Independence Day is not only a time for family gatherings but also a challenging period for businesses. During July, FinTech and e-commerce companies typically experience higher cybersecurity risks, as shown in recent research by Qrator Labs, a leading provider of DDoS attack mitigation services. In the third quarter of 2023, these two sectors were the most targeted, enduring 42.06 percent and 29.80 percent of all DDoS attacks, respectively.

This year might not be an exception, Victor Zymzin, the Chief Business Officer at Qrator Labs, warns. The main reason behind this trend is increased consumer spending on the Fourth of July. For instance, in 2023, it was expected to reach $9.5 billion, up from $7.7 billion in 2022. “Holidays often witness a surge in cyber attack activity due to diminished vigilance and increased online engagement. Many use the internet to shop for gifts and food. This is also the time when major retailers such as Amazon typically offer discounts,” Zyamzin explains.

According to the research by Qrator Labs based on Google search data in the US, the month of July 2023 witnessed an 18.7 percent increase in overall cybersecurity searches on Google in the US, reaching a total of 1,041,080 queries during this period. In particular, searches for “cybersecurity” rose by 22.3 percent, from 60,500 in June to 90,500 in July. The surge in cybersecurity-related searches during July underscores a growing public recognition of the risks posed by cyber threats. This spike shows a reflection of real-world events and heightened media coverage of cyber incidents. As for searches for “DDoS attack”, they surged by 82.7 percent, from 40,500 in June to 74,000 in July. 

The company also noticed a notable rise in searches for cybersecurity certifications and job opportunities which indirectly indicates a higher number of attacks. Queries for “Google cybersecurity certification” increased by 49.1 percent, and searches for “cybersecurity jobs” rose by 22.1 percent. “This growing interest presents a significant opportunity for businesses,” Zyamzin notes. “By investing in cybersecurity talent, companies can better protect their assets and foster growth in a secure environment.”

This is not the first time Qrator Labs detected a growing number of attacks around holidays. Previously, the company noticed a 45 percent increase in bot activity on e-commerce platforms during Ramadan and significant cyber threat spikes during Black Friday. As cybercriminals continue to exploit periods of reduced vigilance, it is imperative for businesses to remain alert and take proactive steps to safeguard their assets, Zyamzin states. By maintaining robust cybersecurity measures and investing in security tools, companies can better protect themselves from potential threats and ensure a secure environment for growth and operations.