A new survey by Webster Bank found that roughly half of C-suite executives polled said their businesses lost $10,000 to $500,000 to cyber fraud in the past two years, with another 11% reporting losses exceeding $1 million.
More than two in five (41%) of respondents said their businesses had been targeted more than once, with 12% saying they had been targeted at least four times, according to the survey. The top cyber fraud concern for executives was phishing, followed by ransomware, theft of customer data, theft of the organization’s data and malware.
Ninety-one percent of respondents said they worried about the effect of cyber fraud on their company’s reputation, followed closely about worries about losing customer trust.
Many respondents identified third-party vendor risk as one of their top cybersecurity concerns, although three in five depend on third-party IT providers and consultants to protect their organizations from cyber fraud, according to the survey. At the same time, 91% of respondents reported having a cybersecurity plan in place, although more than half feel their cybersecurity budget is insufficient.
