To see what damage can be wrought on even the biggest retailers, we only need to look at what happened to Marks & Spencer, The Co-Op and Harrods back in the Spring. In particular, the Scattered Spider attack on M&S is thought to have cost the business nearly £400m, as well as damaging confidence and trust in the brand.
Now, as we head into a week with the highest online trading volumes of the year – the Black Friday sale – we can expect to see an accompanying spike in cyber-criminal activity.
With online sales surging and digital operations running at full throttle, businesses become prime targets for attackers looking to exploit any vulnerability while companies are distracted due to increased transaction loads.
Whether you operate an e-commerce store, manage customer data, or simply rely on digital systems to function, now is the time to strengthen your cyber security posture.
Here’s what we’re likely to see more of over the Black Friday season.
Expect a rise in phishing and social engineering
Cyber criminals know that commercial teams are busy during peak trading. That’s why Black Friday is a prime opportunity for hitting victims with phishing emails disguised as order confirmations, delivery updates, refund requests or supplier messages.
Look out for payment fraud and credential stuffing
With a rush of genuine transactions comes an opportunity for fraudulent ones. Attackers routinely use stolen credentials to access accounts, test card numbers or commit refund fraud.
Website and hosting stress
Higher traffic load can strain websites – and attackers take advantage of slow or unstable systems to push through vulnerabilities or launch DDoS attacks that bring trading to a halt.
Supplier and third-party access
As the digital world becomes increasingly integrated, organisations become ever-more reliant on software and solutions from a range of vendors. From payment processors to marketing integrations, your third-party tools all have their own security issues and may contain hidden vulnerabilities that present attackers with a point of entry into your company.
So, what should organisations be doing to protect against attacks?
The basics
It almost goes without saying but be sure that you’ve done everything you can to minimise your vulnerabilities and enhance your risk posture. This includes:
- Using multi-factor authentication on all accounts
- Review system access and permissions
- Choose reputable monitoring tools
- Keep software up to date and apply patches to software wherever possible
- Train staff to identify suspicious emails and other social engineering tactics
Monitor your systems in real time
During peak periods, quick detection is the difference between a small incident and a major breach. As any cyber expert will tell you, it’s not possible to be 100% protected against any cyber attack. That means that organisations need to be thoroughly prepared to respond and recover from a breach.
Staying vigilant and having a clear incident response plan is critical in ensuring that the damage caused by a breach is limited and that your organisation returns to business as usual in the minimum possible timeframe. That includes having a clear strategy for communicating with customers and stakeholders.
Backup everything . . . and test those backups
Ransomware attacks spike during high-value retail windows. If your systems fall victim to encryption or compromise, a working backup will help to ensure you can recover quickly.
Black Friday is an important opportunity for the retail market and strong cyber security is just part of ensuring that this season is a success rather than a disaster. So, don’t panic; just be vigilant and well prepared.
Looking to improve your business continuity by getting on top of your IT and cyber security requirements? Get in touch with us today.
