Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Risk

Study: Cyber Monday Attacks Cost Enterprises Up To $3.4M Per Hour

Holiday shopping season is popular time for launch of sophisticated attacks, RSA study says

The upcoming holiday shopping season could be prime time for attackers who hope to catch enterprises at their weakest moments, according to a study published this week.

According to a new survey of 1,100 retail companies conducted by the Ponemon Institute and sponsored by RSA, daily revenue surges by an average of 55 percent during the holiday season. If a retail site is hacked or disabled, average losses may amount to as much as $500,000 per hour, or $8,000 per minute.

Two-thirds of respondents (66 percent) said that such a disruption would also result in customer churn that would damage reputation and brand, pushing losses as high as $3.4 million from a single hour of disruption.

"This time of year is not just an opportunity for retail fraud, but an opportunity to launch attacks that take advantage of business logic vulnerabilities, DDoS [distributed denial-of-service] attacks, and more sophisticated attacks as well," says Demetrios Lazarikos, IT threat strategist at RSA.

Yet while 64 percent of organizations said they see significant increases in attack activity during the holidays, more than 70 percent of organizations do not take additional precautions in anticipation of increased attacks. And with their currently installed technology, 51 percent say that they do not have real-time visibility into Web traffic, making it difficult to identify the root cause of such attacks, the study says.

Just 23 percent of respondents said they feel that most holiday-season attacks can be quickly detected and remediated.

The report also identifies the top nine attacks organizations will likely face during the holiday season. In order of likelihood, these attacks are:

1. Botnet and distributed denial-of-service (DDoS)
2. App store fraud
3. Mobile access/account compromise
4. Click fraud
5. Stolen credit card validation
6. E-coupon abuse
7. Account hijacking
8. Electronic wallet abuse
9. Brand promotion hijacking

"We expect to see more of these attacks this year, and more attacks targeted at specific companies," says Lazarikos.

Have a comment on this story? Please click "Add a Comment" below. If you'd like to contact Dark Reading's editors directly, send us a message. Tim Wilson is Editor in Chief and co-founder of Dark Reading.com, UBM Tech's online community for information security professionals. He is responsible for managing the site, assigning and editing content, and writing breaking news stories. Wilson has been recognized as one ... View Full Bio

 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
COVID-19: Latest Security News & Commentary
Dark Reading Staff 7/6/2020
Ripple20 Threatens Increasingly Connected Medical Devices
Kelly Sheridan, Staff Editor, Dark Reading,  6/30/2020
DDoS Attacks Jump 542% from Q4 2019 to Q1 2020
Dark Reading Staff 6/30/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
How Cybersecurity Incident Response Programs Work (and Why Some Don't)
This Tech Digest takes a look at the vital role cybersecurity incident response (IR) plays in managing cyber-risk within organizations. Download the Tech Digest today to find out how well-planned IR programs can detect intrusions, contain breaches, and help an organization restore normal operations.
Flash Poll
The Threat from the Internetand What Your Organization Can Do About It
The Threat from the Internetand What Your Organization Can Do About It
This report describes some of the latest attacks and threats emanating from the Internet, as well as advice and tips on how your organization can mitigate those threats before they affect your business. Download it today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-15505
PUBLISHED: 2020-07-07
MobileIron Core and Connector before 10.3.0.4, 10.4.x before 10.4.0.4, 10.5.x before 10.5.1.1, 10.5.2.x before 10.5.2.1, and 10.6.x before 10.6.0.1, and Sentry before 9.7.3 and 9.8.x before 9.8.1, allow remote attackers to execute arbitrary code via unspecified vectors.
CVE-2020-15506
PUBLISHED: 2020-07-07
MobileIron Core and Connector before 10.3.0.4, 10.4.x before 10.4.0.4, 10.5.x before 10.5.1.1, 10.5.2.x before 10.5.2.1, and 10.6.x before 10.6.0.1 allow remote attackers to bypass authentication mechanisms via unspecified vectors.
CVE-2020-15507
PUBLISHED: 2020-07-07
MobileIron Core and Connector before 10.3.0.4, 10.4.x before 10.4.0.4, 10.5.x before 10.5.1.1, 10.5.2.x before 10.5.2.1, and 10.6.x before 10.6.0.1 allow remote attackers to read files on the system via unspecified vectors.
CVE-2020-15096
PUBLISHED: 2020-07-07
In Electron before versions 6.1.1, 7.2.4, 8.2.4, and 9.0.0-beta21, there is a context isolation bypass, meaning that code running in the main world context in the renderer can reach into the isolated Electron context and perform privileged actions. Apps using "contextIsolation" are affecte...
CVE-2020-4075
PUBLISHED: 2020-07-07
In Electron before versions 7.2.4, 8.2.4, and 9.0.0-beta21, arbitrary local file read is possible by defining unsafe window options on a child window opened via window.open. As a workaround, ensure you are calling `event.preventDefault()` on all new-window events where the `url` or `options` is not ...