RESEARCH | May 18, 2023
The middle market continues to battle evolving cybersecurity risks
Cybersecurity continues to be a main concern for middle market companies, although the specific risks and challenges are constantly changing. The last year has presented a wide range of threats, from economic uncertainty to geopolitical concerns, and new dangers are always on the horizon. However, organizations are constantly making adjustments and appear to be taking a more proactive cybersecurity approach.
The 2023 RSM US Middle Market Business Index Cybersecurity Special Report leverages data from over 400 senior executives of middle market companies, detailing their cybersecurity and privacy challenges, the frequency and severity of attacks, and ongoing concerns. It provides a glimpse into how the largest segment of the U.S. economy is implementing controls and strategies to address security threats, fighting back against cybercriminals and preparing for what’s next.
While the cybersecurity risk environment remains very elevated, the MMBI report does provide some positive news. The number of breaches reported among middle market companies dropped slightly in this year’s data as protective strategies advance, new solutions become available and executives understand the consequences related to potential incidents. But companies cannot afford to let their guard down as threat actors are always lurking and attempting to exploit vulnerabilities.
“It won’t stop anytime soon, and it’s getting more expensive to try to mitigate these risks. It’s an everyday challenge for everybody. About the time you think that you’re getting ahead, something new comes out.”
Chief Financial Officer, utilities company
20%
of respondents claimed their company experienced a data breach in the last year
68%
anticipate unauthorized users will attempt to access data or systems in 2023
68%
of respondents carry a cyber insurance policy
Inside the report
The report delivers a detailed perspective on several critical middle market cybersecurity topics, including information and data security, cyber insurance, ransomware attacks, business takeover threats, privacy protections compliance and migration to the cloud to ensure data security.
In addition, you’ll also learn details of recent cybersecurity experiences from middle market leaders across several industries.
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This article was written by RSM US LLP and originally appeared on May 18, 2023.
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