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Cybercriminals have zeroed in on the middle market, and they’re not going to stop. They know that bigger companies are better protected while middle market orgs are understaffed, underinformed, and underprepared. But you don’t have to be.
This infographic provides the latest stats and insights on:
- Who’s getting attacked
- What it’s costing them
- What you can do about it
Cyber attacks have quickly become a top concern for every company. Hacks into large organizations generate headlines, but middle market companies actually suffer the lion’s share of attacks.
- There were 3,403 new and updated cyber insurance claims collected in 20221…
- …with 98% of those from companies with less than $2 billion in annual revenue2
- Nearly 1 in 4 (22%) of all middle market companies admitted to a data breach in the past year3
- And 72% of middle market executives anticipate unauthorized users will attempt to access data or systems in the next year—the highest number since the survey began tracking data in 20154
There are several kinds of cyber attacks, and organizations must defend against all types in order to keep their data safe.
50%
of all claims the past two years,5 the two leading causes of loss werefrom ransomware and business email compromise
62%
of middle market leaders report that their organization is at risk of a ransomware attack in the next 12 months6
73%
of middle market leaders report their company is at risk of an attack by manipulating employees in the next 12 months7
The range of damage varies from one breach to the next, but reputational damage may be the greatest expense of all.
- The number of records exposed ranged from 2 to over 300 million8…
- …with the claims ranging from less than $1,000 to over $300 million9
- The average incident cost for middle market companies was $198,00010
Middle market organizations are actively upgrading defenses and implementing new solutions to avoid costly breaches.
61%
Updating security protocols
61%
Utilizing a cyber insurance policy to protect against internet-based risks
49%
Enhancing the security of existing remote workforce solutions
49%
Strengthening staff training and education efforts
36%
Moved or migrated data to the cloud as a result of security concerns
Cyber attacks may be part of how we all do business now, but data breaches don’t have to be.
1. NetDiligence Cyber Claims Study 2022 Report
2 .NetDiligence Cyber Claims Study 2022 Report
3. RSM US Middle Market Business Index: Cybersecurity Special Report 2022
4. RSM US Middle Market Business Index: Cybersecurity Special Report 2022
5. NetDiligence Cyber Claims Study 2022 Report
6. RSM US Middle Market Business Index: Cybersecurity Special Report 2022
7. RSM US Middle Market Business Index: Cybersecurity Special Report 2022
8. NetDiligence Cyber Claims Study 2022 Report
9. NetDiligence Cyber Claims Study 2022 Report
10. NetDiligence Cyber Claims Study 2022 Report
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This article was written by RSM US LLP and originally appeared on 2023-03-13.
2022 RSM US LLP. All rights reserved.
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GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.
