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December 31, 2018
As the holiday shopping season begins,
However, while e-commerce enjoys rapid growth, global attack trends indicate that the retail support sector continues to be a popular target for cybercriminals. For example, the cybercriminal operation “MageCart” targets online retailers by creating websites that mimic their victims’ websites and inserts malicious code to capture card data.
Physical point-of-sale (POS) terminals are another weak spot for retailers. Transnational groups such as FIN6 target companies providing POS services to retailers and have shown skill compromising networks to access payment card data stored on POS terminals.
Cybercriminals are also targeting computers throughout the Middle East to mine cryptocurrencies. According to Symantec, the skyrocketing and volatile prices for cryptocurrencies in the last quarter of 2017 spurred a significant increase in infection rates. So-called “
Jay Townsend, Principal at Booz Allen Hamilton, said: “While e-commerce is enjoying rapid growth in the Gulf, it has been popular far longer elsewhere in the world and cybercriminals have gained decades of experience honing their craft targeting consumers and companies online. Gulf-based retailers and their infrastructure are increasingly being targeted with advanced malware variants to intercept payment card data and communications. This signals the need for greater cybersecurity vigilance among both retailers and customers.”
Ziad Nasrallah, Principal at Booz Allen Hamilton, added: “The growth in mobile shopping throughout the Gulf region is creating a target-rich environment for cybercriminal networks to increase their operations. Therefore, it is imperative for retailers and consumers to protect themselves from attacks that could cause tremendous financial or reputational damage.”
With these realities in mind, retailers and consumers in the Gulf need to anticipate cyber threats and plan accordingly to ensure safe and secure holiday shopping. Booz Allen Hamilton outlines a few top tips for retailers and customers to protect themselves against cyber threats during the upcoming peak festive season.
Tips for retailers:
Tips for consumers:
About Booz Allen
For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital, engineering, and cyber, we help organizations transform. We are a key partner on some of the most innovative programs for governments worldwide and trusted by their most sensitive agencies. We work shoulder to shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision. With global headquarters in McLean, Virginia and more than 80 offices worldwide, our firm employs more than 26,300 people and had revenue of $6.7 billion for the 12 months ending March 31, 2019. To learn more, visit BoozAllen.com. (NYSE: BAH)