Cybersecurity special report | MMBI

RESEARCH | June 02, 2022

Authored by RSM US LLP

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.

RSM’s fifth annual 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.

“Cybersecurity is this continually moving target that you have to be on top of all the time. It’s a huge risk to the business, and it’s not something that you can put on the back burner and just say it’s going to be OK.”

– Manufacturing executive

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.

22%

of respondents claimed that their company experienced a data breach last year.

72%

of respondents think that unauthorized users will attempt to access their data or systems in 2022, up from 64% in 2021.

67%

of respondents reported increased cyber insurance premiums, with only 2% seeing a decrease.

Inside the survey, you’ll find 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.

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