service Top10VPN.com, stated how easily these fraudsters cold access various hacking tools over the Dark Web at a cost as cheap as a cup of coffee. For example, various entry-level hacking tools, such as ready to use phishing pages using a software to compromise most of the Wi-Fi networks and files to assist hackers hack passwords, all get sold for as less as $3.96 (£3.00) over the Dark Web. Moreover, the most comprehensive hacking toolkit could be bought for just $131.00 (£99.00).
Many acers believe the depths of the dark web are never ending, this means that the data owners will face more threats and evil consequences in near future if they did not come up with the correct measures in place to alleviate risks.
There are a number of preventive measures one can take to safeguard one’s data and system against the ongoing fraudulent practices:
Take right measures and assure your online house is safe from the online world out there. We all need to be extra cautious when sharing our personal data or confidential information over the internet. Our safety is in our own hands. Always remember ignorance always is not a bliss.
Hope this blog is informative and helpful. Feel free to Get in touch with us. Thank you for reading. 😊