Cyber Monday is synonymous with increased web traffic, and retailers determined to meet their customers’ expectations run the risk of mistaking high volumes of web traffic as popular demand for their products, rather than an orchestrated attack designed to bring down websites.
Ahead of Cyber Monday, which is widely regarded as the busiest online shopping day of the year, KPMG’s Del Heppenstall warns that the risk of cyber attack will be magnified as fraudsters attempt to take advantage of consumers and retailers whose attention will be on buying and fulfilment, rather than security.
Del, a director in KPMG’s Cyber Security practice, says: “Cyber Monday is synonymous with increased web traffic, and retailers determined to meet their customers’ expectations run the risk of mistaking high volumes of web traffic as popular demand for their products, rather than an orchestrated attack designed to bring down websites.
“A ‘promote and deliver at all costs’ mentality may drive immediate sales, but the long-term cost if customer data is compromised will outweigh any profits made on the day. You wouldn’t blame a policeman for a burglary at home, if you don’t lock doors and windows. In the same way, with payment card data having long been a target for cyber criminals, the onus must be on consumers to protect their details.
“Cyber criminals may not be able to turn what they discover into cash immediately, but what they glean can provide a gold mine for identity theft if login, payment and other details are easy to access. It’s with this in mind that retailers and consumers must work hand in hand; if they don’t Cyber Monday could come crashing down.”
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Mike Petrook, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.