E-commerce has the potential to break records this year, with extraordinary circumstances funneling more shoppers to digital outlets than ever before. Due to COVID-19, eMarketer projects a 10% fall in overall holiday sales but a 17% rise in e-commerce sales, and Deloitte projects a continued increase in retail sales over last year's figures. The latter forecasts that e-commerce sales could rise by as much as 35% due to limited in-store retail options.
At RiskIQ, we cannot help but view this uptick in digital spending for what it presents: more opportunities for cybercriminals to take advantage of increased e-commerce activity. RiskIQ researchers have tracked evolutions in Magecart digital credit card skimming infrastructure leading up to the holiday shopping season. Meanwhile, RiskIQ systems detect one phishing domain and five domain infringement events every minute. These numbers are expected to rise for e-commerce brands as the holiday shopping season continues to ramp up.
But how does this extremely active threat landscape affect shoppers?
RiskIQ surveyed a cross-section of American and UK shoppers to better understand this season's threat landscape through the lens of their habits and role in protecting personal information while shopping online. The report explores how consumers plan to allocate their holiday budgets, what effect COVID-19 will have on the way they shop, to what degree they're aware of threats that come with online shopping, and advice for consumers to protect their data through Black Friday, Cyber Monday, and beyond.
Key findings include:
- 75% of people will spend the same or more than last year
- 83% of people will spend at least 50% of their budget online
- 22% will shop entirely online with no plans to shop at brick and mortar stores
- 85% of people are mildly to highly concerned about their personal information when shopping online
- 90% of people are concerned over the rise in cybercrime since the start of COVID-19
- 56% of people cite the pandemic as a reason they've changed their attitude toward online security
With shoppers having little option but to rely heavily on e-commerce this holiday season, RiskIQ supports the cybersecurity community in its defense of online shoppers. We introduced our Holiday Shopping Microsite, a tool for both web hosts and shoppers to better protect themselves and others from data breaches this holiday season (and beyond).
The microsite serves as an extension of the work, including threat detection, that RiskIQ does to protect consumers and developers from the ever-present threat of cybercriminals.