Poised at the precipice of the busy holiday season, Black Friday and Cyber Monday are a siren call for shoppers keen on finding the perfect gift for their loved ones. Boasting a bonanza of bargains, dozens of designer deals and a choice selection of specials, it should come as no surprise that in 2022, a record 196.7 million American consumers headed to digital and physical storefronts.

Of course, not everyone is in search of a deal. Some are looking for a literal steal. Cybercriminals are active year-round, and the flurry of shopping activity surrounding this time of year makes seasonal shoppers a desirable target.

Compounded by increasing digital attacks on wealthy individuals, corporate executives and luxury brands, it’s essential for Black Friday and Cyber Monday shoppers of all kinds to proactively reduce their cyber risk by ensuring their assets are protected.

Reducing Your Cyber Risk

In 2022, the FBI’s Internet Crime Complaint Center (IC3) received 800,944 complaints alleging cyberattacks and incidents. The potential loss from those reports totaled more than $10.2 billion.

As the sophistication and scope of these attacks deepen, following the advice of trusted organizations like the FBI and carrying the proper insurance coverage can help safeguard your identity, financial accounts and other assets from those who seek to abuse them.

Protect yourself this holiday season by:

  • Being Wary – If an offer from one of your favorite designer brands seems too good to be true, there’s a good chance it isn’t a legitimate offer. Cybercriminals continuously seek to make their attacks “more resilient, more disruptive and harder to counter,” according to the IC3. For shoppers, that means keeping an eye out for fake websites, suspicious emails and fraudulent offers. Criminals often clone websites or distribute falsified emails from trusted brands to lure shoppers. Once you provide your billing information or click a malware-infected link, cybercriminals can run amuck with your finances and personal technology. Stay alert for pixilated images, misspellings or poor grammar in the URL, email text or webpage and broken website functions, as these are common signs of a scam.
  • Only Using Secure Sites – Before purchasing online, it’s important to make sure your communication with the site is secure. Secure communication is essential to protect your data from unauthorized access. According to the University of Wisconsin-Madison, checking if the URL you’re visiting is secure is simple. Examine the URL of the website; if it starts with HTTPS, the site uses a Secure Sockets Layer (SSL) Certificate. This certificate authenticates a website’s identity and enables an encrypted connection. A popular browser shorthand for this is a lock icon near your browser’s location field. Clicking on this icon can give you more information about the site and its security. Unfortunately, hackers have increasingly used HTTPS on malicious websites, so it’s important to remain vigilant. Cross-referencing sites such as Google Safe Browsing or Better Business Bureau can help provide peace of mind that the site is genuinely secure and the company you’re dealing with is valid.
  • Creating Strong Passwords – Using a strong password is one of the easiest ways to protect yourself online. A complex password should only be answerable by you. It shouldn’t include easily gathered personal information, such as anniversaries or the names of your children and family pets. Some cybersecurity experts, such as the National Institute of Standards and Technology (NIST), recommend using a passphrase — several words strung together, interspersed with symbols or letters — as a more robust alternative to the password. Implementing multifactor authentication, where users must complete two or more verification factors to access their account, is also highly recommended by experts.
  • Shopping with a Credit Card – If you purchase something from a fraudulent company despite your best efforts, shopping with a credit card can provide additional safety. If a fraudster gains access to your debit card information, the money is instantly pulled from your account. By shopping with your credit card, your personal funds remain out of reach of hackers, and once reported, the credit card company will resolve the issue on your behalf. Many credit card companies now offer zero liability coverage for unauthorized purchases to insulate their cardholders against fraud. Working with your financial advisor or banking institution to monitor your financial activity can also provide peace of mind and ensure a quick response if fraud is uncovered.
  • Keeping Your Security Software Up to Date – Just like your regular check-up visits to your doctor’s office, your security software needs updates to remain in proper working order. Regularly checking your operating system and third-party security software for updates is vital to maintaining the security of your devices. By addressing serious security flaws based on recent attacks, the updates should help keep you one step ahead of cybercriminals.

Cybercrime is pervasive, and the shopping season makes digital spaces prime hunting grounds for criminals. Between identity theft, phishing scams, ransomware and hacking events, taking the necessary steps to safeguard your online presence is more important than ever. Carrying personal cyber insurance can ensure a prompt, efficient response to a hack or breach while insulating you from recovery costs. Contact your Gallagher insurance advisor to learn more about personal cyber insurance solutions before your personal information is compromised.