Since the onset of the COVID-19 pandemic, a marked global increase in cybercrime has occurred. The McAfee Enterprise and FireEye report highlights that the landscape of cyber threats has expanded significantly. In 2022 alone, there was a 48% increase in cyberattacks targeting cloud infrastructure, primarily driven by misconfigurations and vulnerabilities in cloud environments.
Additionally, during the pandemic, research has shown a substantial rise in cyberattacks, particularly ransomware and phishing attacks. According to McAfee Enterprise COVID-19 dashboard, the global retail industry accounts for 5.2% of the total detected cyber threats. Such threats include compromised payment credentials and cloud storage, as well as other forms of retail fraud and theft.
With the holiday season approaching, businesses and individuals are urged to prioritize cybersecurity measures to mitigate the risk of attacks, especially given that cybercriminals often exploit this busy time for financial and data breaches.
RB Insights
- 81% of organizations experienced increased cyber threats during the pandemic.
- 79% faced downtime due to cyber incidents.
- Key industries like supply chain, e-commerce, and travel are particularly vulnerable.
The Rise of Cyber Threats
According to the report, the pandemic has created a fertile ground for cybercriminals. With more people working remotely and increased online activity, organizations have become prime cyberattack targets. The report highlights that 60% of IT professionals observed a rise in online activity, yet 33% reported budget cuts in technology and security.
“The holidays are a season many look forward to – from consumers, to retailers, to cybercrooks,” said Abhishek Karnik, Head of Threat Research at McAfee. “Using AI-powered tools, scammers can now more quickly and easily create near-perfect imitations of trusted brand messages, celebrity faces and voices, and websites. We’re urging people to stay cautious, think twice about deals that seem too good to be true, and use the best online tools to protect their information. With the latest AI-powered protection, keep your guard up, think before you click, and stay one step ahead to keep your holiday season merry and safe.”
As the holiday season approaches, supply chain and logistics, e-commerce and retail, and the travel industry see predictable increases in consumer and business activity – making them more vulnerable to cyber threats and leaving business, employee and consumer data at risk.
Vulnerable Industries
As consumer demand surges during the holiday season, certain industries are more susceptible to cyber threats:
- Supply Chain & Logistics
- E-Commerce & Retail
- Travel
The Cost of Cyber Incidents
The impact of cyber threats is not just theoretical; it has tangible financial consequences. The report indicates that:
- 56% of organizations experienced downtime due to cyber concerns, costing some over $100,000.
- 76% of IT professionals find it challenging to maintain a fully staffed security team during peak periods.
Recommendations for Organizations
To combat the rising tide of cyber threats, organizations must take proactive measures:
- Implement Security Measures: Adopt advanced security technologies and frameworks to protect sensitive data.
- Employee Training: Provide cybersecurity awareness training to employees to mitigate risks.
- Develop Response Plans: Create actionable plans to respond swiftly to cyber incidents.
- Utilize Cloud Security Solutions: Leverage cloud-delivered security services to enhance protection against sophisticated threats.
As the holiday season approaches, the urgency for organizations to prioritize cybersecurity cannot be overstated. With a significant increase in cyber threats since the pandemic, businesses must act decisively to protect their data and maintain consumer trust. The findings from McAfee Enterprise and FireEye serve as a wake-up call for companies to strengthen their cybersecurity architecture and prepare for the challenges ahead.
