New research commissioned by EMC security division RSA indicates that some retail establishments in the U.S. and U.K. may not be ready to deal with cyber attacks but know they are likely to get hit.
Merchants believe they could lose as much as $3.4 million per hour of disruption during Cyber Monday due to lost customer trust and brand damage, EMC said Monday, citing the Ponemon Institute report.
Sixty-four percent of organizations report a spike in holiday-timed attacks but just as many say they do not take extra measures to head off the assault, while half noted they lacked tools to detect such attacks.
Demetrios Lazarikos, IT threat strategist at RSA, said cybercrime has evolved while businesses’ defenses against fraud remain traditional.
“The problem requires universal visibility, a risk-layered approach and a new way of understanding the adversary,” Lazarikos said.
“Isolating the outliers in crowd behavior that indicate attacks is critical for identifying malicious behavior and business logic abuse,” he added.
Retailers see as much as a 55 percent increase in daily revenues during the holiday rush but most of the 1,000 information technology staff polled believe such gains merely dissolve amid the losses incurred from attacks.
Types of attacks range from botnets and distributed denials of service, app store and click fraud, as well as stolen credit card validation to coupon and electronic wallet abuse and account hijacking.