With the holiday season fast approaching, consumers around the world are getting ready to find the best deals on Black Friday and Cyber Monday. Ecommerce retailers like Amazon, Walmart, and Target are already trying to get potential customers excited about their Black Friday deals, but consumers might be wary this time around due to all of the cyber attacks that have occurred in the past year. According to a survey by Computop, 71% of consumers in the US and the UK make sure to check how secure an ecommerce website when they shop online. The study surveyed 1,900 consumers, and the majority said they check to see if ecommerce sites are protected via SSL and https before buying. Almost 75% of consumers said that they are worried about cybersecurity when they offer up their credit card and bank information online to make payments.
In addition, 61% of survey respondents said they take an extra step when shopping online by checking the liability policies of their banks and credit card companies. In the US, 59% of consumers trust their credit card’s liability and fraud policies, while 50% of consumers in the UK trust PayPal’s policies. Biometric authentication is also seen as an additional security measure consumers and companies can take, but most consumers largely reject it. The survey found that 41% of consumers would not want to use biometric authentication when making a purchase because they do not know how their biometric data is secured. The security of biometric data is arguably more important than the security of a character password or PIN code because the latter two can be easily replaced or changed. Biometric data like fingerprints and retina scans, by contrast, cannot. Over a quarter of respondents are also concerned that their biometric data could be spoofed. The survey found that among respondents, fingerprints were the biometric authentication feature that 35% would prefer to use, while 12% would want retinal scans. Only 7% of respondents liked the idea of authentication through voice recognition.
Although consumers are more concerned about website and payment card security when they shop online this year, many would rather focus on convenience. Overall online sales numbers have consistently increased, showing that consumers would tradeoff the risk of a security incident if it meant they could shop online instead of squeezing through crowds at department stores. To these consumers, Black Friday and Cyber Monday are ultimately about getting the best deals on products in a convenient way. When respondents were asked if they wanted the option of buying online, and then paying in the store, 41% said they would not use that method.
Even though consumers can take cybersecurity into their own hands by doing their research, 62% have opted to not participate in Cyber Monday at all this year. The shoppers who refuse to participate say that the deals and savings aren’t good enough this year. Retailers that have experienced a data breach in the past, like Target, should be worried because 57% of consumers said that they would not shop at retailers that have been compromised in the past.
As Black Friday approaches, retailers should consider the endpoint security measures they have in place to protect their employees and customers. Promisec Endpoint Manager (PEM) gives retailers ways to keep their networks secure from cyber threats by:
This holiday season, PEM can help retailers prevent cyber attacks and data breaches, which will allow consumers to shop without worry.