Middle market leaders recognize they are a growing target for cybercrime but might not be investing enough to protect themselves against potential attacks, according to a recent report from RSM US LLP (“RSM”), in partnership with the U.S. Chamber of Commerce. The RSM US Middle Market Business Index Cybersecurity Special Report found that the number of middle market companies reporting breaches has nearly tripled in the last three years, yet most executives remain confident in their existing data security measures and investments.
Despite growth in reported breaches and illegal data attempts expected, executive confidence in their security measures has risen to 93 percent from just 75 percent three years ago. At the same time, a large number of middle market executives (47 percent) indicate an attempt to illegally access their data or systems is likely—a significant increase over just two years ago (39 percent).
“In today’s digital economy, findings from the RSM US Middle Market Business Index Cybersecurity Special Report show just how crucial technology investments are to protecting middle market firms. Cyber threats today resemble a traditional arms race,” said Daimon Geopfert, principal and national leader of security & privacy services with RSM US LLP. “The data security challenge is real and growing for middle market companies. The sector is a major target for data breaches, and organizations need to channel additional resources to understand, detect and protect against a sophisticated evolution of threats.”