2022 Cybersecurity Special Report

The middle market cybersecurity landscape continues to evolve

Cybersecurity has been a main concern for middle market companies in recent years, although the specific threats are constantly in flux. The past year has been no different, as organizations encountered a roller coaster of risks, from lingering threats related to the COVID-19 pandemic to geopolitical conflicts and economic uncertainty underscored by the war in Ukraine. As is often the case, bad actors in cyberspace could come from a variety of angles on any given day.

The Middle Market Business Index Cybersecurity Special Report leverages data from over 400 senior executives at middle market companies, detailing their cybersecurity and data 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 and fight back against cybercriminals.

• 22%
  claimed that their company experienced a data breach last year
• 72%
  think that unauthorized users will attempt to access their data or systems in 2022

The survey provides some positive news amid a challenging cybersecurity risk environment. The number of breaches reported among middle market companies is slightly dropping as protections become more available and executives understand the consequences of potential incidents. But even with enhanced protections in place, companies cannot afford to let their guard down. It's a constant battle against those who seek to access files, systems or funds illicitly—being reactive instead of proactive is no longer an option.

The survey provides specific insights into several key cybersecurity areas, including:

• Where companies see technology advances, but also higher costs and talent gaps
• How cybersecurity risk perspectives compare between the United States and the U.K.
• What information and data privacy strategies companies are utilizing
• How the cyber insurance landscape is evolving
• How the middle market is managing specific threats such as ransomware and social engineering
• What security benefits companies are seeing from moving to the cloud

You’ll also discover insights into the current data privacy landscape, as well as details of recent cybersecurity experiences from middle market leaders across several industries.