Cyberattacks are expected to soar during the holiday season
26th November 2021
As the holiday season approaches, cyberattacks are expected to increase alongside the festivities.
Businesses in logistics/supply chains and e-commerce/retail are bracing for an increase in business activity. While this is good news for these companies, there is also evidence to suggest that cyberattacks will increase in the coming months.
There is a strong precedent for cyberattacks during busy seasons. One survey showed that over 79% of organisations suffered a cyberattack during last year’s peak season.
This is due, in part, to the fact that the rush of the holiday season spreads an organisation’s resources thin, which means that their cybersecurity systems may not be prepared to handle increased threats.
In light of these circumstances, over 94% of IT professionals want their organisation to improve overall cyber readiness before the holiday season begins.
What is driving cybersecurity concerns?
The holiday season will see an inevitable increase in commercial activity as shoppers begin their seasonal shopping. Over 86% of businesses are expecting a moderate to significant increase in demand in the coming weeks.
This means an influx of sensitive consumer information will be passing through a businesses' network, creating tempting targets for cybercriminals, and prompting worries about cybersecurity.
For example, the retail industry is expected to bring in over $910 billion, which is an 11% increase from last year. These estimates also detected a 5.2% increase in cyber threats, which demonstrates the connection between increased business activity and rising cyberattacks.
In addition to concerns about rising cyberattacks, most organisations have difficulty staffing their cybersecurity teams during peak season. Over 76% of organisations say they have difficulty maintaining a fully-staffed security team during peak shopping periods.
If company supply chains are not ready for the holiday season, businesses will be at financial, operational, and reputational risk.
What can be done to mitigate threats?
With businesses looking to improve overall cyber readiness while accounting for staffing shortages, automated risk rating tools will be critical for improving supplier due diligence.
As modern supply chains attempt to fend off cyberattacks and prepare for the stress of the holiday season, automating security could be essential for improving system monitoring and reporting, which is critical for detecting and preventing threats.
Investing in cybersecurity awareness training for employees can also reduce social engineering attacks, such as phishing.
With cyberattacks expected to become more aggressive and frequent during the holiday season, finding new ways to deter cybercriminals will help stabilise operations and protect your business reputation.