# Staying Ahead of Risk This Black Friday Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-24 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Black Friday Cybersecurity Risks for Retailers Meta Description: Learn from industry leaders like Will Liu, Dominik Birgelen, Michael Jenkins, and Rebecca Worsley about the cybersecurity threats and online retail strategies URL: https://financedigest.com/staying-ahead-of-risk-this-black-fridayhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-11-26t153322z2lynxmpehap0clrtroptp4retail-holidayshopping-britain-1736814820843-compressed.jpg) ![will liu](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/will-liu-450x299-1736814820755-compressed.jpg) **will liu** ![Dominik Birgelen](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/dominik-birgelen-450x253-1736814820775-compressed.jpg) **_Dominik Birgelen_** ![Michael Jenkins](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/michael-jenkins-450x561-1736814820768-compressed.jpg) **_Michael Jenkins_** ![Rebecca Worsley](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/rebecca-worsley-1736814820762-compressed.jpg) **_Rebecca Worsley_** _By_ **_Rebecca Worsley_** _Founder and CEO of RainyCity Agency,_ **_Will Liu_** _MD of TP-Link UK Ltd,_ **_Michael Jenkins_** _CTO at ThreatLocker,_ **_Dominik Birgelen_** _CEO of oneclick_ We’re [approaching the busiest time](https://www.financedigest.com/anti-money-laundering-time-to-take-a-new-approach.html "ANTI-MONEY LAUNDERING: TIME TO TAKE A NEW APPROACH?") of year for shopping, as consumers hunt for gifts and bargains ahead of the peak holiday season. Every year, the Black Friday shopping frenzy dominates the news and sets new [sales records](https://www.financedigest.com/inflation-drives-britains-record-christmas-grocery-sales.html "Inflation drives Britain’s record Christmas grocery sales"). [Retailers around the globe aim to cram in as many shoppers](https://www.financedigest.com/uk-retailers-see-40-jump-in-boxing-day-shoppers-springboard.html "UK retailers see 40% jump in Boxing Day shoppers -Springboard") and move as many units as possible by offering discounts on their products. This year, it is expected that a considerable amount of Black Friday [shopping will take place online](https://www.financedigest.com/the-high-street-is-dead-long-live-online-shopping.html "The high street is dead – long live online shopping! "), rather than in-store. Moreover, in the run-up to Black Friday, shops and [online suppliers](https://www.financedigest.com/tesco-to-charge-online-booker-suppliers-new-fulfilment-charge.html "Tesco to charge online, Booker suppliers new fulfilment charge") can face multiple problems and extensive planning is necessary to mitigate and reduce these effects. **Prominence of** [Cyber Attacks](https://www.financedigest.com/banks-can-provide-a-protective-shield-to-defend-customers-from-cyber-attack.html "Banks can provide a protective shield to defend customers from cyber attack") While [Black Friday](https://www.financedigest.com/cost-of-living-crisis-casts-shadow-over-europes-black-friday.html "Cost-of-living crisis casts shadow over Europe’s Black Friday") provides buyers with the opportunity to purchase items at low prices, the event’s popularity and the rush to grab deals make it a prime target for cybercriminals, fraudsters, and scammers. Michael Jenkins, CTO at ThreatLocker, explains: “With so many online transactions and data transfers on [Black Friday](https://www.financedigest.com/lockdown-2020-black-friday-how-to-maximise-return.html "Lockdown 2020 Black Friday – How to maximise return"), businesses should be aware of the threat of ransomware. [Businesses focus on allowing customers to conduct online](https://www.financedigest.com/6-practical-tips-for-starting-an-online-business.html "6 Practical Tips for Starting an Online Business") transactions but often fail to implement adequate cybersecurity measures, leaving them vulnerable to attacks due to the amount of activity and exposure to online content.” Organisations should also be mindful of the possibility of ransomware on Black Friday [due to the high volume](https://www.financedigest.com/dsm-misses-q1-forecasts-due-to-weak-volumes-and-high-costs.html "DSM misses Q1 forecasts due to weak volumes and high costs") of online transactions and data transfers. He further adds “Many companies still don’t have enough defences in place to [mitigate the risks](https://www.financedigest.com/mitigating-operational-risk-through-centralising-reconciliation.html "MITIGATING OPERATIONAL RISK THROUGH CENTRALISING RECONCILIATION") posed by these attacks. While operating on a tight schedule, an employee opening an inappropriate link, mistakenly giving users access to private information, or downloading compromised data can cause significant downtime, severely limiting [businesses’ ability to capitalise on Black Friday opportunities](https://www.financedigest.com/the-north-heads-south-to-mipim-en-masse-to-corner-new-real-estate-business-opportunities.html "The North heads South to MIPIM en masse to corner new real estate business opportunities"), loss of profit and damage to reputation.” Dominik Birgelen, CEO of Oneclick, agrees that retailers remain on top of hackers’ target list: “Cutting corners on cybersecurity not only can lead to huge fines from regulators but also a [loss of reputation](https://www.statista.com/statistics/1327148/main-consequences-cyber-attacks-cybersecurity-worldwide/) and consumer loyalty in case any data breach takes place due to the lack of cybersecurity.” The retail industry’s threat surface is growing as merchants use data-driven technology to personalise their offerings – however, in order to ensure that Black Friday is remembered for revenue and not regret, retailers should have robust risk management procedures in place. Nevertheless, [managing cyberattacks is not the only risk](https://www.financedigest.com/managing-corporate-currency-risk-the-cfos-balancing-act.html "Managing Corporate Currency Risk: The CFO’s Balancing Act") retailers need to look out for over this shopping frenzy. [**Rising Consumer Expectations**](https://www.financedigest.com/instant-view-us-may-payrolls-rise-up-than-expected.html "Instant View: US May payrolls rise up than expected") There are several different features [retailers can implement to enhance their online offering and fully leverage the opportunities](https://www.financedigest.com/uk-retail-banks-is-irrelevance-curtailing-opportunity.html "UK Retail Banks: Is Irrelevance Curtailing Opportunity?") that come with Black Friday. In the build up to the peak holiday season, this has never been more essential. Rebecca Worsley, CEO & Founder of Rainy City Agency comments “Implementing tools like ensuring a range of available [payment methods](https://www.financedigest.com/freelancer-payments-methods-what-you-should-know.html "Freelancer Payments Methods: What You Should Know"), cross and up-selling as well as enhancing checkouts to ensure a frictionless experience can also improve retailers’ ability to take advantage of the upcoming seasonal peak. Besides technology, eCommerce [vendors should not underestimate the value of customer](https://www.financedigest.com/online-marketplaces-embracing-embedded-finance-to-benefit-both-customers-and-vendors.html "Online marketplaces: embracing embedded finance to benefit both customers and vendors     ") and influencer reviews in the run up to the hectic retail period. Retailers can prepare as much as possible for Black Friday, yet if their eCommerce provisions aren’t up to scratch, their preparation may prove fruitless.” There is an increased pressure on businesses to [meet the growing expectations of today’s desired customer](https://www.financedigest.com/stay-ahead-of-the-curve-and-meet-your-customers-payments-needs.html "STAY AHEAD OF THE CURVE AND MEET YOUR CUSTOMERS PAYMENTS NEEDS") experience. [Shoppers today expect more than just purchasing](https://www.financedigest.com/amazon-offers-shoppers-10-to-pick-up-purchases-as-it-targets-delivery-costs.html "Amazon offers shoppers to pick up purchases as it targets delivery costs"), receiving, and enjoying a product or service. Consumers increasingly want a [strong corporate identity as well as a flawless customer](https://www.financedigest.com/how-strong-customer-authentication-can-prevent-cart-abandonment.html "How Strong Customer Authentication can Prevent Cart Abandonment") experience, and retailers cannot afford to ignore this in the run-up to Black Friday. Rebecca further states “The [retail and eCommerce](https://www.financedigest.com/intelligent-delivery-the-future-of-ecommerce-and-retail.html "Intelligent delivery: the future of eCommerce and retail") sectors are definitely becoming more concentrated, and competition is high. The pressure is on for retailers to remain [competitive and differentiate](https://www.financedigest.com/how-music-sound-can-help-financial-brands-differentiate-in-a-competitive-world.html "How Music & Sound Can Help Financial Brands Differentiate in a Competitive World") themselves, their products and their services from the competition.” **Improving The** [Customer Experience](https://www.financedigest.com/how-partnerships-fuel-fintech-innovation-and-help-banks-deliver-a-better-customer-experience.html "How Partnerships Fuel Fintech Innovation and Help Banks Deliver a Better Customer Experience") Adopting [innovative technology is key](https://www.financedigest.com/determination-and-innovation-the-key-for-fast-growing-uc-firm.html "Determination and Innovation the Key for Fast Growing UC Firm") to enhancing the customer journey and consequently increasing shopper satisfaction. Connecting in-store shoppers to digital information [via dynamic QR codes or smart dressing rooms ensures](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") a seamless shopping experience with shoppers heading to stores this Black Friday. Will Lui, Managing Director of TP-Link UK, states “Implementing tools like ensuring a range of available payment methods, cross and up-selling as well as enhancing checkouts to ensure a frictionless experience can also [improve retailers’ ability to take advantage of the upcoming seasonal peak.” Will further adds “If you’ve never dabbled with smart business](https://www.financedigest.com/5-ways-to-improve-your-business-finances.html "5 Ways to Improve Your Business Finances") devices before, Black Friday is the ideal time to give it a try.” During the [festive shopping](https://www.financedigest.com/618-shopping-festival-in-china-makes-a-resurgence.html "618 shopping festival in China makes a resurgence") season, businesses will make the most of increased physical and online foot traffic by utilising spectacular discounts and offers to entice customers. Being future-proof means not just understanding what the [future holds](https://www.financedigest.com/what-does-the-future-hold-for-uk-smes.html "What does the future hold for UK SMEs?"), but also being prepared for it. Furthermore, [learning from the errors and achievements of competitors is critical when it comes to building an eCommerce business](https://www.financedigest.com/what-b2b-businesses-can-learn-from-b2c-e-commerce.html "What B2B businesses can learn from B2C e-commerce") and impeccable customer service, especially during Black Friday. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---