Month: February 2025

Download the Webster Bank Cyber Fraud Index here

Cyber fraud is a growing risk for many businesses, their customers and their reputations. To find out how C-suite leaders are handling cybersecurity, we surveyed 150 of them. Our exclusive Cyber Fraud Index presents our findings . . . and some surprising insights.

Our 2024 Cyber Fraud Index Score reflects executives’ insecurities.

During an era of rising cybercrime, we asked C-suite executives how confident they are in their organization’s ability to protect itself from cyber fraud. Our Cyber Fraud Index Score represents the percentages who answered “Very Confident” or “Confident.”

Cyber Fraud Index Score: 55

We Took the Elevator up to the C-Suite for a Look Into How Executives Are Reacting to Cyber Fraud.

With cybercrime on the rise, Webster Bank wanted to better understand how business leaders are feeling about the risks they face, and how they’re protecting their organizations.

So we fielded an exclusive, intensive market study to dive into the matter, and asked questions designed to:

Identify the primary concerns C-suite leaders have about cyber fraud and cybersecurity.Explore the different issues that cause them concern, as well as who they believe will be impacted by  
these issues.Understand the cybersecurity protection measures organizations have implemented.Learn about executives’ experiences of being cyber fraud victims, as well as the impact.Assess how these leaders and organizations perceive their bank as a resource for addressing cyber fraud concerns.

Nothing’s more important to Webster than the success of our business customers. And we know a big part of that depends on security. So let’s take a closer look at the insights we discovered in our 2024 Cyber Fraud Index survey.

Are C-Suite Leaders Facing a Confidence Crisis?

Only 11% our respondents were “very confident” in their organization’s ability to protect itself from cyber fraud.

11%: Very confident44%: confident40%: Somewhat confident5%: Not very confident

The how and the who behind our survey.

The Cyber Fraud Index Methodology.

Our study was fielded in October 2024. It included both open-ended and closed questions, and took approximately 8 minutes to complete. We received 150 completes from C-Suite executives, most of whom identified themselves as one of the following:

Chief Information Security OfficerChief Information OfficerChief Financial OfficerChief Technology Office

Company Revenue

Our respondents were nearly evenly split between companies above $500m in revenue and those below.

48%: $500M+25%: Between $100M and $249M13%: Between $250M and $499M

Industries

Most of our respondents worked in the technology, healthcare, manufacturing, education and financial services industries.

18%: Technology Computing IT16%: Healthcare 14%: Manufacturing11%: Education9%: Financial Services

Level of Responsibility

Most of our respondents were primarily responsible for their company’s cybersecurity decisions.

87%: Primarily responsible13%: Somewhat responsible

Insights that attracted our attention.

An Executive Summary of Our C-Suite Survey.

Our Cyber Fraud Index uncovered many interesting statistics, but a few insights stood out when stepping back and looking at the bigger picture. As you analyze our results in the following pages, keep an eye out for the following themes and potential conflicts:

Tension between concerns and relied-upon resources.

Many C-Suite leaders identified third-party vendor risk as one of their top cybersecurity concerns, yet 6 in 10 still depend on third-party IT providers and consultants to protect their organizations from cyber fraud.

Cybersecurity plans vs. budgets.

91% of C-Suite executives report having a cybersecurity plan in place, but more than half also feel their cybersecurity budget is insufficient. This suggests that many executives want to do more to protect against cyber fraud but lack the funds.

High adoption of technical defenses, but low strategic guidance.

Many respondents have defenses like firewalls and multifactor authentication in place, but only about half have established a cybersecurity advisory council or a similar group to provide strategic guidance and governance on new and emerging threats.

High reliance on internal protection, but low confidence in cybersecurity.

92% of the executives we surveyed rely on internal IT resources as their primary line of defense, but less than half are fully confident in their organization’s cybersecurity measures.

The desire for more bank support.

The C-Suite leaders who responded expressed a desire for banks to take a more active role in cyber fraud protection, but 40% are neutral or unsatisfied with what their banks offer them.

Resource Reliance

The majority of respondents rely on internal IT resources, but also call upon outside resources, despite concerns over third-party risks.

Get a C‑suite view of cyber fraud; download the Webster Bank Cyber Fraud Index here.

PSEG ENERGIZE!

An unusual amount of chatter filled the air at three of PSE&G’s Customer Care centers recently as business customers gathered to have their questions answered and become more familiar with their PSE&G energy partners.

Jamie Kujawski, owner and CEO of Star Energy and a trade ally in energy efficiency programs, said he was excited to attend the Business Connect event in New Brunswick.

It’s a good opportunity to talk to the people behind the scenes … it’s easier to resolve issues when you’re able to meet in person and get to know people in these small forums.”

– Jamie Kujawski (right), owner and CEO of Star Energy and a trade ally in energy efficiency programs.

“It’s a good opportunity to talk to the people behind the scenes,” he said, as he flipped through his notebook of meticulously documented state regulations. “New Jersey has the best energy efficiency program for the customer that I’ve witnessed. It shows the commitment to clean energy.”

Yet Jamie said he had pressing questions about some of the process details before the next energy efficiency program cycle starts in January 2025. He said he was grateful for the personal attention he received and hopes it will help him serve his hotel and restaurant clients even better moving forward.

“It’s easier to resolve issues when you’re able to meet in person and get to know people in these small forums,” Jamie said. “The first 20 minutes were hugely helpful.”

Property Manager Atul Sethi of Paragon Estates said he had two goals in mind when attending the event: Obtain help in better managing his numerous accounts and receive more information on energy efficiency and EV rebates.

He added the event was valuable and met both of his goals.

Business Connect workshops also were held in Hackensack and Trenton and had information on everything from renewable energy to understanding your bill and your smart meter. Special guests included representatives from the U.S. Small Business Administration.

“We know our small business customers join us in caring about the communities we serve and our planet. These in-person events offer opportunities to build relationships and get advice about everything from saving energy and saving money through energy efficiency to bill payment options,” said Nicole Swan-Bennett, senior director – Customer Care, who attended all events. “We also took the opportunity to listen to the needs and interests of small business owners in PSE&G’s territory, so that we can better serve them.”

Small businesses seeking more information can start on the PSE&G business and contractors website.

Authored by Heather L. Herc

In today’s healthcare environment, consumers are demanding more from their Health Plans than ever before. Over the past several years, health plans have felt a shift in consumer expectations as the industry’s move towards increased digitization continues to mature. Consumer engagement is no longer optional—it is a critical component for health plans striving to deliver financial outcomes, improve population health and enhance member satisfaction. Building meaningful, personalized engagement strategies that are both effective and sustainable is key to fostering member trust, improving health outcomes and driving long-term success.

Defining consumer engagement in healthcare

Let’s begin with a broad yet practical definition of the health plan consumer. A consumer includes anyone who is currently a member, has been a member in the past, or could become one in the future. This inclusive view drives strategy, helping health plans deliver more personalized, meaningful interactions at every stage.

Consumer engagement is pivotal across multiple functions including sales, marketing, value-based care, risk management, care management and quality improvement. However, engagement strategies that operate independently or with limited integration can lead to oversaturation, misaligned messaging and diminished trust. A unified, consumer-centric strategy is key to standing out in a competitive landscape that increasingly ties reimbursement to strong member satisfaction scores.

1. Acquiring and managing consumer data 

A comprehensive view of consumer data forms the foundation for engagement strategies. Many health plans face gaps in their data infrastructure, such as the absence of a robust identity management system or limited interaction histories. Health plans can address these challenges through developing a plan for:

Data integration: Consolidating information from clinical, operational and consumer sources.Data mastering: Resolving complex identity issues across multiple systems like membership and claims databases, member engagement platforms, care management platforms and EHR systems.Centralized data structures: Building the frameworks necessary to support advanced analytics.Solution evaluation: Conducting a build verses buy analysis to determine whether an in-house or vendor-provided solution best meets your organization’s data management needs. By assembling and managing robust data repositories, health plans can lay the foundations necessary to unlock the insights required to personalize and optimize consumer engagement.

2. Transforming data into actionable insights

Data alone isn’t enough; meaningful engagement requires actionable insights. Health plans often excel claims data but lack behavioral and engagement intelligence. Leveraging advanced capabilities such as predictive analytics allow organizations to anticipate consumer needs, driving impactful interactions across the care continuum. Best practices include:

Consumer segmentation: Developing multidimensional models to group consumers effectively.Attitudinal analytics: Identifying traits like loyalty and health management tendencies.Social determinants modeling: Using data to uncover barriers to care and behavioral drivers.Marketing analytics: Evaluating engagement effectiveness across channels and campaigns.Collaboration with providers: Health plans should leverage insights to work with provider partners to improve overall care coordination to enable members to connect with the right providers at the right time.

These insights empower health plans to build deeper connections with members, enhancing both individual experiences and organizational outcomes.

3. Aligning processes and systems

For consumer engagement strategies to succeed, health plans must integrate their operations into a seamless ecosystem. While many organizations have adopted individual tactics, they often lack the coordination needed for a unified consumer experience. Health plans should bridge these gaps by:

Systems integration: Connecting engagement platforms to analytics systems for real-time functionality.Next best action systems: Enabling systems to recommend personalized, immediate actions based on historical data.Holistic design: Aligning engagement strategies with overarching consumer goals.

This alignment ensures consistent, relevant messaging across all touchpoints, fostering trust and loyalty among consumers.

4. Delivering personalized content

Content personalization is essential for consumer engagement in order to meet the expectations of today’s consumers. Instead of rigid campaigns or ad-hoc materials, health plans should create tailored content to meet specific consumer needs in real-time. Solutions to consider include:

Content management systems: Implementing or designing systems for dynamic content creation.Digital asset integration: Ensuring seamless access to personalized content across engagement systems.Strategic planning: Designing content frameworks that align with consumer engagement goals.Insights from consumer behavior: knowing who your most and least engaged members are, and what is important to them is crucial to developing personalized content.

By delivering the right message at the right time, health plans can build stronger relationships and improve outcomes.

The consumer engagement framework

An effective framework integrates consumer-centric strategy with advanced technology. It is designed to accelerate performance while delivering a seamless, personalized experience. Regardless of the technology platform or vendor relationships, health plans can achieve results through five critical focus areas:

A comprehensive strategy for modern health plans

Effective consumer engagement isn’t just about meeting today’s needs—it’s about anticipating tomorrow’s challenges. Baker Tilly can help health plans build a sustainable, scalable consumer engagement framework that fosters trust, improves health outcomes and drives long-term success.

Baker Tilly’s healthcare consulting practice addresses the unique needs of health plans by combining strategic expertise with technical know-how. From journey mapping to change management, we offer end-to-end support for developing and implementing consumer engagement programs that deliver measurable results.

Connect with a specialist to learn more about our approach and how we can support your organization’s consumer engagement goals at Baker Tilly.