Having closed brick-and-mortar operations on March 16, 2020 for safety reasons, the nearly overnight shift to a purely e-commerce revenue model brought uncertainty. However, a rapid uptick in online sales provided a sense of relief, albeit short-lived. Our client became concerned when a closer look at the online transactions revealed an unusually large volume of electronic gift card purchases made using their private label credit card.

A new year typically brings a renewed sense of optimism; however, 2021 brings with it promises of unparalleled challenges for board members as their role in cyber risk oversight and increasing organizational resilience has never been more important. Over the course of 2020, as organizations shifted already overburdened staff to build capacity to support remote working, threat actors aggressively exploited weaknesses exposed in the transition.

Credit card attacks typically target point of sale (PoS) terminals at retail locations such as stores, restaurants and hotels. In the early stages of the COVID-19 pandemic, in-person retail activity greatly diminished, forcing criminals to seek other targets and to virtualize their operations.