cybersecurity

Thanksgiving Cybersecurity: defend against holiday scams and hacks

insight
November 18, 2024
9 min read

Thanksgiving and Black Friday: a prime target for cyber criminals

Thanksgiving and Black Friday are synonymous with a surge in consumer spending. Millions of transactions, totalling billions of dollars, are made in just a few days in both online and brick-and-mortar retail. As consumers indulge in festive shopping, cybercriminals see an excellent opportunity to strike and target both retailers and unsuspecting shoppers.

According to the Ponemon Institute, the average cost of a retail data breach in 2023 is a staggering $3.28 million. Retailers, which are regularly among the top five industries most frequently targeted by cybercriminals, handle large amounts of sensitive data— - card information, personal details and account information — making them an ideal target for data theft. In times of high traffic, such as Thanksgiving and Black Friday, these risks increase dramatically.

In the rush to secure limited-time offers, many consumers let their guard down, making them more susceptible to phishing scams, fake websites and malicious ads. In fact, reports show that phishing and ransomware attacks spike by up to 30% during this time. The combination of high transaction volumes, attractive promotions and distracted shoppers creates a 'perfect storm' that makes the holiday season a favorable time for cybercriminals.

Preemptive steps retailers can take to strengthen cybersecurity 

The AI transformation is a holistic overhaul that is reshaping business processes and their value creation. Therefore, it requires a synchronized development of mindsets, capabilities, and tools to realize the full potential of AI and lead the future of work.

While there is no one-size-fits-all solution to eliminate cybersecurity threats, especially in times of high shopping volumes, retailers can take proactive measures to significantly reduce risks and safeguard both their operations and their customers. 

IT-Asset-Management-icon

Robust asset management and risk mitigation is a strong cybersecurity strategy to start with. By identifying critical assets and potential vulnerabilities, retailers can prioritize protective measures that will be most effective in managing risks. Given the sensitive nature of the data retailers handle.

A zero trust approach

A zero trust approach is essential to ensure that all data, devices, networks, and users are secured and continuously monitored. A comprehensive strategy should encompass protection, detection, response, and recovery. This holistic approach not only strengthens a retailer’s security posture but also minimizes the likelihood and impact of cyber incidents.

End-to-end encryption

End-to-end encryption safeguards sensitive financial and personal data, ensuring intercepted data remains inaccessible to cybercriminals and minimizing breach impact. Combined with multi-factor authentication (MFA) for accounts and robust endpoint and email anti-malware protections, especially during peak shopping times, retailers can significantly reduce unauthorized access and defend against ransomware, malware, and phishing.

4_Data-security-prowess

Regular security checks are essential to identify and eliminate vulnerabilities before they can be exploited. Working with trusted payment service providers and adhering to industry standards such as PCI DSS strengthens the security framework and increases consumer confidence.

Despite robust defenses

Despite robust defenses, attacks can still happen, so it’s crucial for retailers to have the right tools, teams, and processes for swift detection and response. With the scale of operations, even medium-sized retailers now need AI-driven monitoring tools to catch anomalies in real time and alert security teams faster than manual methods. Automated responses can also contain affected systems, preventing attacks from spreading.

Robust asset management

Robust asset management and risk mitigation is a strong cybersecurity strategy to start with. By identifying critical assets and potential vulnerabilities, retailers can prioritize protection measures that are most effective in managing risks. Given the sensitive nature of the data retailers handle.

By taking these proactive steps, retailers can not only mitigate risks but also instill greater trust and security for their customers during high-stakes shopping periods. 

Cybersecurity — a shared responsibility

While retailers play a key role in strengthening their cybersecurity measures, creating a safe shopping environment is a collaborative effort that also involves consumers. By educating their customers about common cyber threats — such as phishing scams and fake websites — retailers can empower them to make smarter and safer choices when shopping online.

This partnership between retailers and consumers is vital to prevent cyber criminals from taking over the festive season. When both parties are actively involved in safeguarding their digital transactions, the chances of falling victim to cyber attacks is significantly reduced. Together, they can ensure a safe and successful holiday shopping experience for all.

Cybersecurity

Conclusion

As we gear up for the holiday shopping season, both retailers and consumers should remember that cybersecurity is as important as ever. With billions of dollars in transactions and millions of customers vulnerable to attack, a proactive approach to cyber defense is essential. Retailers can make a big difference by implementing rigorous security measures, promoting consumer awareness and preparing for rapid recovery in the event of a breach. In the meantime, consumers should remain vigilant and cautious when shopping online and be aware of the importance of cybersecurity hygiene.

Ultimately, a secure holiday shopping season depends on the shared responsibility of retailers and shoppers. With heightened awareness and strong protective measures, we can ensure that the Thanksgiving and Black Friday shopping experience remains enjoyable, safe and free from disruption by cyber threats.

Author

arrow left arrow right
Shailendra_Nagarro
Shailendra Fuloria