The results are intended to provide insight into organizational structure, resources, and cybersecurity strategies. They also contextualize problems across core functions such as gaps in toolkits and planning, staffing, security awareness training, and difficulty to secure cyber insurance.
"In some respects, this research tells an almost Tale of Two Cities" for small and mid-sized businesses. Huntress CEO Kyle Hanslovan stated that while many businesses report making progress in strengthening their cyber defenses they also acknowledge significant gaps in talent and resources that significantly increase their cyber risk.
Most alarming of all, 47% of respondents stated that their organization doesn't have an incident response program, which is a serious disadvantage in terms of responding quickly to security incidents.
Mid-sized businesses are also struggling to implement basic training and hire the right staff, in addition to not having the security solutions they need.61% of respondents said they don't have cybersecurity experts within their company, and only 9% said their employees follow security best practices.
These gaps are major barriers to cyberattacks in today’s advanced threat landscape. The fewer defenders that can bolt the door shut, and the more ways cybercriminals have to get through the defenses, the greater the risk.
This challenge affects all businesses, but mid-sized companies are more likely to be in financial trouble than larger ones, making it harder to recruit and retain the talent that they need.
Mid-sized businesses are feeling the effects of security gaps in cyber insurance. Cyber insurance is becoming more popular, but it's becoming more difficult to secure because the basics aren't being met.
The results showed that 69% of respondents said they need to have some type of cyber insurance. However, almost 30% of respondents said they don't have any cyber insurance. This highlights the urgent need to improve cyber hygiene to ensure protection.
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