By Black Friday and Cyber Monday are high-stakes opportunities for businesses, but they also come with heightened risks. In South Africa, where cybercrime rates are alarmingly high, the season’s surge in online activity creates a fertile ground for cybercriminals. Data breaches, ransomware attacks, and phishing schemes are just some of the threats businesses face. As we gear up for this year’s shopping frenzy, protecting your business accounts and sensitive data should be a top priority.
Shireen Botha, Business Development Advocate at ASI Financial Services shares some practical steps to help your business stay ahead of cyber threats this Black Friday:
Strengthen system defences
Regularly update your software and systems to patch vulnerabilities that cybercriminals exploit. Outdated systems are low-hanging fruit for attackers, so ensuring you have the latest updates and security features is a basic yet critical first step.
Secure Your Payment Systems
Black Friday often sees an influx of transactions, making payment systems a prime target. Use secure payment gateways and ensure compliance with industry standards like PCI DSS (Payment Card Industry Data Security Standard).
Enable multi-factor authentication (MFA)
Passwords alone aren’t enough. MFA adds an extra layer of security by requiring users to verify their identity through a secondary method, such as a mobile device or email, significantly reducing the likelihood of unauthorised access.
Train your team
Cybersecurity isn’t just an IT issue – it’s a whole-business responsibility. Ensure employees can identify phishing emails, fraudulent links, and suspicious activity. Regular training can help prevent human error, one of the leading causes of security breaches.
Monitor and segregate your data
Adopt a principle of least privilege: employees should only have access to the information they need for their role. This limits the damage caused by internal errors or malicious insiders. Regularly audit who has access to sensitive data to ensure no gaps exist.
Invest in AI-driven cybersecurity
Artificial intelligence can identify unusual patterns and detect potential threats before they escalate. With the help of AI, businesses can respond faster and more effectively, saving time, money, and potentially their reputation.
Consider cyber liability insurance
Even with the best defences, breaches can happen. Cyber liability insurance provides a safety net, covering financial losses related to data breaches, ransomware, phishing, and reputational damage. It also supports legal defence, customer notifications, and public relations recovery—essential during the high-risk Black Friday period.
Back-up your data
Frequent data backups are your best defence against ransomware attacks. Store backups in a secure, offline location to ensure you can restore critical systems and files without paying a ransom.
“Black Friday is an exciting time for businesses, but it’s also when cybercriminals are most active. That is why it is crucial that businesses implement these cybersecurity practices, helping them protect their businesses, maintain customer trust, and focus on making the most of the shopping season,” concludes Botha.