Cybersecurity incidents among mid-market firms have risen notably in the past few years. For instance, the UK's Cyber Security Breaches Survey 2024 found that 45% of medium-sized businesses experienced a cybercrime in the past year, with phishing being the most common type of attack. Despite the high incidence of cyber threats, many mid-market companies struggle with preparedness.
With outdated security software, attackers can for example encrypt critical production data, demanding a significant ransom to restore access. The lack of robust defenses makes the attack possible and could result in substantial financial losses and operational disruptions.Despite their size, mid-market companies often handle significant amounts of valuable data, including personal customer information, financial records, and intellectual property.
Non-compliance can result in hefty fines and legal repercussions, but maintaining compliance without robust cybersecurity measures is challenging. Attackers are well aware of this and exploit it to their advantage by demanding hefty ransoms from these companies, while holding their data hostage.Cyber attackers are continually evolving their methods, using more sophisticated and targeted approaches.
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