Only 60 percent of brands can protect their customers from digital impersonation

More than half of respondents (53 percent) to a new survey say their existing cybersecurity solutions do not effectively address website impersonation attacks, and 41 percent say their existing solutions only partially protect them and their customers.

The study from Memcyco, based on research from Global Surveyz, finds just six percent of brands claim to have a solution that effectively addresses these attacks despite 87 percent of companies recognizing website impersonation as a major issue and 69 percent admitting to having had these attacks carried out against their own website.

Although 72 percent of companies have a monitoring system in place to detect fake versions of their website, 66 percent say that they primarily learn about digital impersonation attacks when they are flagged up by customers. More alarmingly, 37 percent of respondents learn about website impersonation attacks as a result of ‘brand shaming’ by impacted customers on social media.

"One of the most alarming takeaways from the report is that website impersonation scams are growing because attackers rely on companies having limited visibility into these kinds of attacks," says Israel Mazin, chairman and CEO of Memcyco. "This creates a glaring blindspot in cybersecurity -- the inability of companies to protect their customers online."

The inability to adequately protect against digital impersonation fraud also raises a question about enterprises' responsibility to reimburse their customers. 48 percent of survey respondents are already aware of upcoming regulations likely to enforce customer reimbursements, making effective protection against digital impersonation fraud a ‘must-have’ for avoiding revenue loss.

You can find out more on the Memcyco site.

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