Black Friday and Cyber Monday are two of the most profitable days of the year for businesses, offering a huge boost in sales as customers flock online for deals. These high-traffic shopping events can significantly increase revenue and attract new customers, making them critical growth opportunities. However, with this surge in activity comes heightened risk.

Unfortunately, cybercriminals are well aware of the increased online transactions during these shopping events, and they often target businesses with ransomware attacks. The rise in traffic makes companies vulnerable as attackers exploit security gaps to lock down systems and demand ransoms. A single ransomware attack during these busy periods can bring operations to a standstill, damage your reputation, and lead to significant financial losses. How can your business stay ahead of these threats?

In this guide, we’ll share essential strategies to help you prepare a cybersecurity plan and defend against attacks during Black Friday and Cyber Monday. From updating systems to employee training, we’ll provide the tools you need to strengthen your defenses and keep your business secure during these significant times. 

Importance of Cybersecurity Preparation

With Black Friday and the holiday shopping season approaching, everyone is talking about how consumers can stay safe online, including how to create personal cybersecurity plans. People are advised to watch out for fake websites, use secure payment methods like PayPal or credit cards, and keep their passwords updated. But it’s not just shoppers who need to be on guard. Businesses also face a higher risk during these peak periods.

Increased online activity during Black Friday creates more chances for cybercriminals to strike. TransUnion data shows that ransomware attacks can spike by up to 40% during Black Friday and Cyber Monday compared to regular weekends. This increase in threats coincides with the boost in consumer spending, with shoppers dropping over $430 on average just on Black Friday. Longer shopping hours and increased digital and in-person transactions make it easier for cybercriminals to exploit weaknesses.

Holiday periods like Thanksgiving can also leave businesses vulnerable, especially when staff are stretched thin. This busy time provides the perfect cover for cybercriminals. For instance, Black Friday 2023 saw a staggering 85% increase in cyberattacks, underscoring the need for a solid cybersecurity plan.

Why Cybersecurity Matters for Your Business at This Time 

Cybersecurity plans have become just as important to business functions as sales and marketing strategies. Let’s explore why safeguarding your business against cyber threats is non-negotiable, particularly during high-traffic periods like Black Friday and Cyber Monday.

Increased Risk

During busy shopping seasons, your business becomes a prime target for cybercriminals. The heightened transaction volume creates more opportunities for various threats, including phishing, fake websites, DDoS attacks, ransomware, and others.

Potential Impact

The fallout from a cyberattack can be costly to your business, in many ways. Ransomware attacks, for instance, can lock up your data and force you to pay a ransom to regain access. This can disrupt operations, cause website crashes, and lead to significant downtime, hurting your sales and damaging customer trust.

Need for Vigilance

Staying ahead of potential threats is essential. Regularly updating your cybersecurity strategy helps prevent attacks and limits the damage if an incident does occur. Without specific cybersecurity measures, you face financial losses, legal issues, and reputational damage.

Observations from 2023

Last year saw a rise in various attacks, including ransomware and phishing. Verizon’s 2022 report revealed that 98% of incidents in the retail sector had financial motives. Given these high stakes, investing in a comprehensive cybersecurity risk management strategy is as necessary as your Black Friday sales or promotions.

Consequences of Cybercrime

The impact on your business can be devastating. Small businesses, in particular, face grave risks, with 60% closing within six months of a cyberattack. The fallout includes financial losses, supply chain disruptions, and exposure to sensitive customer data, which can lead to identity theft and fraud.

Top 5 Strategies to Enhance Your Cyber Defenses

With the holiday rush and focus on maximizing sales, it’s easy to overlook the rising threats from cybercriminals. Hackers are aware of your distractions and are ready to exploit them. The surge in sophisticated ransomware attacks in 2022, targeting everything from multinational companies to government agencies, emphasizes the need for strong protection. 

To keep your business secure and avoid becoming a target, let’s explore five key strategies to boost your cyber resilience.

1. Update and Patch Systems

The first step in strengthening your cybersecurity plan for Black Friday 2024 is ensuring that your systems are up-to-date. This is essential to protect your business from the surge of cyber threats during the holiday season. Cybercriminals often exploit vulnerabilities in outdated systems, so ensure everything is patched and secure before the holiday rush.

Focus on the critical areas of your network. Systems like your payment platforms, customer databases, and online storefronts are prime targets for cyberattacks. Prioritizing updates for these core systems will make a big difference in safeguarding your operations.

If you can, automate the patching process to stay ahead of potential risks. By enabling automatic updates for your software and operating systems, your cybersecurity plan remains strong even as your team focuses on the busy holiday period.

Think of this as part of a larger cybersecurity plan—one that involves more than just your IT department. If you know of any system gaps, now’s the time to repair them. Raising cybersecurity awareness among employees is also a key part of this. You can ensure your business is prepared for whatever Black Friday 2024 throws at you by getting everyone involved, from managers to front-line staff.

If you’re looking to advance your cybersecurity strategy even further, consider integrating advanced tools and technologies. Solutions like intrusion detection systems, security information and event management (SIEM) platforms, and endpoint protection software can provide an extra layer of protection. 

2. Implement Strong Backup Solutions

While you’re focused on preparing for the big weekend, it’s easy to overlook data backups. However, if your business chooses to neglect this critical part of your cybersecurity plan, you risk major disruptions from data loss or ransomware attacks. Taking the time now to set up a solid backup strategy can prevent significant problems down the road.

Think of it this way: if your central system crashes or gets hit by ransomware, having an allocated backup means you can quickly restore your operations without a considerable setback. 

Let’s take a look at the key aspects of backup solutions.

Backup Storage Options

Where you store your backups matters; on-premises storage involves using local servers or devices, giving you direct control but requiring careful management. Cloud storage, like Amazon S3 or Google Cloud Storage, offers off-site convenience and easy access from anywhere. Tape storage, though less common, is excellent for long-term data retention. Choose what fits your needs and budget.

Backup Types and Strategies

The type of backup you use affects how well you protect your data. Full backups give you complete copies of all your data, but they can be time-consuming and require much storage. Incremental backups save only the changes made since the last backup, making them efficient, but they need a recent full backup to restore. Differential backups record changes since the previous full backup, offering a balance. Combining these methods can be effective for your needs.

Data Retention Policies

Setting data retention policies helps you manage your backups more effectively. Based on your business needs and legal requirements, decide how long different data types should be kept. This ensures you’re not unnecessarily holding onto outdated information while remaining compliant. Regularly review and adjust these policies to fit your evolving needs.

No matter which data backup method you choose, make sure it’s in place before potential cyber attackers have a chance to strike. Proper preparation can lower the chances of threats, allowing operations running smoothly in the face of threats.

3. Enhance Network Security Measures

Once your current systems are secured and your data-backup solutions are in place, it’s time to elevate your cybersecurity plan for the busy holiday season and Black Friday 2024. With increased traffic and transactions, extra vigilance is key during this peak period. A small lapse can quickly become a significant issue, so being proactive can make all the difference.

Start by enhancing your network security. With the rise in online activity, attackers are more active than ever. You must regularly update your firewall and antivirus software to fend off new threats. 

The most common way to do this internally is to ensure that access to sensitive information is restricted to only those who absolutely need it for their role. This involves implementing role-based access control (RBAC) and following the principle of least privilege. By doing so, you limit exposure and reduce the risk of both accidental and intentional breaches.

Here are some specific actions to take:

• Firewall and Antivirus: Keep these tools up-to-date to guard against emerging threats.
• Access Controls: Use role-based access control to ensure only authorized personnel can access sensitive data. Regularly review and adjust permissions as needed.
• Network Monitoring: Set up continuous monitoring to detect unusual activity. Tools like Intrusion Detection Systems (IDS) can alert you to potential threats before they escalate.
• Multi-Factor Authentication (MFA): Add an extra layer of security by requiring multiple forms of identification for accessing critical systems.

Cutting back access to important systems when your team is busy can help keep threats at bay. For added security, think about investing in the right tools. Okta and Microsoft Azure Active Directory are great for managing user access. CyberArk and BeyondTrust can help manage privileged access, and tools like Splunk and Wireshark offer real-time monitoring to monitor your network’s security.

4. Train Employees on Phishing and other Cybersecurity Threats

Your employees play a major role in your cybersecurity plan. While you may have tools in place to protect your business, your team is on the front lines, handling sensitive data and interacting with customers. Proper training can be the difference between avoiding a security threat or falling victim to one.

Training on cybersecurity awareness should be part of your overall strategy, especially as Black Friday 2024 approaches. Phishing attacks are a common method cybercriminals use at this time of year, and if your staff isn't trained to recognize them, it could lead to serious breaches. For example, a well-disguised phishing email may request a password reset or sensitive information that seems legitimate. Without proper training, these messages can easily be mistaken for real.

Here’s how you can strengthen your cybersecurity risk management strategy with targeted employee training:

• Recognize Potential Threats: Teach your team to identify phishing emails and other suspicious messages that might slip through your defenses.
• Clear Reporting Procedures: Ensure employees know exactly who to contact if they encounter a potential threat so risks can be escalated and dealt with promptly.
• Ongoing Training: Cybercriminals constantly evolve their tactics. Regular refreshers will keep your staff alert and aware. Programs like the Google Cybersecurity Professional Certificate can be useful for staying updated.

According to research, 80% of organizations found that security awareness training made their employees less susceptible to phishing attacks. It’s been shown to reduce security risks by 70%—a significant reduction that can save your business from costly breaches.

If you lack in-house expertise, this may also be the time to look into cybersecurity jobs and hire professionals to enhance your cyber defenses. Having a well-trained team in place will help protect your business during the busy holiday season, allowing you to focus on making the most of Black Friday without unnecessary distractions.

5. Establish an Incident Response Plan

Last on our list of strategies is probably one of the most important steps so far—what would your business do during an attack on one of the busiest weekends in commerce when you are 1) relying on a surge of customers, 2) taking in possibly more data than ever, and 3) operating under immense pressure?

It’s far better to be prepared than to scramble when an incident occurs. It’s a mistake to think that such issues won’t affect your business. Even if it seems unlikely, having a solid cybersecurity plan is essential.

So, what should your business think about when creating an IRP for high-stakes periods like Black Friday 2024?:

• Incident Identification: Clearly define what constitutes an incident and set up quick detection and reporting procedures.
• Containment Strategies: Develop steps to isolate affected systems to limit damage and prevent the spread of the issue.
• Communication Plans: Set up protocols for who needs to be informed and how both internally and externally. Ensure everyone knows their role and how to communicate during a crisis.
• Response Team Roles: Assign team members specific responsibilities for managing different aspects of the incident, considering cybersecurity jobs and expertise within your team.
• Recovery Procedures: Create a plan for quickly restoring systems and data, ensuring minimal disruption to operations and compliance with cybersecurity regulations.
• Testing and Drills: Regularly test your cybersecurity strategy with simulated incidents to ensure its effectiveness. Update it based on these exercises and recent cybersecurity risk management strategies.

Act decisively when cyber threats strike. If something feels off, don’t wait—investigate it right away. Even if it turns out to be a false alarm, catching issues early can save you from bigger problems down the road. Staying on top of potential threats means keeping your business running smoothly and protecting your reputation, no matter how busy things get.

Cybersecurity Plan for Holiday Success: Final Thoughts

As you prepare for Black Friday and Cyber Monday, staying ahead of potential cyber threats is important. The surge in transactions and increased online activity make these busy days prime targets for cybercriminals. You can protect your business from these heightened risks by staying proactive—updating your systems, backing up important data, tightening network security, and training your team.

Investing in the right tools and having a solid cybersecurity plan will help you navigate the holiday rush with confidence. A bit of preparation now can save you from more significant headaches down the road. With these measures in place, you’ll be free to focus on making the most of the holiday sales, knowing your business is protected against any cyber threats.

Are You Looking for Expert Cybersecurity Solutions?

At McGregor Boyall, our tech expertise allows us to support clients across several global locations in their cybersecurity plans. Whether you're an enterprise or an innovative start-up, our dedication to providing skilled professionals helps build teams equipped to handle diverse challenges. We offer tailored solutions in business support, change & transformation, and cybersecurity across various specialisms.

Contact us today to discover how we can help you build a team that can withstand any threat.