Cybersecurity threats have been expanding over the years, and their impact can be damaging. From reputational loss to financial damage and safety risks, individuals and organizations can be severely impacted by these threats. Digital marketplaces are expanding and expected to grow in the future. Not only do digital marketplaces bring buyers and sellers together for convenient trading, but they also gather data into one place, making the number of people vulnerable to cybersecurity challenges more significant than ever. Therefore, what are the cybersecurity threats in digital marketplaces?
1. Phishing attacks
Digital marketplaces make use of email for consumers to sign up into the platform. The email enables a consumer to verify their registered account, receive notifications and many more. While this is useful in certain occasions such as retrieving passwords, it also exposes consumers to phishing attacks.
Phishing is a method used by hacker to gain your login details through fake emails that disguises as an email from your digital marketplaces login page or your payment processor’s login page. With messages telling something went wrong during your login process, it lead you fall victim by revealing information in order to fix the issue.
2. Distributed denial of service (DDoS) attacks
Digital marketplaces have a high possibility of becoming targets for DDoS attacks. This type of cybersecurity threat has many negative impacts on businesses. It slows down the website and server, leading to website downtime and poor user experiences, and can cause reputational damage. Note that popular digital marketplaces such as Shopify and Etsy have become victims of this type of attack.
3. Malware attacks
In the eye of hackers, digital marketplaces are not places that offer a wide range of products for trading but a data mine. Through malware attacks, hackers can gain access to data on the digital marketplace system or server, making them able to have control over consumers data and use them for various cyber crime such as identity theft, fraud and blackmailing.
4. SQL injection
SQL injection is a common cyberattack on websites. It is an attack method that involves hackers injecting malicious SQL code into an application to gain the ability to view and modify the database. The negative impacts of SQL injection on businesses include data loss, loss of control over the database, data breaches, and denial of services.
5. Man-in-the-middle attack
Digital marketplaces involve high frequencies of communication between two parties (between consumers and digital marketplaces platform). Man-in-the-middle attack is a cybersecurity threat that happens when attackers intercept this communication by using rogue access points or over unsecured Wi-Fi networks. Through this attack, consumers are exposed to the possibility of stolen or modified sensitive data including changes in the amount of a payment and altering the details of a transaction.
In conclusion, cybersecurity should be a top priority for both consumers and businesses in digital marketplaces. These platforms store a vast amount of sensitive information that is vulnerable to attack by malicious actors and hackers. To ensure protection against these threats, consumers and businesses should understand cybersecurity threats in digital marketplaces and practice strong security measures, such as multi-factor authentication, encryption, and regular security audits.
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