Protecting Mid-Market Businesses: Cybersecurity for Growing Enterprises

This blog was provided by GoSecure.

In 2023, mid-market businesses accounted for over 60% of ransomware victims, yet many struggle to get the same level of cybersecurity attention as large enterprises. Unlike small businesses with smaller attack surfaces, which can fly under the radar, or large enterprises with dedicated security teams, mid-market companies are caught in the middle—too big to be ignored, yet too small to command priority treatment. So how can they level the playing field?

We will explore the unique challenges mid-market businesses face, the common threats they encounter, and practical steps they can take to build a more resilient cybersecurity posture.

Why Are Mid-Market Businesses Overlooked?

Despite their economic importance, mid-market businesses often find themselves underserved when it comes to cybersecurity. Here’s why:

Limited Budgets

While not as constrained as small businesses, mid-market companies may lack the financial resources to invest in the high-end security tools and full-time teams available to enterprises. This often places them in a gray zone, where providers don’t prioritize tailored solutions for their needs. In 2023, small and medium-sized businesses spent approximately $300 million on cybersecurity incident recovery, highlighting both their vulnerability and the financial toll attacks can take.

Vendor Prioritization of Larger Clients During Crises

During times of crisis, service providers will focus their resources on clients with retainers, generally the larger clients. For example, during large outages, providers may initially need to rely on manual remediation efforts to address issues. With large client bases, personnel will be deployed to assist accounts having their incident response teams on retainer. With less cybersecurity budget to spend, many mid-market businesses elect to roll the dice and go without IR retainers, which may leave them with longer recovery timelines as they wait to find help.

Perception of Lower Value

Vendors may perceive mid-market clients as less strategic compared to high-profile enterprise clients, leading to reduced attention and fewer resources allocated to their protection.

Resource Constraints

With smaller IT and cybersecurity teams, often juggling multiple responsibilities, mid-market companies may lack the bandwidth to properly deploy, manage, and optimize cybersecurity solutions, leaving gaps in their defenses.

What Threats Do Mid-Market Businesses Face Most?

Cyber threats change rapidly, and mid-market companies are increasingly in the crosshairs of several significant risks:

Ransomware: This attack type can cripple operations by encrypting critical data, leading to costly downtimes and ransom demands.

Phishing: Deceptive emails can trick employees into disclosing sensitive information, often serving as the entry point for more complex breaches.

Supply Chain Vulnerabilities: Cybercriminals target third-party vendors to exploit weaknesses and gain access to networks.

Insider Threats: Whether through negligence or malicious intent, insiders can inadvertently expose critical vulnerabilities that result in compliance issues and reputational damage.

The good news is that mid-market organizations can adopt several cost-effective measures to protect against these threats:

• Assess Your Current Posture: Begin by leveraging professional services to evaluate your cybersecurity defenses comprehensively. This can include incident response, a robust security maturity assessment, and other tailored evaluations designed to pinpoint vulnerabilities and prioritize actionable improvements. With expert actionable insights, you can build a solid foundation for your cybersecurity strategy.
• Emphasize Employee Training: Employees are often the first line of defense. Regular training sessions can help them identify phishing attempts and other social engineering tactics.
• Invest in Advanced Threat Detection: Modern cybersecurity threats require more than just firewalls and antivirus solutions. Managed Extended Detection and Response (MXDR) services combine automation with expert analysis to detect and mitigate threats swiftly.
• Test Your Defenses: Penetration testing helps identify weaknesses in your systems, whether through simulated phishing attacks or vulnerability scans of your networks and applications.

Many mid-market businesses believe advanced cybersecurity is out of reach. However, managed services can provide enterprise-grade protection without requiring enterprise budgets, essentially doing more with the same resources. For example:

• Proactive threat detection tools offer continuous monitoring, ensuring that threats are identified and addressed before they escalate.
• Regular security assessments provide clarity on whether your existing technologies are delivering optimal value.

Incorporating such solutions doesn’t mean abandoning your current investments. Flexible deployment models, such as leveraging existing tools under a managed service umbrella, ensure businesses can do more with their existing resources.

An adequate cybersecurity posture isn’t achieved overnight. It requires a culture that prioritizes security across all levels of an organization. Regular reviews of your security roadmap, alongside iterative testing and optimization, can significantly improve your defenses.

For businesses looking to strengthen their approach, working with experts who understand the unique challenges of mid-market organizations can make all the difference.