As the eagerly awaited year-end shopping season — including 11.11 Singles’ Day, Black Friday, and the holiday period — approaches, Palo Alto Networks has urged heightened cybersecurity awareness.
This period traditionally sees a significant rise in online activity and financial transactions, from searching for the best shopping deals to booking holiday travel, purchasing event tickets, and making cross-border transfers for holiday gifts.
However, it is also a prime time for cybercriminals who seek to exploit unsuspecting shoppers through phishing scams, fraudulent websites, and payment fraud.
The impact is clear, with losses from online scams between 2021 and April 2024 totalling RM3.18 billion, affecting over 95,800 victims. With online activity expected to increase over the coming months, the importance of strong cybersecurity practices cannot be overstated.
“As Malaysia’s retail and e-commerce sector grows, the need for robust cybersecurity has never been more critical,” said Sarene Lee, Country Manager for Palo Alto Networks Malaysia.
“Defence starts with awareness and preparation. Retailers and businesses should take proactive steps to secure their platforms, while consumers need to remain vigilant for a safe online experience.”
The rise of digital payments and holiday planning has transformed consumer behaviour in Malaysia but has also introduced new risks. Key events like 11.11 and Black Friday, along with holiday travel preparations, see high online transaction volumes, which attract cybercriminals.
In Malaysia, 55% of consumers use QR codes, 63% rely on mobile wallets, and 73% participate in social commerce, increasing their exposure to potential cyber threats.
As online transactions surge, consumers face a growing threat from malicious attacks such as APK malware targeting mobile apps and deepfake scams. To stay protected, Palo Alto Networks suggests the following best practices:
- Verify Authenticity: Double-check emails and offers before clicking links. Watch for misspellings, unusual domain names, and suspicious attachments.
- Enable Two-Factor Authentication (2FA): Use 2FA on all accounts, especially when shopping online, for added security.
- Shop Through Official Channels: Avoid unknown websites and stick to trusted online shopping platforms.
- Beware of Phishing Scams: Be cautious of deals that seem too good to be true and fake order confirmations.
- Strengthen Passwords: Use strong, unique passwords for all accounts, and consider a password manager for additional security.
- Avoid Sharing Personal Information: Do not share sensitive information, like national identification or banking details, in response to unsolicited requests.
Businesses also need to enhance their defences against cyber threats. Unit 42, Palo Alto Networks’ threat intelligence team, has identified retail as one of the top three sectors in Malaysia affected by ransomware, underscoring the challenge of securing systems without disrupting the shopping experience.
Common threats during peak periods include phishing scams, which trick employees into divulging sensitive information, and ransomware attacks that can cripple essential systems. Distributed Denial of Service (DDoS) attacks can also overwhelm retail sites, causing potential downtime and customer disruptions.
Local consumer concerns reflect these risks, with recent research indicating that 28% of Malaysians feel less secure shopping online, and 30% prefer businesses that implement stringent security measures, such as identity verification.
To mitigate these risks, businesses are encouraged to adopt a Zero Trust approach, which mandates strict verification for every user and device accessing the network. By incorporating comprehensive threat detection, response, and data protection into a Zero Trust framework, businesses can gain greater visibility, streamline security operations, and enable real-time responses to threats.
This not only protects sensitive data but also preserves a smooth user experience, delivering both security and convenience to consumers.
“This approach not only simplifies management and enhances efficiency but also strengthens resilience by employing a Zero Trust model, which is crucial in defending against an expanding array of cyber threats, especially during high-traffic shopping seasons. Ultimately, cybersecurity is a shared responsibility, and by working together, Malaysians can build a safer and more secure online environment for everyone,” added Lee.
