Business & Finance

Cyber Security & Selling Valuables Online

Over the past few years, we have turned into avid online shoppers thanks to innovations like the computer. We get almost everything over the Internet. However, with the advent of e-commerce, virtual stores dealing in luxurious merchandise have become a pot of gold for cybercriminals.

It would be terrible to purchase jewelry from an online store to be later informed that one’s identity has been stolen. Countless valuables stores are becoming favorable targets of cyberattacks. Even I have become more vigilant when selling my used jewelry online or looking to convert gold for cash near me. If you are amongst the thousands of sellers with an e-commerce platform, here are a few tips to help you protect both your business and your customers.

Common Types Of Cyberattacks To Watch Out For

1 Phishing

Hacktivists are enticed to sites dealing with valuable goods such as luxurious jewelry, designer watches, and precious metals like gold. The criminals build fake screens that clone the targeted store’s product page. They then send phony emails urging consumers to purchase from the dummy site. Remember the 2015 scammers who sent out dozens of fake emails purportedly from the Pandora brand? They were attempting to obtain sensitive information that they could monetize, such as credit card data of shoppers. Be sure to take note of any misspellings or shortenings of a URL as these are typical methods used to imitate real websites.

2 Credit card fraud

The majority of online retailers are affected by credit card fraud at some point in business. The problem with this kind of cybercrime is that it is aimed at the clientele. And the more luxurious the goods on the site, the more sophisticated the attacks. Due to the hefty price tags associated with these products, hackers believe that shoppers will have higher credit limits. When malicious sources obtain and use stolen credit card data, the losses are often directed to the retailer where the breach occurred.

3 Ransomware

We have all heard of, or read about, a cyber attack on a luxurious brand store where a retailer’s business’s data is held for ransom by a devious group. Ransomware is malicious software that encrypts your site’s data and creates a malfunction on the site ceasing operations. The hackers then demand payment to unlock the system.

4 Denial of Service

These attacks occur when hackers bombard the network system with tons of destructive digital traffic such as fake orders and email queries to paralyze a business’s operations intentionally. Online stores that sell valuables should ensure they have installed effective counter-attack strategies, such as anti-virus software and malware protection digital tools.

Food For Thought

The majority of jewelry businesses are inadequately prepared to combat cybersecurity attacks. Just one incidence can paralyze any stable business. This damage to businesses’ reputation and trust is often irreversible. I definitely would not purchase from a compromised site. And so will thousands of other shoppers. And even when companies manage to reverse these impacts, there are high recovery expenses. Having a cyber liability insurance plan in effect can effectively help reduce the effect of cyberattacks. Cyber attacks are a threat to not only your online valuables store but also the intellectual property and assets of both the store and consumers.

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