Holiday Season: Cybercrimes Rise Threat to E-Commerce Shopping – Tips to Avoid Online Frauds!

The holiday season has finally set in, and so will the frenzy of online shopping. This time of the year might be critical to e-commerce firms, but for cyber threats, it marks an upsurge in the level. According to the latest study conducted by Liquid Web, December is, after all, the most pivotal month for all online retailers - with cyber attacks increasing a total of 31% compared to the overall yearly average.

This means that while shoppers are hunting for the perfect gifts, cybercriminals are lurking, ready to exploit vulnerabilities and steal sensitive data. It's a worrying trend that highlights the need for businesses to be proactive about cybersecurity.

The Statistics Are Alarming

The study, which polled 505 business owners, found that 64% of respondents said December was their highest sales month, while 39% reported the most cyber incidents during this month. High-traffic shopping days like Black Friday and Cyber Monday are particularly perilous, with over one in four business owners (26%) experiencing cyber incidents.

The number of attacks is shocking; for peak shopping seasons, organizations reported an average of three cyber events, with almost 24% reporting five or more. The financial impacts of these events are severe, with organizations expecting an average revenue loss of $147,848, or 20% if a significant cybersecurity event occurs during a peak shopping month.

So, why do cybercrooks target businesses during the holiday season? There are several factors at play:

• Increased Online Traffic: Online shopping portals see huge traffic and online transactions. This means heavy utilization may strain the security mechanisms of a website and is more likely to provide an easy route for attacking perpetrators to infiltrate the system.
• Seasonal Staffing: Most businesses recruit seasonal workers during the holiday season. These workers may not be fully trained on best practices for cybersecurity, and therefore phishing scams and social engineering attacks might go unchecked.
• Sales Focus: The pressure to achieve maximum sales during the holiday season often pushes aside cybersecurity. A business might compromise security checks in favour of faster transactions, opening it up to vulnerabilities that attackers could exploit.

The Need for Preemptive Cybersecurity Measures

In light of these statistics and factors, it is evident that businesses need to be proactive about cybersecurity during the holiday season. This includes:

• Regular Software Updates: Ensuring all systems and applications are up-to-date to protect against known vulnerabilities.
• Implementing Multi-Factor Authentication (MFA): Adding an extra layer of security can prevent unauthorized access, even if passwords are compromised.
• Data Encryption: Protecting sensitive customer data from being intercepted or accessed by malicious actors.
• Employee Training: Educating employees on the most common cyber threats, like phishing attacks, and creating response procedures for potential incidents.
• Emergency Response Planning: Developing an incident response plan and regularly updating it to minimize the impact of cyber incidents within the shortest possible time.

By investing in proactive cybersecurity measures, businesses can ensure their operations and customer trust are protected during the holiday season.

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