Small and Mid-Sized Businesses Unclear on Threats from Online Fraud


According to a recent survey, it was found that 63% of executives and financial professionals of SMBs (across 38 industry sectors), worry about cyber theft, but lack knowledge on how to protect their businesses.

According to another survey conducted by Panda security, it was found that inspite of high publicity regarding various Trojans in internet, used to steal financial information from the bank accounts during online transactions, only 11% of SMBs reported atleast one fraudulent attacks.

The SMBs are totally unaware of the seriousness of this attacks and the finacial loss that is caused to a company because of these attacks. 63% of the respondents opined that in case of a fraud attack, they believe that the bank would reimburse the whole lost amount, but

Other key findings:

  • 58 percent of respondents are unsure of having insurance to protect their businesses against these online fraud attacks.
  • 64 percent of respondents have taken protective and procedural methods to detect or prevent online banking fraud.
  • 15 percent of respondents were unsure of their security status and have not updated security software on systems where online transactions are conducted.

According to the study, 71 percent of SMBs are likely to adopt new protective or procedural methods in the future to prevent online banking fraud.

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