Developing a comprehensive cybersecurity approach is a strategic imperative in the middle market, as companies seek to outmaneuver cybercriminals in an ever-evolving digital ecosystem that increases attack risks. Today, the question is not whether an attack will happen but rather when and at what intensity.
The cybersecurity challenge is relentless, as reported breaches in the middle market have tied a record high in new RSM research. According to findings in the Q1 2024 RSM US Middle Market Business Index survey, 28% of middle market executives surveyed said their organizations experienced a data breach in the previous year, rising from 20% in 2023 and matching record results from the 2021 RSM survey.
While all middle market companies are at risk, smaller organizations face more of an uphill battle against cyberthreats, with fewer dedicated internal security personnel and less budget flexibility. In the MMBI survey, 61% of respondents said their companies have two or fewer data security and privacy employees. However, 34% of smaller middle market companies have none, with 27% of those respondents leveraging external providers to fill those critical gaps.
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