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Small Businesses Lack Awareness About Online Fraud
Mike Sachoff
Staff Writer
2010-04-22
 Insider Reports RSS Feed
The majority of small and medium-sized businesses (SMBs) are not familiar with banking Trojans used to gain access to and steal from their online accounts, according to a new report by Panda Security.
 | | Small Businesses Lack Awareness About Online Fraud |  |
The report found 52 percent of those surveyed had little or no familiarity with banking Trojans. Despite the lack of understanding about malware threats, the majority of respondents (63%) remain concerned about online banking fraud or identity theft in their organizations.
The study also found a gap between what businesses expect in the way of reimbursement from banks due to online fraud versus what funds are actually returned. Sixty-three percent said they strongly or somewhat believed their bank would return all of the funds to their possession. In contrast to this perception, only 37 percent of victims said all of the stolen funds were actually returned.
"While online banking security is a general concern among most SMBs, most of them have little knowledge about the specific threats targeting organizations of their size," said Sean-Paul Correll, threat researcher at PandaLabs.
"In addition, U.S. law puts the burden on business owners for keeping funds secure, rather than the banks. The majority of SMBs surveyed weren't aware of this fact, which means they are operating with a false sense of security."
Additional findings include:
*58 percent of respondents do not have insurance to protect their business from banking fraud or identity theft, or are unsure if they have any protections in place
*64 percent of respondents have protective and/or procedural methods in place at their organizations to detect or prevent online banking fraud
*15 percent of respondents have not updated security software on all systems where online transactions are conducted or are unsure of the status of their security software altogether
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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