Does Black Friday increase the risk of Cyber threats?

With e-commerce sales set to increase for Black Friday and Cyber Monday, retailers need to be on alert for potential cyber security threats.  

For many, Black Friday and Cyber Monday mark the official start to the Christmas shopping season, excitingly many retailers announce limited-time sales that promise huge savings to consumers. But with the risk of being the bearer of bad news – it's also the prime time for cybercriminals to cash their payday too.    

Some digital threats that businesses need to watch out for on Black Friday and Cyber Monday.

Risk of Cyber threats include:   

Phishing Attacks  

Whilst consumers rush to grab themselves a bargain, they may get caught out in a phishing scandal. Phishing links commonly lead to fake login pages, prompting victims to authenticate themselves on their web account. Victims may think they are logging into their favourite retailer account, for instance. But actually, they are handing their username and password over to an attacker, who can use it to their advantage later.  

Although this affects users directly, it negatively reflects the businesses reputation, which can be difficult to recover.  

Malware  

Malware refers to any malicious software designed to harm a computer system by stealing, deleting, or encrypting data, hijacking functionality, or tracking user activity. Most Malware enters your systems via email. In 2020, Malware saw an increase of 358% in comparison to 2019 - so it is definitely a high-risk Black Friday cyber threat. 

Formjacking  

Formjacking is a form of Magecart, where malicious code is injected into the checkout forms of a website and can go undetected for a long time. Cybercriminals hijack web forms to steal personal and payment information from shoppers.   

Ransomware  

Ransomware encrypts files, so they are made inaccessible by the owner. The cybercriminal demands a ransom payment. Ransomware occurs when legitimate ads are hacked (malvertising), or through phishing emails and exploit kits.  

Not being prepared enough for cyber threats is a threat.  

A staggering 3 in 4 IT leaders (78%) expressed a lack of confidence in their companies IT security posture and saw room for improvement, according to IDG Research Services survey commissioned by Insight Enterprises. Despite this, just 57% conducted a data security risk assessment in 2020.  

Businesses need to up their cyber security efforts to reduce these risks and minimalise impact in case of an attack.  

How can you reduce the risk of cyber threats? Primenet can help. 

The above attacks take place daily and are not specific to the holiday season or large events like Black Friday, but the volume and frequency of these attacks significantly increase during these times.  

Being aware of these cyber threats is a step closer to preventing cyberattacks over Black Friday, Cyber Monday and the holiday season to come. Businesses should balance their investments in security awareness training for employees and put in place robust security measures that can help to scan their systems for suspicious activity.   

An experienced Managed Service Provider can help you design and execute a strong cyber security plan. Reach out to us at Primenet to learn more about the cyber security options available to you.