The hustle and bustle of holiday sales create a prime chance for threats to flourish. To safeguard against this, companies should get ready by creating and rehearsing action plans, recognizing important decision-makers, and contemplating the inclusion of cyber insurance.
While most people are enjoying the holiday spirit, some are grappling with the cybersecurity challenges that come with this time of year. It's a period notorious for breaches, attacks, and increased threats, far more prevalent than at any other time. There's an expected 4% global and 1% US year-over-year growth in online sales throughout November and December, totaling $1.19 trillion globally and $273 billion in the US. This surge in cyber business poses both an opportunity and a significant challenge for organizations, many of which experience their highest sales volume during these months.
The chaos and intensity of the holiday season impact more than just retail businesses. Partners, developers, manufacturers, supply chains, technology and communication providers, transportation services, and support systems all play a crucial role in ensuring a smooth and successful holiday shopping period. These entities heavily rely on technology for creation, sales, supply, transportation, and collaboration. The season's impact is vast, with interconnections spanning across various organizations.
FOR CYBER THREAT ACTORS, THE HOLIDAY SEASON PRESENTS A SIGNIFICANT OPPORTUNITY:
The surge in business transactions conducted online isn't the sole reason for increased threat activity. It's a convergence of factors like complexity, limited resources, and vulnerabilities that create a perfect storm during this period.
Three primary threats loom large during the holidays:
Network Strain: The increased traffic during the holiday rush strains networks and keeps employees busier than usual. Slower networks make companies more susceptible to denial-of-service (DoS) attacks, and overburdened staff might struggle to respond promptly. Ransomware attempts, for instance, are expected to spike by 70% in November and December, with attackers banking on overwhelmed businesses to pay ransoms.
Phishing Surge: Phishing attacks soar as employees, shopping for deals on company networks, become more susceptible to clicking on enticing offers. Reports show a 30% increase in ransomware attacks during the holiday season compared to other times.
Reduced Expertise: Many employees are on holiday between November and January, taking their specialized knowledge offline. This absence elevates an organization's overall vulnerability.
TO BOLSTER DEFENSE AGAINST CYBER THREATS, BUSINESSES CAN TAKE SPECIFIC ACTIONS:
Team Identification: Clearly define roles for internal and external stakeholders, including legal and forensics partners, to streamline crisis responses.
Actionable Plans: Develop detailed plans outlining tasks and steps for a swift and effective response.
Practice Protocols: Regularly practice the incident response plan to ensure its efficiency. Practice helps perfect preparedness, as experience often proves.
Secure Communication Channels: Establish secure, separate communication channels to avoid unintentional disclosures during a crisis, preventing threats from gaining crucial information.
Though the holidays are a joyful time, they also invite increased cyber risks. Implementing these steps can significantly enhance readiness and fortify your business against potential threats during this period.
Get ahead of cyber threats this holiday season. Speak with an IT professional at RCS Professional Services today to explore how we can elevate your operations and secure your business. Contact us now or visit our website at www.rcsprofessional.com for expert guidance and customized solutions to suit your specific needs. Stay secure and efficient with RCS Professional Services by your side.
