2024 Cyber Fraud Index: Key Insights on Executive Cybersecurity Trends
Cyber Fraud: A Growing Concern for Businesses and Their Leadership
Cyber fraud continues to pose a significant risk to businesses, their customers, and their reputations. To gain insights into how top executives are addressing these challenges, we surveyed 150 C-suite leaders. The findings, presented in our exclusive Cyber Fraud Index, reveal some unexpected trends.
2024 Cyber Fraud Index Score: A Reflection of Executive Uncertainty
As cyber threats escalate, we asked executives how confident they feel in their company’s ability to prevent cyber fraud. The Cyber Fraud Index Score represents the percentage of leaders who rated their confidence level as “Very Confident” or “Confident.”
Cyber fraud continues to pose a significant risk to businesses, their customers, and their reputations. To gain insights into how top executives are addressing these challenges, we surveyed 150 C-suite leaders. The findings, presented in our exclusive Cyber Fraud Index, reveal some unexpected trends.
2024 Cyber Fraud Index Score: A Reflection of Executive Uncertainty
As cyber threats escalate, we asked executives how confident they feel in their company’s ability to prevent cyber fraud. The Cyber Fraud Index Score represents the percentage of leaders who rated their confidence level as “Very Confident” or “Confident.”
- Cyber Fraud Index Score: 55
Examining Executive Responses to Cyber Fraud
To better understand how business leaders perceive cyber risks and the steps they are taking to safeguard their organizations, Webster Bank conducted a comprehensive market study. This research aimed to:
To better understand how business leaders perceive cyber risks and the steps they are taking to safeguard their organizations, Webster Bank conducted a comprehensive market study. This research aimed to:
- Identify executives’ key concerns regarding cyber fraud and security.
- Explore the specific threats they worry about and the potential impact.
- Assess the security measures currently in place.
- Examine leaders’ experiences with cyber fraud and its consequences.
- Evaluate how executives view their bank’s role in supporting cyber fraud prevention.
At Webster Bank, we prioritize the success and security of our business customers. That’s why we took a deep dive into our 2024 Cyber Fraud Index findings.
Survey Demographics
Our respondents represented companies of various revenue sizes, with nearly equal representation from businesses earning more than $500 million and those below that threshold.
Survey Demographics
Our respondents represented companies of various revenue sizes, with nearly equal representation from businesses earning more than $500 million and those below that threshold.
- 48%: $500M+
- 25%: $100M–$249M
- 13%: $250M–$499M
Industries Represented
Executives surveyed came from a variety of industries, including technology, healthcare, manufacturing, education, and financial services.
Executives surveyed came from a variety of industries, including technology, healthcare, manufacturing, education, and financial services.
- 18%: Technology, Computing, IT
- 16%: Healthcare
- 14%: Manufacturing
- 11%: Education
- 9%: Financial Services
Level of Cybersecurity Responsibility
Most respondents held primary responsibility for cybersecurity decisions within their organizations.
Most respondents held primary responsibility for cybersecurity decisions within their organizations.
- 87%: Primarily responsible
- 13%: Somewhat responsible
Key Takeaways from the Cyber Fraud Index
While our research uncovered a wealth of insights, several key themes emerged:
Concerns vs. Reliance on External Resources
Although many executives cited third-party vendor risk as a top cybersecurity concern, 60% continue to rely on external IT providers and consultants for fraud protection.
Cybersecurity Plans vs. Budget Constraints
While 91% of executives reported having a cybersecurity strategy in place, over half admitted that their budget for cybersecurity is insufficient, highlighting a gap between planning and available resources.
Strong Technical Defenses, Weak Strategic Oversight
Firewalls and multi-factor authentication are widely adopted, yet only about half of organizations have a cybersecurity advisory council or a similar governance body to provide
strategic guidance.
Reliance on Internal IT, but Lack of Confidence
Although 92% of respondents primarily depend on internal IT teams for cybersecurity, fewer than half expressed complete confidence in their security measures.
Desire for Greater Bank Involvement
Executives indicated a need for banks to take a more proactive role in cyber fraud prevention. However, 40% reported feeling neutral or dissatisfied with the level of support they currently receive from their financial institutions.
Balancing Internal and External Cybersecurity Resources
While most companies rely on in-house IT teams, many still turn to external resources despite their concerns over third-party risks.
Through our research, it’s clear that business leaders recognize the increasing threat of cyber fraud, but many still face challenges in securing the necessary resources and support. The findings from our Cyber Fraud Index provide a crucial look into these evolving concerns and how organizations are responding.
While our research uncovered a wealth of insights, several key themes emerged:
Concerns vs. Reliance on External Resources
Although many executives cited third-party vendor risk as a top cybersecurity concern, 60% continue to rely on external IT providers and consultants for fraud protection.
Cybersecurity Plans vs. Budget Constraints
While 91% of executives reported having a cybersecurity strategy in place, over half admitted that their budget for cybersecurity is insufficient, highlighting a gap between planning and available resources.
Strong Technical Defenses, Weak Strategic Oversight
Firewalls and multi-factor authentication are widely adopted, yet only about half of organizations have a cybersecurity advisory council or a similar governance body to provide
strategic guidance.
Reliance on Internal IT, but Lack of Confidence
Although 92% of respondents primarily depend on internal IT teams for cybersecurity, fewer than half expressed complete confidence in their security measures.
Desire for Greater Bank Involvement
Executives indicated a need for banks to take a more proactive role in cyber fraud prevention. However, 40% reported feeling neutral or dissatisfied with the level of support they currently receive from their financial institutions.
Balancing Internal and External Cybersecurity Resources
While most companies rely on in-house IT teams, many still turn to external resources despite their concerns over third-party risks.
Through our research, it’s clear that business leaders recognize the increasing threat of cyber fraud, but many still face challenges in securing the necessary resources and support. The findings from our Cyber Fraud Index provide a crucial look into these evolving concerns and how organizations are responding.
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