It’s the most wonderful time of the year for retailers and wholesalers since the holidays help boost year-end profits. The National Retail Federation (NRF) predicts 2022 holiday sales will come in 6% to 8% higher than in 2021. But rising profits that come at the cost of reduced cybersecurity can cost companies in the long run when you consider the rising size and costs of data breaches.
The risk of data breaches and other cyber crimes can make this shopping season feel pretty perilous. It makes sense to learn about the types of cyberattacks aimed at this sector, particularly at this time of year, and what retailers and wholesalers can do to protect themselves.
’Tis the Season for Cyber Crime
Consumers started holiday shopping enthusiastically this year and have spent at record levels, despite inflation concerns. Adobe Analytics forecasts consumers will spend $209.7 billion online between Nov. 1 and Dec. 31. Hackers stand ready to steal their slice of the loot. Check Point Research found a sharp increase in fake shopping sites ahead of Black Friday sales. They also found that 17% of malicious files distributed by email in November were related to orders, deliveries and shipping and since the start of November, 4% of all new shopping-related websites were found to be malicious. Fake websites and phishing scams were the prime means of duping consumers.
Wholesalers and Retailers Rank as Threat Targets
Retail and wholesale were the fifth-most targeted industries according to the
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