Mid Market Security Statistics 2023: Explained
Mid market is under constant risk of being exposed to a cyber attack as the security threat landscape rapidly evolves. The security of data and maintaining a strong cybersecurity posture is crucial for mid market businesses.
BugBounter’s Cybersecurity Awareness Month 2023-special blog post explains the latest cyber attack and cybersecurity statistics for mid market businesses in 2023, underlining the urgent need for mid market security measures.
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Cyber Attack Costs for the Mid-Market Businesses
Verizon / IBM / Accenture, 2023
Medium-sized businesses face significant financial losses, with reported costs reaching as high as $3 million (Verizon / IBM / Accenture, 2023).
Despite common misconceptions that cyber attacks result in less financial impact for mid market businesses compared to larger enterprises, the difference in financial repercussions is not as substantial as believed. This cost includes recovery expenses, legal fees, and the loss of business opportunities.
In contrast, large enterprises experience even higher costs, averaging around $5 million due to cyber attacks.
Cyber Attack Impact on Mid-Market Closure Rates
Fifty percent of mid market businesses have been the victims of cyber attack and over 60% of those attacked go out of business.
This highlights the critical need for proactive cybersecurity measures to prevent and mitigate potential cyber threats effectively.
Cyber Attacks Targeting Mid-Market Businesses
While large enterprises receive top-tier pentest and bug bounty services, mid market businesses often miss out.
Approximately 43% of all cyber attacks are directed at mid market businesses, as reported by the Ponemon Institute. Cyber attackers view mid market businesses as money-making targets due to potentially weaker security measures compared to larger enterprises, underscoring the vulnerability of mid market businesses in the cyber threat landscape.
One of the Most Common Ones: Ransomware Attacks Targeting Mid-Market Businesses
Ransomware attacks targeting mid market businesses have surged by a concerning 151% in 2023 compared to the previous year.
Ransomware, a type of malware that encrypts files and demands payment for their release, has become increasingly prevalent and sophisticated. This surge emphasizes the critical need for robust security measures and employee training to combat this growing threat effectively for mid market businesses.
Rise in Phishing Attacks Targeting Mid-Market Businesses
Phishing attacks, a prevalent cyber threat, have seen a significant increase of 59% in 2023.
Phishing involves deceptive tactics to obtain sensitive information such as login credentials and financial details, underscoring the necessity of spreading cybersecurity awareness through employee training across the organization
Impact on Downtime of Mid-Market Business Systems
On average, mid market businesses experience approximately 10 hours of downtime following a cyber attack.
This downtime has a cascading effect, significantly impacting various critical aspects of the business. Operations are disrupted, causing delays and potential financial losses. Customer service takes a hit, potentially leading to dissatisfied customers and eroding customer loyalty. Moreover, overall productivity is hampered, affecting the pace of business and growth prospects.
Financial Toll of Data Breaches on Mid-Markets
The financial impact of a data breach is substantial, with an average cost of 1.85 million USD for an mid market business.
This cost encompasses a wide array of financial implications, including the expenses associated with investigating the breach, notifying affected customers, implementing necessary security measures to prevent future breaches, and potential legal consequences stemming from the incident.
What Could Be the Best Cybersecurity Practice for Mid-Market Businesses in 2023?
Don’t feel like reading? – Here’s another option: Contact us to talk to one of our cybersecurity advisors today.
In the ever-evolving landscape of cybersecurity threats, mid market businesses often find themselves in a vulnerable position since the top-tier cybersecurity solutions mostly go over their budget. However, bug bounty platforms are the lifesaver for mid market businesses, offering a cost-effective way to combat cyber threats. Keep reading to find out how.
- Decreasing Mid-Market Exposure to Cyber Attacks: Bug bounty platforms enable mid market businesses to tap into a global network of ethical hackers, significantly decreasing their risk of exposure to cyber attacks. These skilled professionals identify vulnerabilities that may otherwise go undetected, fortifying the organization’s security posture.
- Reducing the Cybersecurity Costs for Mid-Market Businesses: Launching a bug bounty program can prove to be cost-effective for mid market businesses. Instead of investing large sums in traditional cybersecurity measures, organizations can set rewards for successful bug discoveries, aligning their expenses with the outcomes achieved.
- Tailoring to Unique Needs of Each Mid-Market Business: Bug bounty platforms offer the flexibility to tailor the scope and focus based on the unique cybersecurity needs of an mid market business. This customized approach ensures that the program effectively addresses the specific vulnerabilities and risks pertinent to the organization.
- Swift First Report: Mid market businesses can expect to receive the first vulnerability report rapidly through bug bounty programs. This speed in identification and reporting allows organizations to promptly address potential security gaps, minimizing the window of vulnerability.
- Maintaining Strong Brand Reputation: By actively engaging cybersecurity experts through bug bounty platforms, mid market businesses demonstrate their commitment to security. This proactive approach enhances the organization’s brand reputation, showcasing dedication to protecting sensitive data and building trust with stakeholders.
- Fostering Business Growth for Mid-Market Businesses: Bug bounty platforms not only enhance cybersecurity but can also contribute to business growth. A robust security posture can attract more customers and partners, instilling confidence in the organization’s ability to safeguard critical information, ultimately fueling business expansion.
Bug bounty platforms, with their cost-effective and collaborative nature, can significantly uplift the cybersecurity resilience of mid market businesses, ensuring a safer digital environment in an age where cyber threats continue to evolve.
Concluding as We Celebrate Cybersecurity Awareness Month 2023
Let’s acknowledge the collective efforts that drive our journey towards business growth and a secure digital business world this year in the Cybersecurity Awareness Month. In this ever-evolving threat landscape, your mid market business is not alone. Together, through cybersecurity awareness and strong cybersecurity measures, we can face the challenges posed by cyber threats.
Cybersecurity is a shared responsibility, and as this special month unfolds. Stay informed, implement best practices, and foster a culture of security.
Still have questions? We have the answers! Contact us to talk to one of our cybersecurity advisors today.