As the holiday buzz of Black Friday and Cyber Monday approaches, it’s essential for businesses and individuals to brace for potential cyber threats that could jeopardize data and security, especially with increased risks this year. According to Impact, 87 million Americans shopped online on Black Friday in 2022 while another 122 million consumers visited US brick-and-mortar stores over the Black Friday weekend. 2022 Cyber Monday sales reached $11.3 billion during the retail holiday. The booming shopping weekend invites cybercriminals to exploit online platforms and open threats to the sheer volume of credit card process transactions. Adobe surveys showed that Black Friday spending reached $9.12 billion, 2.3% more than in 2021.
The Retail Cyber Disaster Zone
These retail events are continuing to grow and create a ripe environment for cyber disasters, from social engineering ploys to cybersecurity oversights. Unprepared organizations face heightened vulnerability to severe cyberattacks due to the surge in online transactions, making retailers prime targets. TechTimes reporting shows SMBs are 50% more likely to be a victim of cybercrime than larger businesses, while 73% of all businesses are not prepared. They estimated losses from these online scams reported $6.9B during the retail holiday weekend in 2022.
Critical Considerations
Human errors contribute significantly to data breaches, representing 82% in a recent report. Tactics like phishing, smishing (SMS phishing), and vishing (voice phishing) aim to compromise networks during the sales frenzy, leveraging urgency and distraction.
Stay Vigilant:
• Watch for urgent messages pressuring immediate action
• Be wary of suspicious email addresses or domains
• Scrutinize for grammatical errors or misspellings
• Verify link legitimacy by hovering over them
• Avoid unexpected email attachments
Alert for SMBs
Small and Medium-sized Businesses (SMBs) face persistent cyber threats, especially during Cyber Monday. They possess valuable data, making them attractive targets. Threats include data loss, financial damages, downtime, and loss of trust from stakeholders.
SECURING DATA FOR CYBER HOLIDAYS AND BEYOND
For consumers and businesses alike, proactive measures fortify security:
Consumer Checklist:
• Invest in trusted antivirus or antimalware software
• Exercise caution with unfamiliar websites
• Ensure secure, encrypted connections for online purchases
• Keep security software updated
• Save purchase confirmations and receipts
• Strengthen passwords and monitor credit card statements regularly
Business Checklist:
• Assess and fortify IT infrastructure security before retail holidays
• Stay updated on security software and breach response procedures
• Educate employees on security best practices, particularly phishing awareness
• Implement robust backup and data recovery systems for disaster preparedness
BUSINESSES CAN PREPARE WITH INFRASCALE:
Businesses of all sizes need a reliable Backup and Disaster Recovery (BDR) plan, such as Infrascale. The retail cyber shopping weekend impact on revenue and data underscores the need for a resilient BDR solution to counter cyber threats and mitigate potential IT resource failures during high-traffic periods.
These retail events attract millions of consumers, but also lure malicious actors into high-volume online transactions, amplifying risks. Be equipped with insights and strategies to ensure a secure shopping experience amidst the holiday fervor.
Learn more with a quick demo and stay safe and secure with every click.
