Online retailers told to prepare for cyberattack surge during year-end shopping

An EY cybersecurity expert advised e-commerce platforms to reevaluate security controls.

An cybersecurity expert from EY warned e-commerce platforms to exercise caution during the influx of online shopping activity during year-end season.

Organisations should invest in stronger measures to monitor attack trends and conduct regular security controls. Proposed solutions must be adaptable to combat any threat in the landscape and curtail the risks on online platforms.

“When selecting specific cyber defense solutions, organizations must ensure that their chosen solutions are flexible and adaptive enough to effectively combat the ever-changing threat landscape and minimize the risks posed by increasingly sophisticated adversaries,” Jeremy Pizzala, Asia-Pacific Cybersecurity Consulting Leader of EY, stated.

With “secure by design," safety is priority to the most minute detail.

Whilst adopting new technologies is imperative, heightening security is also essential. Products that follow a “secure by design” model or adopt updated cybersecurity measures have the most secure means of protection.

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The year-end shopping season has given an influx of online shopping activity, becoming a critical period for retailers and e-commerce platforms to not only maximise their customer engagement, but to heighten their awareness of cyber-attacks.

Promotions and sales during this period led some retailers, hotel operators, and travel agencies to become most vulnerable to any activity from cybercriminals.

Website issues, security gaps, and online loopholes enable adversaries to skirt through protections. Advanced technologies like AI, which have become valuable for retailers, can be modified to carry out fraudulent activities and other attacks.

In 2022, APAC claimed over 1 billion cyberattacks, brought by the returning surge of e-commerce activity and online bookings, amplifying the concern over the region with a growing dependence on online shopping.