The holiday season has arrived and it is time for consumers and retailers to make arrangements to stay one step ahead of the widespread holiday scams. With problems lurking in the shadows due to multiple peaks in consumer habits, it is important to avoid any financial fraud and identity theft. In addition, winter vacations bring with them potential opportunities for impersonation and data breaches that can easily lead to the collapse of computer systems and networks.
Previously, IT managers focused more on consumers, but over time, even retailers began to receive attention. While customers may lose a certain portion of their payments and confidential data sets, retailers can face disastrous catastrophic consequences when and if a holiday cyber security attack hits their systems. Once retailers have secured their systems and network, they can add specific security measures to protect the interests of prospective consumers.
How can retailers stay protected?
It is common for hackers to intensify their activities during the holidays. Spear phishing and data breaches are high, which in turn requires increased vigilance and improved cyber security practices. Retailers offer a wider landscape to hackers, as many financial and personal records are often at stake.
1. Enhance threat detection capabilities
While most retailers already have safety precautions in their repertoire, the holiday season requires them to step up their threat detection and monitoring capabilities. During the peak shopping season, a number of additional authentication steps are usually preferred, which prevent suspicious transactions. However, additional verification steps can upset customers, which is why retailers should try to apply functional threat detection techniques. This approach to cyber security keeps malicious activity at bay, detects threats faster, and does not even adversely affect the user experience.
2. Priority in raising employee awareness
Adding new employees to your existing staff during a vacation period is probably not the smartest move of all time. Most of the temporary workforce seeks to make money quickly and some may even cause data breaches, intentionally or unintentionally. Therefore, raising employee awareness in the form of training is extremely important, preferably as part of the staff recruitment process.
3. Threat data sharing
When criminals can easily share attack and breach methodologies across multiple databases, even retailers can share threat data to provide an additional level of security. They can use automated methods to share threat data, followed by some semi-automated strategies, such as threat information and closed groups. Once threat data is shared publicly, it becomes easier for other retailers and organizations to implement the strategies and stay protected.
4. Implementation of incident management plans
Retailers need to have an operational incident plan in place for each threat scenario. These usually include rebuilding systems, isolating systems, and having technical controls. That said, these plans need to be both communicative and procedural to add value to the system of things. In addition, retailers should also have a backup plan in case the aforementioned security tips fail to detect and deal with attacks.
Can consumers remain protected?
The majority of online and offline consumers have already improved their existing security awareness, thanks to the increasing coverage of cyber incidents by the media. However, there are some cyber security tips that can help them safeguard their hard earned money and shop freely during the festive shopping season.
1. Assessment of convenience versus risk
Consumers should assess security risks before establishing connections to servers. Not only retailers but also consumers are responsible when it comes to finding the perfect balance between privacy and personalization. Storing card details or working with stored customer data can lead to catastrophic cyber attacks in the form of SQL infiltration threats and even database breaches.
2. Beware of phishing emails
Consumers should be wary of suspicious email attachments before proceeding with any download or click. Unexpected links should be avoided, for example, an email that says "Package Tracking" while you have not ordered anything.
3. Use of multi-factor authentication
The security and hygiene of passwords are often overlooked by consumers, which in turn jeopardizes their privacy and privacy. Preferred ways to stay safe would include multi-factor authentication, such as OTPs, the existence of a digital vault, and even the use of paraphrases.
4. Check the card statements
The festive shopping season often misleads consumers into over-the-counter shopping. However, spending peaks must be combined with periodic checks on declarations. This approach allows consumers to closely monitor their spending and track the card for any kind of anomalies. This strategy stifles financial fraud in its infancy.
Conclusions
The right balance between awareness and vigilance is the key to a safe and productive holiday shopping season for both retailers and consumers. However, the perfect strategy would be to maintain cyber security alert throughout the year. This year-round approach helps to consolidate best online shopping practices, thus safeguarding finances and mitigating unfortunate attacks.
