Why the Cyber Threat Over Christmas Might Be Worse for Your Business

Whether you’re a retail business, or closing shop over the festive period, the risk of cyberattacks is real and on the rise.

Having worked in the IT industry for over 30 years, I have seen first-hand the increase and evolution of cyber threats. Nowadays, attacks are more sophisticated, more complex and can be far more damaging to your business.

An increase in online transactions, reduced staffing and greater reliance on third-party services whilst employees take a well-earned break, makes businesses more vulnerable than ever over the festive period.

Cybercriminals are on the hunt for opportunities – here are just some areas of the business that are more exposed during the holidays.

1. Surge in online activity and e-commerce transactions

The Christmas season can mean a significant uptick in online shopping and digital transactions. This presents a prime opportunity for cybercriminals to exploit the surge in activity.

Hackers are aware that businesses often face high traffic volumes, and employees are stretched thin. This makes online stores and payment systems attractive targets for cyberattacks, including credit card fraud, phishing schemes, and payment data theft.

• Reduced staff and IT coverage during the holidays

As employees take time off to spend with their families this often leads to staff shortages. While this is a common practice, it creates a vulnerability in your cybersecurity infrastructure. Many businesses experience a reduction in resources, especially in IT departments, which may leave your security systems less closely monitored during peak times.

Cybercriminals know that companies tend to scale down operations during the holiday period, making it the perfect opportunity to launch sophisticated attacks. A lapse in regular monitoring means that suspicious activities might go unnoticed until it’s too late, leading to potential breaches that could disrupt operations for days or even weeks.

• Increased use of personal devices and unsecured networks

Many employees will work from home or remotely during the holiday season, meaning there can be a shift in the types of devices used to access company networks. Personal laptops, smartphones, and home Wi-Fi networks may not be as secure as corporate devices or networks, introducing additional risks. Cybercriminals can exploit these less secure connections to gain access to sensitive company data, intellectual property, or customer information.

6. Vulnerabilities in third-party services

During the holiday season, businesses often rely more heavily on third-party services. While these services are essential for smooth operations, they can also present a vulnerability if their security measures are not up to par.

A breach in a third-party service could give attackers an indirect path into your business, compromising customer data or financial information.

While the risks may seem daunting, there are steps businesses can take to reduce vulnerability to cyberattacks:

1. Enhance security monitoring and response plans – ensure that your IT department or security teams are available throughout the holiday season, even if it means offering temporary staffing solutions.
2. Educate employees on cybersecurity best practices – conduct training on how to recognise phishing attempts, suspicious emails, and other social engineering tactics. Reinforce the importance of strong passwords, using multi-factor authentication, and being cautious with email attachments or links during the festive period.
3. Patch vulnerabilities and update software – make sure all software, including e-commerce platforms, payment systems, and internal applications, is up to date before the holiday rush begins.
4. Strengthen vendor and third-party risk management – review the cybersecurity protocols of your third-party vendors, especially those handling sensitive customer or financial data. Ensure they are maintaining robust security measures and have protocols in place to respond to a breach.
5. Test incident response plans – a well-prepared incident response plan can make all the difference in the event of a cyberattack. Regularly test and update your plan to ensure that all employees know what to do if a security breach occurs during the holidays.

By preparing ahead of time, educating employees, and ensuring that all cybersecurity infrastructure is robust and up to date, you can safeguard your business and navigate the holiday season with confidence.