A Growing Concern for Businesses
For American businesses, the rising cyber threats are an urgent concern. According to a recent survey by The Wall Street Journal (WSJ), 90% of companies reported an increase in cybersecurity risks over the past year.
Increased Risks Across Industries
The WSJ survey, conducted among approximately 300 compliance professionals, highlights that nearly all mid-sized businesses—defined as having between $50 million and $1 billion in revenue—have observed a rise in cyber threats. The survey spanned various industries, with over a third of respondents from financial services, 13% from professional and business services, and around 9% from the technology sector.
Building a Robust Cybersecurity Framework
To combat these rising cyber threats, companies must adopt comprehensive cybersecurity strategies. According to PYMNTS, a robust framework should include:
- Integrate advanced technological defenses.
- Prioritize human factors.
- Implement routine training programs.
- Establish “rigorous security protocols.”
- Foster a “culture of vigilance among employees.”
Impact on eCommerce and Anti-Fraud Measures
The PYMNTS Intelligence report “Fraud Management in Online Transactions” revealed that:
- 82% of eCommerce merchants experienced cyberattacks or data breaches within the last 12 months.
- These breaches led to significant revenue loss and customer attrition for 47% of the affected businesses.
- 68% of businesses reported a decline in customer satisfaction due to security breaches.
In response, 95% of eCommerce merchants have either started upgrading their anti-fraud measures or are planning to do so. Specifically, 41% have already begun enhancing their anti-fraud protections, while another 54% intend to implement improvements over the next year.
Moving Forward in the Battle Against Rising Cyber Threats
As cyber threats continue to grow, it is imperative for businesses to strengthen their cybersecurity frameworks. By adopting advanced technological defenses, emphasizing human factors, and fostering a culture of vigilance, organizations can better protect themselves against the evolving cyber threat landscape.
