Report: midsize businesses 490% more likely to experience a security breach since 2019

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According to a cross-industry mid-market security study by Coro, midsize businesses are up to 490% more likely to experience a security breach by the end of 2021 than they were in 2019.

Today, midsize businesses are bombarded with cyber attacks as frequently as their corporate counterparts. Yet unlike large businesses, these small businesses lack the budgets, resources and expertise to protect themselves. Additionally, the cybersecurity industry prioritizes the needs of large enterprises, leaving a dearth of cybersecurity tools aimed at the mid-market.

The study found that between 2020 and 2021, the number of attacks against medium-sized businesses across all industries increased by at least 50%, with attacks in healthcare and transportation increasing by more than 125%. .

Above: Comparison of cyber attacks by industry between October 2020 and October 2021

Image Credit: Coro

In addition, the number of cyber attacks tends to increase significantly as the holiday season approaches. In the last quarter of 2020, cyber attacks against midsize businesses across all industries rose 22% to 36% from the first eight months of the year, and the increases follow a similar trend for 2021. The sophistication of attacks have also improved, the proportion of generic attacks – those that do not involve any attempt to differentiate between targets – to more sophisticated patterns increased from 86% to 68% from 2020 to 2021. Meanwhile, targeted and personalized attacks that are significantly more damaging have quadrupled.

Before the pandemic, phishing and malware attacks were the predominant types of attacks. However, due to the digital transformation that midsize businesses have gone through in the past two years, a wider range of cyberattacks has emerged since then, and each type has increased significantly between 2020 and 2021. Bot attacks have increased 238%, Wi -Fiphishing 203%, Cloud App Malware 180%, Email malware 154%, Endpoint malware 156%, and Insider threats 132%.

To make matters worse, most midsize businesses don’t invest in security solutions beyond the basics of email and malware phishing – and of those that do, the vast majority ( 70%) of deployments are misconfigured, greatly compromising the defense perimeter. .

The Coro report is based on data from over 4,000 mid-sized companies with between 100 and 1,500 employees operating across retail, manufacturing, professional services, healthcare, transportation and education, in the years 2020 and 2021.

Read Coro’s full report.

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