Cybersecurity Private Equity

Cyber TRUST™ Index

124

+1

52 Week

210

120

Index at 100 on January 1, 2020

Holiday Shopping Cybersecurity [Weekly Cybersecurity Brief]

Tis the season for holiday shopping. With Black Friday, Cyber Monday, and the overall flock to buy gifts for loved ones, online retail is experiencing one of the busiest times of the year. It is also experiencing one of the riskiest times of the year as threat actors look to take advantage of all the activity. So, now is an important time for both customers and businesses to ensure that they are proceeding with a keen focus on cybersecurity.

According to eMarketer, global e-commerce sales are projected to reach $5.5 trillion this year. And it was estimated that nearly 71% of consumers in the U.S. alone planned to shop online this past Black Friday and Cyber Monday. As 2020 taught us though, this trend can put sensitive information in jeopardy of exposure. A survey conducted by the Association of International Certified Professional Accountants in 2020 found that close to one in five respondents had gone through some brush with identity theft.

Identity theft is not the only risk facing those whose information is compromised. There are a wide range of cybersecurity issues that can unfold. Examples include account takeovers, distributed denial of service (DDoS) attacks and even Grinch bots, which are bots known for hoarding in-demand items so that pressure is put on companies, and it is more difficult for customers. In fact, a State of Security Within eCommerce 2022 report concluded that such advanced bot activity is rising.

In order to protect both consumers and organizations during this particular time, the CISA has offered some helpful tips. Jen Easterly, the director of the agency, stated in a press release, “As the nation’s cyber defense agency, our goal is to make sure Americans are safe online, especially during the holiday season.” They suggest checking that devices are up to date, using strong passwords and multi-factor authentication methods, shopping via trusted sources and fostering awareness around how customer information is stored.

Key Takeaways:

“Black Friday online shopping: How to up your cybersecurity game and protect your identity” – Katie Wedell, USA Today

https://www.usatoday.com/story/tech/2022/11/23/online-holiday-shopping-cybersecurity-black-friday/10764296002/

  • According to eMarketer, global e-commerce sales are projected to reach $5.5 trillion this year.
  • it was estimated that nearly 71% of consumers in the U.S. alone planned to shop online this past Black Friday and Cyber Monday.
  • This type of activity can put customer data at risk.

“The cybersecurity impacts of bots on e-commerce in 2022” – Security Magazine

https://www.securitymagazine.com/articles/98580-the-cybersecurity-impacts-of-bots-on-e-commerce-in-2022

  • Examples of other e-commerce cybersecurity risks include account takeovers and distributed denial of service (DDoS) attacks.
  • Another threat is a Grinch bot, which is known for hoarding in-demand items.
  • A State of Security Within eCommerce 2022 report concluded that such advanced bot activity is rising.

“CISA REMINDS ONLINE SHOPPERS TO STAY VIGILANT TO CYBER THREATS THIS HOLIDAY SEASON” – Cybersecurity & Infrastructure Security Agency

https://www.cisa.gov/news/2022/11/23/cisa-reminds-online-shoppers-stay-vigilant-cyber-threats-holiday-season

  • In order to protect both consumers and organizations during this time, the CISA has offered some helpful tips.
  • Jen Easterly, the director of the agency, stated in a press release, “As the nation’s cyber defense agency, our goal is to make sure Americans are safe online, especially during the holiday season.”
  • They suggest checking that devices are up to date, using strong passwords and multi-factor authentication methods, shopping via trusted sources and fostering awareness around how customer information is stored.
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