All you need to know about Cybersecurity during the Holiday Season
The Holiday Season is here, and due to all the Black Friday and Cyber Monday discounts, more than 51% of consumers are now doing all their Holiday Shopping. And since Holiday Shopping Sales are projected to have a 10.5% increase over the last year, shoppers and retailers should beware of the risks regarding online fraud, keeping in mind that retail scam attempts are up by 30% according to an ACI Worldwide study.
November 29, 2021
4 min read
With the increase in remote work during the pandemic, Admiral Mike Rogers, former director of National Security, has stated that in the past few years, many U.S. companies have been the target of cyberattacks which often result in leaked data and hefty ransom payouts. And from all those attacks where criminals end up stealing millions of dollars, only 8% of businesses get their data back.
This is highly harmful to every business owner because of the monetary losses and the damage this does to the company's reputation since customers will feel less comfortable and less safe shopping at your store.
However, it doesn't have to be this way because business owners can prevent these attacks by following recommendations.
1. Educate your employees
If your employees don't understand what a cyberattack is, they will not help the company prevent it. That's why you must invest in educating all your employees around this matter. It is not only the responsibility of the Cybersecurity Teams to take precautions since they already know what to do before, during, and after a cyberattack. It is the responsibility of every member of the company to understand how to prevent an attack.
Therefore, educate them about phishing emails and the importance of using multi-factor authentication on every platform or program the teams use inside the company. Teach them about Ransomware Attacks and tell them why it is essential to have secure and up-to-date backups of all the information they hold, including documents, usernames, passwords, etc. Remember that when companies have backed up their data, they are less vulnerable to the pressure to pay a ransom.
Keep in mind that you must find a way to explain all these complicated concepts and issues in the simplest terms, so your non-cyber employees can fully comprehend how to take action and all the preventive measures.
2. Spend more on prevention rather than protection
According to the National Retail Federation and Admiral Mike Rogers, "a focused adversary has a high probability of success no matter how much money is being spent on defense. Therefore, Cybersecurity needs to include both cyber defense and cyber resiliency."
That's why spending money and time educating your employees is the most important element of preventing these attacks. It will help the company fill all the gaps and understand where the vulnerabilities are and what you can do to fix those gaps between all the teams.
Here are some recommendations on preventing cyberattacks given by experts from PwC and Microsoft during this year's National Retail Federation webinar.
- "Companies should establish transparent governance processes concerning managing software supply chain risks, defining clear responsibilities and involving leaders from numerous business functions, including information security, procurement, legal and business operations.
- Companies should implement change and configuration management processes on assets and information accessed or managed by third-party service providers.
- Companies should implement a secure development lifecycle to ensure that third parties apply security controls and follow safe coding practices.
- Companies should consider adoption of a software maturity framework (like NIST's Secure Software Development Framework) and implement key security practices, including technical testing and controls assurance, among others."
3. Use enterprise-level platforms and Secure Payment Gateways.
Now that we have a better understanding of the importance of preventing these attacks, so you don't have to face legal and regulatory actions in the case of a supply chain attack. It is vital to analyze if the platform you are using and the payment gateway you have can provide all the security you and your customers need.
Therefore, use enterprise-level platforms like BigCommerce that lets you handle large numbers of orders most safely and use Payment Gateways like Subscriptions Cloud, powered by one of the most secure companies in the world, Square.
Using these tools to scale your business will help you prevent chargebacks frauds and help you keep your customers' data safe and secure.
You may want to read: Platform Migration Experience: WooCommerce to BigCommerce for WordPress
Finally, keep in mind that hackers are creating and finding new ways to attack your company's security and money every day. That's why you must develop Cybersecurity Strategies that will help you prevent attacks and take action during and after a cyberattack.
At Seeed we use the best technologies to help you always be prepared and manage your business without any limits. Contact us and book your free consultation here! https://seeed.us/