Even though the month of Ramadan and the celebration of Eid Al Fitr are beautiful times to spend with loved ones, the increase purchasing activity that follows always results in a spike in cyberattacks.
Data from a significant cybersecurity business, Group-IB, indicates that from 32 ransomware victims published on dedicated leak sites (DLSs) in 2022 to 53 last year, the GCC had a significant 65% increase in ransomware victims in 2023. According to data, the number of compromised cards in the GCC increased significantly by 36%, from 98,339 in 2022 to 133,320 in 2023.
Cybercriminals take advantage of the annual spike in consumer spending by anticipating it and employing phishing techniques, time-limited promises of discounts, and well-known brands as cover to trick unsuspecting victims, including consumers and retail professionals. According to Irina Zinovkina, head of Positive Technologies’ information security research group, attacks on the trade sector during the Eid Al Fitr shopping season have serious repercussions, including the leakage of confidential information, disruption of business operations, financial losses, and reputational damage. Retail is still a crucial sector of the region’s economy.
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