8 in 10 Black Friday shoppers say cybersecurity of online retailers is important to them
New research reveals more than 80% of British Black Friday shoppers (approx. 30.2 million people) say the cybersecurity of online retailers is important to them, representing a 7%-point increase from last year (76% in 2023 Vs 83% in 2024).
According to the research, Black Friday shoppers are 59% more likely to shop with an online retailer with a strong cybersecurity policy published on its website, a 4%-point increase from 2023[1].
Two in three UK adults, around 36.5 million people, say they shop on Black Friday, one of the biggest online shopping events of the year. Globally, the UK ranks third largest e-commerce market by online sales.[2] During last year’s Black Friday sales, UK shoppers spent £3.45bn online, representing a 5.6% increase on the prior year[3].
With the number of systemic cyber-attacks doubling since 2020, and high-profile cyber incidents such as NotPetya, the research indicates consumers are increasingly more aware of cyber criminals and thinking about how to protect themselves when shopping online.
The top nine items Brits are likely to buy this Black Friday include:
- Children’s toys
- TVs
- iPads / tablets
- Air fryers
- Vacuum cleaners
- Hair dryers/ straighteners
- Make-up
- Laptops
- Wearable tech like smart watches.
Business insurer QBE, which conducted the research, recommends online retailers prioritise robust cybersecurity policies to safeguard customer trust this shopping season.
David Warr QBE Portfolio Manager for Cyber said, “As shoppers become more aware of cyber risks and the need to protect themselves online, businesses must improve and better demonstrate their cybersecurity policy.”
Warr continues, “Online criminals and hackers are becoming increasingly sophisticated and quicker at launching cyber-attacks, business owners must take proactive measures to protect their data and reassure customers amid potential third-party disruptions. As we head into the festive period, it’s more crucial than ever for online retailers to have a comprehensive cyber policy.”
According to QBE’s latest research on businesses and cyber, in the last 12 months, the majority (69%) of medium to large sized businesses surveyed were disrupted by cyber-attacks and 78% of IT decision managers are concerned about cyber threats they may face.
QBE’s top tips for businesses and consumers ahead of Black Friday include:
Mitigating: QBE’s tips for businesses:
- Keep critical systems up to date with security patches.
- Monitor all applications and systems exposed to cyber threats.
- Establish an incident response plan and ensure you have adequate cyber insurance in place.
- Provide ongoing cybersecurity training for employees.
Staying safe online: QBE’s tips for online shoppers
- Use strong passwords and enable multi-factor authentication where possible.
- Shop on secure websites that feature clear cybersecurity declarations.
- Beware of phishing scams; avoid clicking on unsolicited emails or ads.
- Shop only on secure Wi-Fi networks.
- Be cautious of deals that seem too good to be true.
[1] https://qbeeurope.com/news-and-events/press-releases/cyber-attacks-put-off-black-friday-shoppers/
[2] https://investingstrategy.co.uk/financial-news/uk-retail-report-e-commerce-trends-and-online-shopping-statistics-2023/
[3] https://www.reuters.com/business/retail-consumer/uk-online-spend-rises-56-over-cyber-weekend-adobe-2023-11-28/
