QUOTE: December 2, 2013 marks Cyber Monday, the day when Internet retailers expect to experience a major surge in traffic thanks to people shopping online for the holiday season. The concept of Cyber Monday, or Mega Monday as it’s known in Europe, was introduced back in 2005. It takes place after the Thanksgiving holiday weekend, when people return to the office and buy Christmas presents from their work computers, according to retailers. Some dismissed Cyber Monday as marketing hype but over time, the day has grown in significance, thanks to competitive deals on offer from many major retailers. In 2012, the 500 biggest retailers in the US took more than US$206.8 million on Cyber Monday while in Europe, approximately €565 million was spent on this day. This year, experts believe that Cyber Monday sales will grow by 13.1 percent as consumers increasingly move from buying presents in bricks-and-mortar stores to shopping online.
However, considering the hype surrounding Cyber Monday and the expected traffic on ecommerce sites on this date, there could be a chance that attackers will take advantage of the day to target both consumers and retailers. According to a recent study from RSA Security and the Ponemon Institute, 64 percent of retail-focused IT professionals have seen an increase in attacks and fraud attempts during high traffic days such as Cyber Monday. But just one third of these IT professionals take special precautions to ensure high availability and integrity of websites on these days. Worse still, the estimated direct cost of a cyberattack around the holiday season is believed to be US$8,000 a minute.