How to Keep Your Magento Store Safe from Online Threats in 2024

This article will take a closer look at some of the most effective measures that can prevent massive losses for Magento-based stores. If you do not use Magento yet, but are interested in switching platforms, consider reaching out to specialists providing Magento migration services.

Why is Security So Important for Online Stores?

Imagine if hackers suddenly accessed all the data—about products, finances, and customers—stored in your online store. If they use the data maliciously, not only could your business lose valuable information, but your buyers may also be at risk of identity theft or financial fraud. Because of this, online retailers should never underestimate the importance of cybersecurity, especially if they deal with sensitive data or high-value transactions.

Hackers often sell or leak stolen data on the Internet, and if the source is identified, it could severely damage the reputation and trust of the company that was attacked. Even though businesses are victims of crime, the damage done to their reputation can have catastrophic effects, and they may even end up in bankruptcy.

Safeguarding your store is not just advice given by experts, but a necessity in today's digital age. While some security measures are an investment, the cost of not implementing them can be much higher in the long run. According to recent studies, e-commerce companies have lost over $48 billion in revenue because of data breaches and hacker attacks – the number is only expected to increase as cyber threats become more sophisticated. Do not risk losing your good reputation and customers' trust just to save money on cybersecurity.

How to Keep Your Online Store Safe?

As we have mentioned before, there are many ways in which you can save your business from falling victim to cyber attacks. You can implement all of them on your own, or hire a Magento development company to aid you in this endeavor.

Let's take a closer look at some of the easiest and most effective methods to keep your online store safe.

Implement Strong Access and Authentication Controls

A simple password won't keep the danger away. Even a sophisticated combination of special characters may not be enough today when cybercriminals are constantly finding new ways to bypass security measures. To prevent unauthorized individuals from getting their hands on your assets, you need to establish more robust authentication and access controls.

Two-factor authentication is still one of the most popular ways to add an extra layer of security to your Magento store. It is simple, yet highly effective in dealing with unauthorized access. The Magento_TwoFactorAuth module that allows you to turn the two-factor authentication on is only available for Magento versions 2.4.3. And up, so make sure your store is up-to-date if you want to use it. There are also multiple third-party extensions that help set up 2FA.

While it is not on your side of the transaction, it is important to encourage your customers to always use strong passwords, change them every now and then, and never trust password reset emails that they did not request.

Keep User Permissions and Roles Clear

This one works for the newer versions of the platform, so if you are still using an older version, you should definitely think about upgrading from Magento 1 to Magento 2. Access to specific backend areas, such as admin, customer service, or marketing, can be controlled and restricted for different users based on their assigned user roles.

Assigning the roles is not a difficult task - in fact, it only requires you to go into the settings panel and make the necessary adjustments in the System → Permissions section. There, you can set up different roles with specific permissions and easily manage who has access to what areas of your online store. It is a straightforward way to increase the security of your whole website with just a few simple clicks, ensuring that only authorized personnel can make critical changes to your store.

What's more, with specific roles given to specific users, you can also track who made any changes or updates. This will make it easier to single out any potential individual at fault, as well as prevent insider threats.

Choose Secure Payment Gateways

As payment gateways read your customer's financial information, it is crucial to only choose the most secure options available. Look for gateways that are PCI-DSS compliant and have a good reputation for protecting sensitive data. The more secure gateways may cost you more, but, as with most security measures, it is better to invest in a secure payment option than have to deal with the aftermath of a data breach.

Take into account the level of customer service the payment gateway offers in the event that any problems arise. Make sure that the gateway is available in the countries in which your business operates and that it complies with all necessary regulations for you to conduct business legally in your country.

Moreover, factors like multi-currency support and mobile payment support will be important to your clients, so make sure that the gateway you choose also offers those features. Choose the payment processing provider that offers an optimal balance between security, customer service, and features.

Backup Your Data Often

We can't emphasize this enough: make sure to back up your data regularly. Losing important data could be detrimental to your business operations, and not only can they get lost due to a cyberattack, but also to a technical issue.

Storing your backups on a secure, off-site server or cloud storage solution will be a good and safe choice: this way, you can easily recover your data in case of any unexpected events. Additionally, have a disaster plan in place to ensure your operations are not interrupted for too long if anything happens to the data.

Making backup copies of the information stored in your online shop's database is easy - you just need to find the System → Tools and choose the Backup function. There you can choose what data you want to save and then store it somewhere secure to prevent potential loss. You need to remember to update those backups regularly, though, to avoid losing any new information that has been added since the last one.

Your Magento Store Can Be Secure

The four options we have listed above are just a few of the many measures you can take to keep your business safe from harm. While there is no universal solution that would protect your store from every threat in existence, it is still important to implement as many security measures as possible to minimize the risks.

It is not difficult to keep your business secure, and neither is it time-consuming. It does not have to be ridiculously expensive as well - you are the one to decide which security measures are necessary based on what works best for your business and budget. As long as you stay vigilant and address the potential threats before they become a problem, you can effectively protect your Magento store from harm.