Black Friday Cyberattacks On the Rise

As the holiday shopping season kicks into high gear, Black Friday presents a lucrative opportunity—not just for retailers but also for cybercriminals. With massive transaction volumes, increased reliance on e-commerce platforms, and IT teams stretched thin, businesses are more vulnerable than ever to sophisticated cyber threats.

A whopping 77% of Black Friday-themed spam emails in 2024 have been identified as scams while the total number of Black Friday scams has gone up by 21% since 2022 (Infosecurity Magazine). 

For CISOs & other security leaders, Black Friday is a stark reminder of the critical need for robust cybersecurity measures to safeguard their organizations. In this blog, we’ll explore why businesses are at risk, the types of cyberattacks prevalent during Black Friday and how to fortify your defenses.

Why Black Friday Is a Magnet for Cyber Threats

The convergence of consumer excitement and digital transactions during Black Friday creates a fertile ground for cybercriminals. Some factors contributing to this vulnerability include:

• High Transaction Volume: Retailers process a staggering number of transactions, making it harder to spot anomalies. 
• Remote Workforces: Distributed teams and remote operations can lead to miscommunication and slower responses to threats.
• IT Overload: IT teams are often inundated with managing e-commerce systems, leaving little room to proactively identify or respond to cyber threats. A study carried out by Censuswide noted that nearly two-thirds of organizations were targeted by ransomware after major company event or holiday period. 

Given the increasingly complex cyberthreat landscape, the ability of organizations to spot attacks has been drastically impacted. The advent of Generative AI along with machine learning algorithms and large language models has exponentially reduced the cost of phishing attacks and made it far easier for cybercriminals to launch attacks on a mass scale. Phishing emails crafted are also much more sophisticated, incorporating tone, perfect grammar and real-time details that make it harder for security systems to detect an anomaly. 

Q2 2024 saw the highest increase in global cyber attacks in the past two years and it is likely that the quantity and severity of attacks will continue to increase.

Common Cyber Threats on Black Friday

1. Phishing Attacks
   Cybercriminals exploit the rush of online shopping with fake promotions, invoices, and order confirmations. These emails can trick employees into clicking malicious links or revealing sensitive information. Recently, brand impersonations have been on the rise with cybercriminals using famous brands like Amazon and Walmart to sell counterfeit goods to unsuspecting shoppers. 
   
   
2. DDoS Attacks
   Distributed Denial of Service (DDoS) attacks target e-commerce platforms, rendering them inaccessible and causing financial losses during peak shopping periods. 
   
   
3. Ransomware
   Retailers and other businesses face heightened ransomware attacks during Black Friday, as cybercriminals assume companies will pay quickly to avoid downtime. 
   
   
4. Credential Stuffing
   Cybercriminals leverage previously stolen credentials to gain unauthorized access to systems, posing a significant risk during high-volume login attempts. In some cases, hackers use bots to quickly test a large a large number of credentials, sometimes called a brute-force attack. 
   
   
5. E-skimming
   Attackers inject malicious code into online payment systems to harvest customer payment information in real time. 

Cybersecurity Measures To Take

To counter these threats, proactive and layered security measures are critical. Here’s a roadmap for protecting your organization:

1. Educate and Train Employees
   Your workforce is your first line of defense. Provide phishing security and awareness training tailored to high-risk periods like Black Friday. Jericho Security’s phishing training tool, powered by generative AI, delivers personalized, real-time training to empower your team against evolving threats.
   
   
2. Strengthen Endpoint Protection
   Deploy advanced endpoint protection solution to detect and neutralize malicious activity. Focus on tools that provide real-time monitoring and response to potential threats. 
   
   
3. Implement Multi-Factor Authentication (MFA)
   MFA adds an additional layer of security, significantly reducing the risk of unauthorized access, even if credentials are compromised.
   
   
4. Monitor and Patch Systems Regularly
   Outdated systems are a goldmine for attackers. Conduct regular vulnerability assessments and ensure timely patching of all software and hardware.
   
   
5. Establish Incident Response Protocols
   Develop a robust incident response plan that includes communication protocols and a clear chain of command for addressing potential breaches.
   

Jericho Security: Your Partner in Cyber Resilience

At Jericho Security, we specialize in helping businesses fortify their defenses against cyber threats, particularly during high-risk periods like Black Friday. Our solutions, such as Phishing Triage and Threat Center, empower organizations to proactively detect, prevent, and respond to attacks.

Holiday periods shouldn’t turn into a cybersecurity crisis. With the right strategy, tools, and mindset, you can protect your business, maintain consumer trust, and thrive during the holiday season.

Conclusion

Black Friday may be synonymous with deals and discounts, but for cybercriminals, it’s a day of opportunity. By understanding the risks and implementing comprehensive cybersecurity measures, security leaders can ensure their organizations remain resilient against even the most sophisticated attacks.

Interested in finding out how to conduct a phishing test? Reserve a demo or check out some of our other articles!