E-commerce sites are expected to lose $10 billion to cyberattacks in 2019 globally

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 27, 2019, 11:19 AM UTC

Online brands will have to practice better cybersecurity habits.

This article cites a report stating that e-commerce websites globally will lose about $10 billion to cyberattacks (bots and scraping fraud) this year. They are labelled “grinchbots” who sweep hefty sums of tickets from sites, buy out holiday gifts and resell them at a mark-up.

Researchers arrived at this figure after analysing past bot attacks and found that approximately 6% of the $3.4 trillion which e-commerce retailers will earn this year, would come from vulnerable sites. Of this total, up to $10 billion will be lost to missed sales, wasted man hours and customers leaving non-responsive sites.

As per a 2018 study, e-commerce sites suffer 70% more of such attacks on Black Friday as against the rest of the month. This number spikes over 100% on Cyber Monday.

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