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Mid-Size Businesses more prone to cyberattacks, reveals a new study

With the advancement in technology, hacking and breaching has increased massively. In light to hackers being so sly and knowing where to attack when, the biggest target this past year has been medium-sized companies.

Mid-size companies aren’t multinational well-furnished businesses but they aren’t very small scale either. They are business which have managed to make some name in the line of their work and have been earning fairly well.

Coro, conducted a cross study on mid-market security, which evaluated that "the likelihood of mid-sized companies experiencing a cyber security breach by the end of this year is 490 percent higher than it was back in 2019". The report included about 4000 mid-size business with around 1000 to 1500 employees from various parts of the business industries. The reason for mid-size market being the main focus of attack is because while they do earn well, they do not have enough finances or stronger connections to protect themselves like bigger multinational companies do. Apart from this, cybersecurity protection industries in terms of protecting bigger multinational companies than mid-sized business.

The survey revealed that between 2020 to 2021 all sectors of mid-size industries saw an increase in cyberattacks by 50 percent with health care and transportation being on the high rise too. Furthermore, it was revealed that cyberattacks were more likely to rise with holiday season round. The statics last year showed more increase in attack cases by the end the year compared to the first quarters while the 2021 report analyzes the same thing.

The report also revealed that the attacking methods have changed because of the pandemic too. Pre pandemic phishing and malware attacks were more common. However, industries becoming more digitalized because of the pandemic change the way of a lot of things. Mid-size companies than faced hacking and attacks in the form of Bot attacks, Wi-Fi, malware in emails, malware in could apps etc.

Most Mid-size companies do not invest enough to protect themselves apart from the basic minor hacks and considering when bigger cyberattacks confront them they are not ready. Apart from this, those companies which though do invest in protections, they face compromise in their Defense parameters.

Companies should invest widely in protecting themselves because if they protect themselves only then they will be able to move forward and have more successful years in the business.

Read next: Black Fog concludes a ransomware report on how many attacks were observed this year

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