NRF.com likely never imagined that their 2005 press release coining the Monday after Thanksgiving as “Cyber Monday” would grow to be such a global phenomenon. According to Forbes, last year Cyber Monday generated $6.6 billion in sales.
With hackers attacking financial institutions and retailers becoming a normal occurrence, this year will be no different as Black Friday online sales hit a record $6.2 billion. So what should retailers to do maintain their security while shoppers embrace their busiest time of the year?
SecurityIntelligence.com has outlined a number of steps retailers should take to safeguard consumers:
- Account for Time: Since hackers don’t work normal business hours neither should retailers. Increasing staff to watch over online traffic should be something retailers strongly consider.
- Limit High-Volume Purchases: Instead of focusing on flagging high-value items as suspicious activity, retailers may want to focus on that and high-volume purchases as hackers use automation and other tools to make quick buys in succession.
- Authenticate to Protect: With consumers still using predictable passwords across websites – retailers should implement two-factor authentication (2FA) to safeguard shoppers.
- Manage Permissions: With the chaos associated with Cyber Monday, merchants should consider using keyloggers. They can serve as an effective identity and access management (IAM) solutions that permit granular, permissions-based assignments of roles and responsibilities to foil criminal attempts to breach corporate systems.