Black Friday and Cyber Monday are excellent opportunities for customers to get hold of some great deals, while for retailers, it is an outstanding time to clear up their stocks. But, unfortunately, even cybercriminals utilize this time to execute scams and crimes that affect businesses.

According to global collective research in 2022, there is $41 billion in fraud damages reported from the e-commerce industry. However, it is anticipated that by the end of 2023, the loss will surpass $48 billion.

As cyber criminals initiate new routine scams around the time of these events, it is the right time for CISOs and other IT teams to step up their vigilance plan of action to counter such malicious attacks and protect their business as well as the interest of their valued customers.

With the help of this article, we will delve deep into some useful tips to create a secure online shopping experience.

Impact of Cyberattacks on Businesses

“While the threat of cyberattack is omnipresent throughout the year, it is especially high during events with increased online activity like Black Friday,” said Michal Gil, Head of Product at CybeReady.” E-commerce companies and retail shops have witnessed that employees often fall victim to phishing scams that open the company’s network to the public, causing potential data breaches.

There can also be instances where your company might be a victim where data might get stolen; one such instance occurred in 2013’s Black Friday when Target was a victim of a data breach that affected millions of customer credit and debit cards. According to sources, the breach began around Black Friday 2013 and involved the theft of data stored on a magnetic strip of CDs used at the stores.

By the end of the night, nearly all Target stores across the U.S. suffered from this data breach, which continued until December 15th, 2013. Post this incident, Target told its customers about the incident and warned them to deactivate their credit and debit cards to block cybercriminals from conducting monetary transactions.

Key Actions for Black Friday Cybersecurity

During such frenzied festive seasons, the CISOs and IT managers should be cautious as threat actors are on their toes to ruin businesses with their scams and deceiving tactics.

So, to prevent such incidents here are four essential key actions you can conduct:

Analyze the Cyber Risks

Make it essential to conduct a thorough rundown of the areas where there are potential threats. You can search for these vulnerable points by:

Use the cyber risk assessment framework that will allow you to identify and fix the loopholes

Implement new security protocols to avoid damage and losses.

Ensure that the payment process meets PCI DSS compliance, which prevents you from manipulating your checkout pages.

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