Mid-sized companies are facing a growing number of cyber threats and lack confidence in their ability to detect them, according to a new study by e2e-assure, a Threat Detection & Response provider. The research reveals that 59% of mid-sized companies report less confidence in detecting cyber threats, compared to just over half of enterprises at 52%.
The need for solid protection against cyber threats is becoming increasingly urgent, as more and more businesses are targeted by ransomware attacks. In fact, the study shows that 75% of Chief Information Security Officers (CISOs) and other cyber security decision-makers have experienced a cyber-attack. The frequency of these breaches does not appear to be slowing down either, with a fifth of businesses reporting breaches or attacks at least once a week in the past year, according to a separate study by GOV.UK.
Interestingly, despite being more likely to outsource their cyber operations (57%), mid-sized companies fare worse than enterprises in terms of performance. A significant 47% of mid-sized companies state that their provider is underperforming, compared to 37% of enterprises. Consequently, only 22% of mid-sized companies believe they possess the resilience needed to withstand cyber threats.
Moreover, the study found that mid-market companies lack flexible contracts that can adapt the scope of the original contract signing, with 62% reporting this compared to 46% of enterprises. Similarly, 66% of mid-sized companies do not have transparent pricing from their provider, while only 44% of large organizations face the same issue.
Additionally, services are less likely to be personalized for mid-sized organizations. The study reveals that 57% of mid-sized companies are less likely to have client-centric delivery teams, whereas the figure is 50% for enterprises. Moreover, over half (58%) of mid-sized organizations do not benefit from tailored tooling for their specific business needs, compared to 50% of enterprises.
These findings suggest that mid-sized organizations may not have access to the same level of specialist expertise as their larger counterparts, putting them at a potentially higher risk of compromise.
Commenting on the report, Rob Demain, CEO of e2e-assure, highlights the need for shifts in service and commercial offerings from cyber security providers to better assist mid-sized companies in protecting themselves against breaches. While mid-sized companies show an appetite for outsourcing their security operations, with 29% stating they will seek an outsourced provider for their next procurement, improvements in service offerings are essential.
Based on the survey results, five key themes emerge for cyber defense rejuvenation in 2024:
1. Providers must demonstrate their value.
2. Security teams will need to trust providers and relinquish more control.
3. Contracts should offer greater commercial flexibility.
4. Organizations prioritize service and tooling flexibility.
5. High-quality cyber defense needs to be accessible for organizations of all sizes.
In conclusion, mid-sized companies face growing cyber threats and lack confidence in their ability to detect them. As a result, there is a need for cyber security providers to improve their service offerings and better support mid-sized companies in protecting themselves against breaches. With an increasing number of businesses falling victim to cyber-attacks, the urgency to enhance cyber defense strategies is paramount.
