Middle market companies to have experienced a rise in data breaches

A recent report from RSM US and the U.S. Chamber of Commerce revealed 28% of middle-market leaders believe that their company experienced data breaches in the last year.

Indeed, the survey stated that 33% of middle-market organizations were a victim of a ransomware attack in 2020, which is a 10% increase from the year before. 51% also declared that outside parties attempted to manipulate employees by pretending to be trusted third parties or company executives.

Moreover, it was reported that 5% of social engineering attacks were successful in 2020, with attempts being more successful against larger middle-market companies.

This rise in cyberattacks and threats is believed to due to the challenges created by COVID-19. Indeed, out of all the organizations that suffered ransomware or social engineering attack, 67% believe that it was an indirect result of the COVID-19 pandemic, with attackers exploiting the vulnerabilities of remote working.

With the growing rise in cyber threats due to the pandemic, 64% of respondents expect that unauthorized users will continue to attempt to access data or systems in 2021.

In order to deal with this, however, the middle market is set to increase its investment in several protective measures. 71% of respondents stated to get a dedicated function focused on data security and privacy.