Headline-grabbing security breaches may primarily affect major corporations, but the consequences for medium-sized businesses can be equally severe and financially burdensome. In fact, the average cost of a ransomware attack on an organization amounts to a staggering $4.54 million.
Furthermore, a cybersecurity breach almost invariably harms a business's reputation and results in the loss of customers, partners, and employees. Despite the high stakes involved, many businesses fail to take the necessary measures to mitigate their security risks. Medium-sized enterprises, in particular, often find themselves at a disadvantage due to their limited resources and expertise compared to larger organizations. Moreover, these businesses may mistakenly believe that they are not significant enough targets, leading to a sense of complacency. Consequently, they might be slower in identifying and responding to attacks.
The reality, however, is that medium-sized organizations can possess complex network environments that require multiple firewalls, security appliances, and an active security operations center for effective threat monitoring.