Key Takeaways:

• Shopping Season is Hunting Season – Massive sales like 11.11 and Black Friday drive high traffic and easy prey for cybercriminals, often leading to increased phishing and social engineering attacks. 
• Hackers Aren’t Bargain Hunting; They’re Data Hunting – As people scramble for deals, threat actors exploit weak security practices, outdated software, and user mistakes.
• Protection Requires Preparation – Proactive defenses, employee training, and continuous monitoring can be the difference between a successful attack and a near miss.

As shoppers flood online marketplaces during November’s major shopping events—such as 11.11 Singles’ Day in China and Black Friday in the U.S.—cybercriminals are equally busy, capitalizing on this surge in online transactions to launch a variety of cyber attacks. With a staggering $139 billion spent on Singles’ Day in 2022 alone, it’s no wonder that these shopping days have become prime hunting grounds for cybercriminals. For small and medium businesses (SMBs) and their Managed Service Providers (MSPs), who may lack the resources and defenses of larger organizations, this season requires particular vigilance.

From phishing emails disguised as shipping notifications to ransomware attacks targeting weakened infrastructure, let’s explore the specific threats that crop up during November’s shopping frenzy, how these attacks are conducted, and practical steps MSPs and SMBs can take to safeguard their systems.

The Threats and Tactics: A Closer Look

1. Phishing Attacks

During the holiday shopping season, phishing attacks spike as cybercriminals leverage consumers’ eagerness for deals and businesses’ reliance on digital communications. Phishing emails impersonating major brands such as Amazon or Walmart inform recipients about “order issues” or “exclusive offers,” leading them to fake sites designed to steal their credentials or install malware.

• Example: On Black Friday 2022, attackers sent emails mimicking major retailers with subject lines like “Important: Order Delayed” or “Exclusive Discount Inside.” Unwitting recipients who clicked these links were led to credential-stealing pages. Once credentials were obtained, attackers often gained unauthorized access to users’ accounts or even business systems.
• How It’s Done: Using advanced “phishing kits,” cybercriminals replicate the look and feel of genuine websites with logos, brand colors, and similar messaging. These kits are available on the dark web, allowing even amateur cybercriminals to conduct sophisticated phishing campaigns that bypass spam filters. Phishing is effective during this season because of increased email traffic; people are expecting shipping updates, order confirmations, and promotional emails, which lowers their guard.

2. Malware and Ransomware Attacks

Malware and ransomware attacks increase around the holidays as cybercriminals know SMBs may be more vulnerable with reduced staff or resources stretched thin. Attackers may use phishing emails or fake websites to install malware, which can lock down critical systems or create backdoors for further exploitation.

• Example: In 2021, the REvil ransomware group exploited this seasonal weakness by targeting multiple U.S. and European retailers, disrupting sales and demanding substantial ransoms. These attacks not only caused financial loss but also eroded customer trust.
• How It’s Done: Ransomware is often delivered through infected attachments or disguised as free software (e.g., “holiday discount apps”). Once installed, it encrypts files and demands payment in exchange for decryption. Malware may also include spyware that quietly monitors activity and extracts sensitive data over time, going undetected for months. Ransomware is especially harmful because it can halt operations, leading many SMBs to consider paying quickly to restore services.

3. Fake E-commerce Websites

Cybercriminals create fake websites that closely mimic popular brands, offering “deals” on products that don’t exist or capturing sensitive customer data.

• Example: Forbes reported an 85% rise in counterfeit e-commerce sites during the Black Friday weekend in 2022. Cybercriminals designed these sites with similar URLs and visuals to reputable brands, leading many consumers to unknowingly enter their payment details and personal information, which were then harvested and sold on the dark web.
• How It’s Done: These fake sites often use “typosquatting” (domains that look like real brands but have small misspellings) or buy ad space to appear prominently in search results. Shoppers, eager to grab a good deal, may click without checking the URL carefully, entering their payment information and ultimately being defrauded.

4. Distributed Denial of Service (DDoS) Attacks

DDoS attacks, which overwhelm servers with traffic to render websites inaccessible, can be devastating during the holiday season when e-commerce is at its peak.

• Example: In November 2020, several European e-commerce sites fell victim to DDoS attacks, causing hours of downtime and revenue loss. Attackers, believed to be a hacktivist group, flooded the sites with traffic, disrupting sales and customer access.
• How It’s Done: Attackers use botnets, networks of compromised devices, to send massive volumes of requests to a target website, overwhelming its server. During peak times, even a small increase in traffic can disrupt a website’s functionality, making it vulnerable to DDoS attacks. Sometimes, DDoS attacks serve as distractions while hackers exploit other security gaps, causing a double blow to the business.

5. Credential Stuffing and Account Takeover Attacks

Cybercriminals use leaked credentials from previous data breaches to access user accounts, especially as consumers reuse passwords across multiple sites.

• Example: In 2022, online retailers saw a spike in account takeover attempts during Black Friday, with attackers using “credential stuffing” to hijack customer accounts. They used compromised accounts to make fraudulent purchases, change delivery information, or steal loyalty points.
• How It’s Done: Using automated tools, attackers enter lists of leaked usernames and passwords across different sites, searching for matches. Once they gain access, they can make purchases, steal loyalty points, or further compromise customer information. During the shopping season, credential stuffing can go unnoticed, as increased traffic and legitimate activity mask malicious logins.

How Cybercriminals Execute These Attacks

The methods behind these attacks are as sophisticated as they are varied. Here are some commonly used tools and tactics:

• Botnets: Used for DDoS attacks, botnets allow cybercriminals to overwhelm servers with requests. They can also automate credential stuffing, trying countless username-password combinations in seconds.
• Phishing Kits: Phishing kits provide templates, login pages, and scripts for harvesting credentials, making it easy for attackers to mimic legitimate sites and launch convincing phishing campaigns.
• Ransomware-as-a-Service (RaaS): RaaS platforms allow cybercriminals to “rent” ransomware tools for a share of the profits. This business model lowers the barrier to entry, making ransomware attacks accessible to less tech-savvy criminals.
• Artificial Intelligence (AI): AI is increasingly being used to enhance phishing campaigns, making them more personalized and effective. AI-driven phishing emails are highly targeted, increasing their success rates.

Practical Steps for MSPs and SMBs to Stay Protected

1. Employee Education and Training: Employees are the first line of defense. Conduct regular cybersecurity training on identifying phishing emails, verifying website authenticity, and reporting suspicious activity.
2. Multi-Factor Authentication (MFA): Enable MFA across all accounts to provide an additional layer of protection. This is particularly effective against credential stuffing.
3. Security Patches and Updates: Ensure systems are up-to-date with the latest security patches. Many successful attacks exploit vulnerabilities in outdated software.
4. Network Monitoring: Use real-time monitoring tools to detect unusual activity like traffic spikes or repeated login attempts, which can signal a DDoS attack or credential stuffing.
5. Phishing Simulations and Drills: Conducting regular phishing simulations can highlight employee vulnerabilities and improve their response times to real threats.

Guardz: A Partner for MSPs and SMBs During High-Risk Periods

At Guardz, we’re committed to strengthening cybersecurity for SMBs and MSPs, particularly during high-risk seasons. Our platform offers customized cyber awareness training modules that equip employees to recognize phishing attempts and other social engineering tactics. Leveraging AI-driven phishing simulations, Guardz enables businesses to test and improve employee responses to real-world cyber threats. With a focus on proactive defense, Guardz provides MSPs with tools to foster a security-first culture, empowering SMBs to navigate the holiday season securely and confidently.

By incorporating Guardz’s platform into your security strategy, you’re not just protecting your business—you’re protecting your customers, reinforcing trust, and ensuring smooth operations through the busiest shopping season of the year.

Demystifying 5 Main Cybersecurity Myths

Myth #1: Phishing attacks are easy to detect

Myth #2: Cybersecurity services sell themselves

• Return on Security Investment (ROSI)
• Mean Time to Detect (MTTD)
• Mean Time to Respond (MTTR)
• Cost of Incident Response
• Risk Mitigation Cost
• Cost per Security Incident

Myth #3: I know how many devices I manage

Myth #4: Only large companies are targeted

Myth #5: More tools translate to better security

Consolidate Your Cybersecurity with Guardz

As the 2024 U.S. election cycle heats up, cybercriminals are ramping up efforts to exploit the political landscape. Small and medium-sized businesses (SMBs) and managed service providers (MSPs) are particularly vulnerable during this period. From phishing campaigns to sophisticated nation-state attacks, the election introduces new risks that could severely impact businesses and the MSPs that support them.

Key Takeaways: 

• Phishing attacks targeting SMBs during the election cycle are expected to surge, making MSPs essential for providing advanced email security and awareness training.
• Nation-state actors may use SMBs as entry points for more extensive cyber-attacks, especially those connected to election systems or critical infrastructure, putting increased pressure on MSPs to secure their clients.
• The election could bring about shifts in cybersecurity regulations and insurance requirements, which will have a lasting impact on both SMBs and MSPs, requiring proactive measures to stay compliant.

As we dive deeper into these emerging threats, let’s explore the real-world impact and the vital role MSPs will play in securing SMBs during this critical time.

1. The Surge in Politically-Themed Phishing Campaigns Targeting SMBs

Election seasons are prime for cybercriminal activity, and phishing campaigns remain one of the most common attack vectors. With email inboxes flooded by political ads, voting information, and donation requests, it’s easy for malicious actors to disguise phishing emails as legitimate election-related communication. SMBs, often with fewer cybersecurity resources, are prime targets for these attacks, which may lead to credential theft, ransomware infections, or data breaches.

Example: Phishing Emails Disguised as Voter Information

During the 2020 U.S. elections, phishing emails disguised as official voter registration updates surged. Many businesses received emails claiming to offer polling information or requesting donations for political causes. These emails contained malicious links designed to steal login credentials or deliver malware. The rise of generative AI has made crafting convincing phishing messages easier, allowing cybercriminals to scale their operations.

In a recent incident in 2024, reports indicate a notable increase in phishing attacks related to the election cycle, with many attackers leveraging topics like voter registration and political donations.​

ReliaQuest

GovTech.

SMBs that lack strong defenses are especially vulnerable to these attacks.

For MSPs, the solution lies in proactive measures, including anti-phishing solutions, advanced email filtering, and security awareness training for their SMB clients.

2. Nation-State Attacks on SMBs Connected to Critical Infrastructure

Election interference has evolved from a national concern to one that directly impacts businesses—particularly those providing services to government agencies or critical infrastructure. Nation-state actors target SMBs as weak links in the supply chain, seeking access to larger systems through their less secure networks. This makes SMBs that work with election technology or government contracts especially vulnerable during the election cycle.

Example: SMBs as a Backdoor into Election Systems

During previous election cycles, hackers targeted software companies supplying election technology to various state governments. By compromising these smaller vendors, nation-state actors gained access to voter databases and sensitive election-related systems. This pattern is expected to continue in 2024, with reports of increasing activity on the darknet aimed at facilitating such attacks.​

Cyber Security Intelligence

One of the most recent cases involves Iran, where hackers have reportedly targeted U.S. presidential campaigns, exploiting SMB vulnerabilities to gain access to sensitive data​

ReliaQuest

For MSPs managing these clients, it’s crucial to employ a multi-layered defense strategy that includes endpoint protection, intrusion detection systems, and network segmentation. Regular security assessments and proactive monitoring are necessary to mitigate these risks.

3. New Regulations and Increased Demand for Cybersecurity Insurance

As election-related cyberattacks increase, SMBs—especially those in critical sectors—could face new compliance requirements. Additionally, with the rising risk of ransomware attacks and data breaches, more businesses are seeking cybersecurity insurance to protect against financial losses.

Example: The Shift Toward Cybersecurity Compliance

After the 2020 elections, several states began focusing more on cybersecurity regulations for companies working with critical infrastructure. These requirements included mandatory incident reporting and compliance with frameworks like NIST and the Cybersecurity Maturity Model Certification (CMMC). Similarly, the 2024 election cycle is driving demand for cybersecurity insurance as businesses look to protect themselves from potential damages.​

Cyber Defense Magazine

MSPs can assist SMBs by offering managed compliance services to help them stay up-to-date with evolving regulations. Additionally, bundling cybersecurity solutions with insurance products provides added value to SMB clients.

Disinformation Campaigns and Their Impact on SMBs

Disinformation campaigns, often designed to influence public opinion during elections, can also impact businesses, especially those with a strong online presence. Cybercriminals may spread false information about a company’s services or leadership, leading to reputational damage.

Example: Fake Reviews and Social Media Attacks

In the past, SMBs have been victims of disinformation campaigns that spread fake reviews or social media posts during election periods. For example, in one notable case, a small business was falsely accused of political affiliations, resulting in lost customers and a barrage of negative reviews​.

Cyber Security Intelligence

These campaigns can have a devastating effect on businesses that rely on their local reputation.

MSPs can help mitigate these risks by monitoring their clients’ digital presence and using tools to detect and respond to disinformation. Setting up alerts for unusual online activity and implementing account takeover protections are key steps in safeguarding against these threats.

Supply Chain Attacks: A Growing Threat for SMBs During Elections

Election cycles also see a rise in supply chain attacks, where cybercriminals target smaller vendors to gain access to larger networks. SMBs that provide software, hardware, or services to election offices are particularly at risk of these attacks, which are often aimed at disrupting or influencing the election process.

Example: Targeting SMB Vendors in the Supply Chain

In the 2016 U.S. election, hackers targeted a small software company that provided voter registration services to several states. By breaching this vendor, the attackers gained access to sensitive voter data, disrupting registration systems. With the 2024 election approaching, similar attacks are expected, with hackers actively working on the darknet to coordinate such efforts.​

CISA

For MSPs, securing their clients’ supply chains is a top priority. This includes strong vendor management practices, regular security assessments, and ensuring that all software and hardware are updated and patched. Establishing contingency plans can also help SMBs quickly recover from any potential supply chain disruptions.

Conclusion: Guardz’s Commitment to Securing SMBs and MSPs During Critical Times

As we move through the 2024 election season, the cybersecurity landscape for SMBs and MSPs will become more complex and challenging. From phishing attacks to nation-state threats and supply chain vulnerabilities, the risks are significant. However, MSPs play a crucial role in helping SMBs navigate this turbulent environment by providing comprehensive security solutions, compliance support, and proactive protection.

At Guardz, we are deeply committed to the MSP community, understanding the unique challenges they face—especially during election cycles. Our mission is to empower MSPs with the tools and knowledge they need to secure their clients effectively. With AI-powered security solutions, managed detection and response (MDR), and cybersecurity insurance offerings, Guardz ensures that MSPs can stay ahead of emerging threats and continue to provide top-tier security services to their SMB clients.

Let’s work together to ensure that, even during times of political uncertainty, your clients remain secure and confident in their digital environments.

Why You Need Cyber Insurance

Cyber insurance is no longer a “nice to have” commodity. Every SMB and enterprise must have cyber insurance. Besides the obvious reasons, it can also help remove the burden of a potential liability between a client, vendor, or third-party entity.

Most importantly, it can provide peace of mind in the event of a data breach.

Let’s pause for a moment here. No one likes to talk about data breaches until they have to disclose them publicly, but for many organizations, it’s a reality. If an attacker managed to gain unauthorized access and compromise systems or exfiltrate data, who’s to blame?

Hopefully, not you.

However, without proper cyber insurance coverage, your business might be fully liable for damages if your business data is compromised in any way. A long and painstaking process that can quickly deplete your budget in an instant. In this blog, we’ll highlight the importance of having cyber insurance and what to look for when choosing a provider.

The Financial Impact of Cyber Attacks and Ransomware

A recent survey revealed that 87% of global decision-makers said that their company is currently not adequately protected against cyber attacks. Cyber insurance helps ensure that businesses have a safety net in place to cover the financial repercussions of a security incident. It also helps organizations effectively address breaches, both in terms of financial and reputational damages.

Cyber insurance adds a security blanket to organizational risk management strategies, offering comprehensive coverage that extends beyond the immediate costs of a breach, but also in long-term support for recovery and compliance matters, which can be a very messy area.

Ransomware is a serious and expensive threat that many insurance providers do not cover. Sophos found that ransom payments have surged by 500% YoY to an average of $2M in 2023 alone. With ransomware attacks now taking on the form of AI, organizations will have to up their security and insurance game to avoid paying the hefty costs associated with these incidents.

The more pressing question is: Exactly how much of that $2 million is paid out of pocket?

This leads us to the important topic of what to look for when choosing a cyber insurance provider.

4 Things to Look for When Choosing a Cyber Insurance Provider

Incident Response Support: Every second counts after a breach or cyber incident has occurred. Does the policy include support for business continuity planning and disaster recovery? Does the insurer provide access to an incident response team and a crisis management team to guide you through the process? Check if the insurer offers credit monitoring services to help protect affected individuals from any further losses. Dedicated claim managers can also help streamline the entire process, from initial filing to final settlement. Get to know your team beforehand and make sure everyone is aligned with the direction. And last but not least, if you are covered for ransomware, who pays the ransom and waits for reimbursement? Is it you or the incident response team? Just something to keep in mind.

Claims Handling Process: Is the claim filing process a smooth and easy transition or do you have to wait weeks on end for an email or return call? Is the payout process transparent? Do you know how much your deductible is? What are you paying out of pocket, with one or multiple deductibles? Do your due diligence when it comes to this crucial step, particularly with payouts and response times. Businesses simply don’t have time to wait around and stop operations in the aftermath of a security incident. They need to focus their attention on immediate mitigation efforts. Understand how filing a claim might affect your future premiums or coverage. Some insurers might adjust premiums or terms based on claims history. Take the time to carefully review the fine print and details before submitting any claim.

Exclusions and Limitations: What’s included in the plan? Finding this out before you sign any contract is imperative. Make sure you thoroughly review the policy to understand any exclusions or limitations that could prevent you from signing on. Check for exclusions related to pre-existing vulnerabilities or ransomware payouts. Avoid any unpleasant surprises that can pop up later down the line, particularly in a potential breach lawsuit. You certainly don’t want to have to pay out of pocket for legal fees or regulatory fines that you assumed would be covered. Right?

Policies That Include Ransomware Coverage: According to the 2023 Ransomware Trends Report, 21% of organizations found out that ransomware is specifically excluded from their cyber insurance. Not exactly the type of coverage you should be seeking that will give you a good night’s sleep. However, it is not uncommon for insurance carriers to refuse ransom payouts for several reasons. The attack could have been preempted by the organization’s failure to maintain cybersecurity best practices, such as regularly updating and patching software, conducting routine phishing simulations, and implementing advanced security measures like intrusion detection systems. Don’t expect an insurer to provide you with ransomware coverage if you’re not up-to-date on security protocols and employee training either.

Another reason might be if a business failed to follow the insurer’s recommendations for risk mitigation. You can’t expect your insurance provider to hold up their end of the deal if you haven’t upheld yours.

Guardz Pro Tip: It’s important to check if there are any exclusions or caps on the amount that can be claimed for ransom payments.

And above all, make sure you go with a cyber insurance provider you can trust. One that will be there for you 24/7 in a crisis to help you recover and get business operations going.

Secure Your Digital Assets with Cyber Insurance from Guardz

Don’t wait until you’ve been hit with a breach to get cyber insurance coverage. Guardz enables businesses to secure optimal insurance coverage at the most competitive price. Every business is built differently. Guardz understands that and helps you get premium cyber insurance coverage tailored specifically to your business requirements. Whether you’re an SME or a Fortune 500, you must insure your digital assets to keep your operations running smoothly.

While advanced security tools often grab headlines, the foundational practice of patch management and security patching remains a cornerstone of effective cybersecurity. Though sometimes overlooked, these processes are critical in maintaining robust software systems and networks. MSPs create a formidable barrier against potential exploits by systematically addressing vulnerabilities through timely updates. Today, where a single unpatched system can lead to significant breaches, the importance of efficient and comprehensive patching cannot be overstated. For MSPs dedicated to delivering top-tier protection, mastering this practice is not just beneficial – it’s imperative.

The Importance of Patch Management

By systematically applying updates to software and operating systems, MSPs can:

1. Mitigate Security Risks: Close known vulnerabilities that cybercriminals could exploit.
2. Improve System Performance: Many patches include performance enhancements and bug fixes.
3. Ensure Compliance: Meet regulatory requirements that mandate up-to-date systems.
4. Maintain Business Continuity: Prevent downtime caused by outdated or vulnerable software.

Best Practices for Effective Patch Management

1. Develop a Comprehensive Inventory: Maintain an up-to-date inventory of all hardware and software assets across client networks. This forms the foundation for effective patch management.
2. Prioritize Patches: Not all patches are created equal. Prioritize based on the severity of the vulnerability and the criticality of the affected systems.
3. Test Before Deployment: Always test patches in a controlled environment before rolling them out across client networks to avoid potential conflicts or issues.
4. Automate Where Possible: Leverage patch management tools to automate the process of identifying, downloading, and deploying patches.
5. Establish a Regular Patching Schedule: Set a consistent schedule for routine patching, balancing the need for quick deployment with the need to minimize disruption.
6. Monitor and Report Continuously: monitor patching status and generate reports to ensure compliance and identify any gaps in coverage.
7. Educate Clients: Help clients understand the importance of patch management and their role in maintaining system security.

Security Patching: A Critical Component

While patch management covers a broad range of updates, security patching focuses specifically on addressing vulnerabilities that could be exploited by cybercriminals. Best practices for security patching include:

1. Rapid Response to Critical Vulnerabilities: When high-risk vulnerabilities are announced, act quickly to assess and implement the necessary patches.
2. Use a Risk-Based Approach: Prioritize security patches based on the potential impact of the vulnerability and the likelihood of exploitation.
3. Implement a Patch Management Policy: Develop and enforce a clear policy outlining procedures for identifying, testing, and deploying security patches.
4. Utilize Virtual Patching: In cases where immediate patching isn’t possible, use virtual patching techniques to mitigate risks temporarily.
5. Conduct Regular Vulnerability Assessments: Proactively scan for vulnerabilities to identify potential security gaps before they can be exploited.

Overcoming Patch Management Challenges

MSPs often face challenges in implementing effective patch management:

1. Legacy Systems: Older systems may not support the latest patches. Develop strategies to secure these systems or plan for upgrades.
2. Client Resistance: Some clients may resist patching due to concerns about downtime. Educate them on the risks of unpatched systems and schedule updates during off-hours.
3. Complexity: With diverse client environments, patch management can become complex. Use centralized patch management tools to streamline the process.
4. Bandwidth Constraints: Large updates can strain network resources. Consider using local update servers or staggering deployments.

The Future of Patch Management

As technology evolves, so do patch management practices. Keep an eye on these emerging trends:

1. AI-Driven Patch Management: Artificial intelligence is being leveraged to predict vulnerabilities and automate patch prioritization.
2. Cloud-Based Patching: Cloud services are making it easier to manage patches across distributed networks.
3. IoT Device Patching: As IoT devices proliferate, new strategies for patching these often-overlooked endpoints are emerging.

Conclusion

By implementing robust patch management processes, MSPs can significantly enhance their clients’ security posture, reduce the risk of breaches, and demonstrate their value as proactive security partners. By mastering patch management and security patching, MSPs can provide their clients with a critical layer of protection