The holiday season has arrived, and it’s time for consumers and retailers to make arrangements to stay one step ahead of the prevailing holiday scams. With problems lurking in the shadows due to multiple spikes in spending habits, it’s important to prevent financial fraud and identity theft. Other than that, the winter holidays bring with them potential opportunities for phishing and data breaches that can easily take down IT systems and networks.
Previously, IT administrators focused more on consumers, but over time, even retailers began to gain attention. While customers may lose a specific portion of their payments and sensitive data sets, retailers may face damaging catastrophic consequences when a holiday cybersecurity attack hits their systems. Once retailers have secured their systems and networks, they can add specific security measures to protect the interests of potential consumers.
How can retailers stay protected?
It is common for hackers to increase their activities during the Christmas seasons. Spear phishing and data breaches are at an all-time high, which in turn calls for increased vigilance and best cybersecurity practices. Retailers offer a bigger picture to hackers, as many financial and personal records are often at stake.
1. Expanding Threat Detection Capabilities
While most retailers already have preventative security measures in their repertoire, the holiday season requires them to bolster their threat detection and monitoring capabilities. Typically, a series of additional authentication steps are preferred during peak shopping seasons that block suspicious transactions. However, the additional verification steps can frustrate customers and this is why retailers should try to implement functional threat detection techniques. This approach to cybersecurity keeps malicious activity at bay, identifies threats faster, and doesn’t even negatively affect the user experience.
2. Prioritize employee awareness
Adding new employees to existing staff during a holiday season probably isn’t the smartest move of all time. Most of the temporary workforce is looking to make a quick buck and some may even cause data breaches, deliberately or accidentally. Therefore, employee awareness in the form of training is extremely important, preferably as part of the staff onboarding process.
3. Share threat data
When criminals can easily share attack methodologies and breach multiple databases, even retailers can share threat data for an added layer of security. They can make use of automated methods to share the threat data followed by some semi-automated strategies like threat intelligence and closed groups. Once threat data is shared publicly, it’s easier for other retailers and organizations to implement the strategies and stay protected.
4. Implementation of incident response plans
Retailers must have a functional incident response plan for each threat scenario. Typically, these will include rebuilding systems, isolating systems, and making technical controls available. That being said, these plans need to be both communicational and procedural to add value to the scheme of things. Other than that, retailers should also have a backup plan so that the aforementioned security tips do not detect and counter attacks.
Can consumers stay protected?
Most of the online and offline consumers have already improved the existing security awareness; thanks to increasing media coverage of cyber incidents. However, there are some cyber security tips that can help you safeguard your hard-earned money and shop freely during the holiday shopping season.
1. Assessment of suitability against risk
Consumers should assess security risks before establishing connections to servers. Not only retailers, but also consumers, have a responsibility when it comes to striking the perfect balance between privacy and personalization. Saving card details or working with stored customer data can lead to catastrophic cyberattacks in the form of SQL injection threats and even database compromises.
2. Look for phishing emails
Consumers should check for suspicious email attachments before proceeding with any download or click. Unexpected links should be avoided, for example, an email saying ‘Track package’ when you haven’t requested anything.
3. Using multi-factor authentication
Consumers often ignore password security and hygiene, which in turn compromises their confidentiality and privacy. Preferred avenues to stay secure would include multi-factor authentication like OTP, having a digital vault, and even using paraphrases.
4. Check Card Statements
The holiday shopping period often misleads consumers to shop beyond the limits. However, spending spikes must be combined with periodic statement checks. This approach allows consumers to keep a close eye on their spending and monitor the card for any type of anomaly. This strategy nips financial frauds in the bud.
Inference
The right balance between awareness and vigilance is the key to a safe and profitable holiday shopping season for both retailers and consumers. However, the perfect strategy would be to maintain cybersecurity guard throughout the year. This year-round approach helps absorb online shopping best practices; thus safeguarding finances and mitigating unfortunate attacks.
