As the holiday season unfolds with joyous festivities and shoppers immerse themselves in the spirit of giving, a shadow looms over the digital landscape.
Cybercriminals seize this opportune moment to unleash a barrage of threats, targeting retailers and unsuspecting consumers. In this digital era, where transactions transcend physical boundaries, the risks have never been higher.
And so as the country’s leading online retailers prepare for the wave of increased transactions, we would like to delve into the five significant threats these retailers must prepare for this holiday season and explore how industry leaders in cybersecurity are pioneering solutions to ensure seamless business continuity.
Digital Skimming: A Stealthy Intruder in the Festive Cyber Realm
Bad Bots: Sowing Chaos in the Digital Marketplace
Over half of malicious bot traffic on retail sites now mimics advanced human behaviour, evading conventional detection methods. Scalpers deploy bots to snatch up high-demand items, sowing frustration among genuine consumers and tarnishing brand reputations. Competitors and third parties leverage bots for scraping valuable data, leading to revenue loss and distorted analytics metrics that impact strategic decision-making. In this digital battleground, the war against bad bots intensifies, requiring innovative solutions to safeguard the integrity of the online shopping experience.
Account Takeover (ATO): Prying Open the Gates of User Fortresses
Account Takeover (ATO) attacks surge, with cybercriminals exploiting stolen credentials obtained from data breaches. A staggering 15% of login requests are now malicious ATO attempts, making user accounts on eCommerce platforms lucrative targets. The allure lies in the potential financial gains – saved payment information, store credit, gift card balances, loyalty points, and more. As retailers fortify their digital ramparts, the need for robust security measures becomes imperative to protect user accounts from unauthorized access and safeguard the personal and financial information stored within.
API Attacks: Unseen Vulnerabilities in the Digital Tapestry
Powering everything from product displays to shipping logistics, APIs (Application Programming Interfaces) are the unsung heroes of eCommerce. Yet, their increasing prominence makes them prime targets for cybercriminals seeking multiple points of entry. API traffic now comprises a staggering 45.8% of all online retail traffic, making them integral but vulnerable components of the digital tapestry. With the potential for business logic abuse and fraud, API attacks pose a significant threat, capable of causing reputational harm, erosion of consumer trust, and financial losses for unsuspecting retailers.
DDoS Attacks: The Unrelenting Wave of Digital Chaos
Distributed Denial of Service (DDoS) attacks, a perennial menace to online retailers, take center stage during the holiday shopping rush. The first half of 2023 witnessed a 417% surge in application layer DDoS attacks in the retail sector. Targeting the application layer (layer 7), these attacks wreak havoc, causing disruptions and chaos during peak shopping periods. Minutes of downtime due to DDoS attacks translate to millions in lost revenue, making it imperative for retailers to fortify their defences against this relentless digital onslaught.
In the face of these unseen threats, industry leaders like Imperva stand tall, offering best-in-class DDoS mitigation solutions that ensure business continuity in less than 3 seconds. As retailers navigate the complexities of the digital landscape, the importance of robust cybersecurity measures cannot be overstated. The repercussions of falling prey to cyber threats extend beyond financial losses; they encompass a negative impact on brand value and reputation. This holiday season, let us be vigilant, fortify our defenses, and ensure that the joy of festive shopping remains untarnished by the shadows cast by cyber threats.