According to the latest Internet security survey from Panda Security, cyber thieves are targeting small and midsized businesses. The small and midsized businesses are making efforts for protecting consumer data, but they are failing to protect from cyber thieves. Small and mid sized businesses in America are considered to be lifeblood of United states.
It is more troublesome for customers who swipe their credit cards for purchasing products and services online. According to the survey many of the small and medium sized businesses do not know how to effectively prevent identity theft. They lack in resources to install the technology which would help them against many of the cyber attacks. Few of the small and medium sized businesses do not even believe that identity theft is a major problem.
According to the Panda Security survey on 300 executives and financial professionals of small and medium sized businesses which have employees between 1 to 500 who have spread across 38 different industries, 63 percent of the firms are worried about cybercrime but they do not have much knowledge on how to protect their businesses.
Small and medium sized business owners do not even know how to recover from the cyber theft. According to the survey, 63 percent of the firms think that their banks would return all of the stolen funds. It shows that they are not motivated or capable of implementing at least a moderate security technology to prevent themselves from cyberthefts.
64 percent of small and medium sized business owners who were surveyed said that they have protective and procedural methods which will help them detect or prevent online banking fraud. Around 15 percent of them accepted that they had not updated security software.
Moreover, 58 percent of the small and medium sized business owners said that they do not even have insurance to protect their business from identity fraud and other cyber thefts. It is very important for the small businesses to have security technology in order to prevent themselves from cyber thefts.