As cyberattacks and fraud continue to be significant concerns for midsize companies, many are strengthening their preventative measures, using existing resources and relationships to implement strategies, according to the results of Umpqua Bank’s 2024 Business Barometer Survey. Forty-one percent of midsize firms said they were victims or a target of a cyberattack in the last 12 months. For small businesses, 7% reported being victims of a cyber-related attack in the last year.
According to the study, 83% of those that have already rolled out fraud detection programs have done so through solutions offered by their bank, including positive pay, biometric authentication and account access controls. More than half (56%) of small-business respondents are also partnering with their banks to protect against financial fraud. Business leaders in several sectors will invest more heavily in financial tools to protect payments systems in the next 12 months, the survey indicated. Among those with a higher likelihood to allocate resources are retail (67%), agriculture (56%), and professional services (51%).
Among midsize businesses with between $10 million and $500 million in annual revenue: 81% are likely to invest in tools to protect payment systems in the next 12 months; 62% have already implemented instant payment technology; 23% plan to implement instant payment technology within the next 12 months; and 93% of those already using instant payment technology have strengthened or are planning to strengthen safeguards to protect against real-time fraud risks.
For small banks, 40% are likely to invest in tools to protect payment systems in the next 12 months. Forty-three percent have already implemented instant payment technologies, with 66% of these also strengthening related safeguards.
