Arctic Wolf Network is proud to announce the result of the survey “The State of Mid-Market Cybersecurity: Findings and Implications” in partnership with Vanson Bourne that reveals major gaps between the perception and reality of cybersecurity challenges. The survey worked with 200 IT decision makers in the cyber security space for mid-market companies between 500-3,000 employees across the verticals including healthcare, financial, IT services, manufacturing, construction, and others.
The mid-market enterprises face the same cybersecurity issues as large enterprises with only a fraction of the budget and less-skilled personnel. Smaller companies tend to be overconfident about their security posture and have a false sense of security. Though mid-market companies claim to have implemented industry best practices, a closer examination of their security operations and processes revealed that they are more vulnerable than they would have expected.
“Many mid-market organizations seem to have a sense of security bravado that leaves them particularly vulnerable to compromise,” said David Monahan, Senior Analyst, Enterprise Management Associates. “Malicious activity has been on a steady increase over the last few years and has been especially targeting small and midmarket business because they have valuable data but are generally unprepared for the assault. Seventy percent of ransomware attacks happen to organizations under five thousand employees and sixty percent of the attacked organizations go out of business within six months. Given these types of statistics, it is imperative that mid-size organizations seriously consider services that are specifically designed to provide the mid-market businesses with enterprise-grade security that fits a mid-market budget.”
The survey found that a security operations center (SOC) was highly desired but largely viewed as being out of budget among survey respondents. A SOC is the most essential element of modern security, but they are very expensive and complicated to operate. Of the survey respondents, 59 percent reported that a SOC was too expensive for their organization. The survey data showed that a SOC costs, on average, $1.4 million to establish.
“Most mid-market enterprises believe they are safe because they have the traditional perimeter defenses in place,” said Brian NeSmith, CEO of Arctic Wolf Networks. “This falls far short of what’s needed for rigorous security in today’s complex threat environment. The challenge smaller enterprises face is that they have all the same security issues as large enterprises with only a fraction of the budget and less specialized personnel.”
A breakfast panel discussion will be held to coincide with the annual RSA Conference on February 14 at 9:00 am PT at the Cavalier in San Francisco, CA to discuss the findings of “The State of Mid-Market Cybersecurity: Findings and Implications” study. Interested parties can register to attend the panel here.
To download a full copy of the report, visit here.