Retail cybersecurity is always crucial, but it’s officially time for both retailers and customers to prepare for Black Friday. This year, analysts predict global retail sales on Black Friday and Cyber Monday will hit $7.5 billion, a 20 percent increase over 2018.
Cybercriminals are known to follow the money. The retail industry is a top target for financially motivated attacks year-round, and threat actors view holiday sales as an opportunity to strike it rich. The rate of cyberattacks against retailers spikes every November in the days after Thanksgiving.
Consumers and retailers should prepare for Black Friday security risks with awareness and vigilance. This year’s holiday shopping season is likely to include a mixture of attacks, including familiar threats and emerging techniques.
How to Protect Against 2019 Retail Cybersecurity Threats
There are clear risks associated with a retail cybersecurity incident. Customer trust is a major form of competitive currency for retailers, and a Black Friday security breach with data loss can cost retailers an average of $3.92 million and have long-term effects on sales and customer loyalty.
One-fifth of consumers will permanently take their retail business to a different company after a data breach, per KPMG. Thirty-three percent would take a break from shopping with a breached retailer for an extended period of time.
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