Ah, cybersecurity for mid-sized businesses in 2023. It's like the Wild West, except we've got hackers and data breaches instead of cowboys and outlaws.
It's a landscape where one wrong move can send your company's sensitive information into the hands of cybercriminals faster than you can say "password123".
So saddle up and get ready to ride into the complex and constantly-evolving cybersecurity landscape for mid-sized businesses in 2023.
The following findings are from a new study conducted by Virtual Intelligence Briefing (VIB), which surveyed 250+ mid-sized businesses across various industries in the private sector in both the US and Canada. Check out the full report to dive into all the numbers!
The State of Cybersecurity for Mid-Sized Businesses In 2023
The reality is clear: mid-sized businesses are aware of the pressing need for cybersecurity and need to take proactive steps to close critical security gaps.
These businesses lack the right people, processes, and technology, making them susceptible to potential attacks and hindering their ability to defend themselves when hackers strike. As the research revealed, almost one-quarter (24%) of respondents suffered a cyber attack or were unaware of a cyber attack on their organization in the last year.
Challenges in Security Posture
Mid-sized businesses understand how important multiple layers of protection are. In fact, their environments are protected with an arsenal of security tools—the most common being email security and endpoint protection.
But, despite their best efforts, there are some serious weaknesses in their tools and planning processes, leaving them exposed and vulnerable to cybercriminals.
One cause for concern is that almost half (47%) of respondents reported they don't have an incident response plan, and the percentage of businesses without dedicated cybersecurity experts (61%) only compounds the problem.
Without the right tools and resources, it's becoming difficult for mid-sized businesses to scale their defenses to match the ever-evolving threat landscape.
Challenges in Security Awareness Training
Despite the growing awareness of the importance of cybersecurity, the research shows that many mid-sized businesses struggle to implement effective employee training programs.
While regular formal security awareness training is conducted by 59% of respondents, employees' low adherence to security best practices highlights the complexity of implementing security protocols.
At the same time, over 40% of respondents do not conduct regular formal security awareness training at all, putting their organizations at higher risk of cyber attacks.
Some of the best cybersecurity technologies today can be rendered useless by one wrong click. That’s why it is so important for mid-sized businesses to prioritize formalized cybersecurity awareness training to educate their employees on recognizing and avoiding potential threats.
Want to Learn More?
Take advantage of the valuable insights and actionable data found in our new State of Cybersecurity for Mid-Sized Businesses in 2023 report—it's the guiding tool to help you shore up your defenses and stay ahead of the curve in 2023.
We also dove into these findings during a recent webinar. Watch the recording here!