SUNNYVALE, CA – January 26, 2016 - Arctic Wolf Networks, a leading security operations center (SOC)-as-a-service company, today announced a new study, “The State of Mid-Market Cybersecurity: Findings and Implications” in partnership with Vanson Bourne that reveals major gaps between the perception and reality of cybersecurity challenges. The survey found that mid-market enterprises had very high confidence in their cybersecurity defenses, but in reality they struggled to defend against malicious activity that has become more sophisticated, more targeted and severe.
The data revealed a cybersecurity dissonance among mid-market enterprises, highlighting the disparity between what IT professionals believe versus the reality of their security posture. Ninety-five percent of IT professionals believe their cybersecurity posture is above average to great, yet 100 percent of these same respondents report that their organization’s cybersecurity could improve in one or more areas. Additional data supporting the cybersecurity dissonance includes:
“Most mid-market enterprises believe they are safe because they have the traditional perimeter defenses in place,” said Brian NeSmith, CEO of Arctic Wolf Networks. “This falls far short of what’s needed for rigorous security in today’s complex threat environment. The challenge smaller enterprises face is that they have all the same security issues as large enterprises with only a fraction of the budget and less specialized personnel.”
The survey from Vanson Bourne polled 200 IT decision makers in the United States who have involvement in their organization’s cybersecurity programs. Despite their overly optimistic view of their own security structure, the survey found that organizations are, in reality, struggling with several cybersecurity challenges, including:
“Many mid-market organizations seem to have a sense of security bravado that leaves them particularly vulnerable to compromise,” said David Monahan, Senior Analyst, Enterprise Management Associates. “Malicious activity has been on a steady increase over the last few years and has been especially targeting small and midmarket business because they have valuable data but are generally unprepared for the assault. Seventy percent of ransomware attacks happen to organizations under five thousand employees and sixty percent of the attacked organizations go out of business within six months. Given these types of statistics, it is imperative that mid-size organizations seriously consider services that are specifically designed to provide the mid-market businesses with enterprise-grade security that fits a mid-market budget.”
The survey found that a security operations center (SOC) was highly desired but largely viewed as being out of budget among survey respondents. A SOC is the most essential element of modern security, but they are very expensive and complicated to operate. Of the survey respondents, 59 percent reported that a SOC was too expensive for their organization. The survey data showed that a SOC costs, on average, $1.4 million to establish.
“We embarked on this survey with Arctic Wolf to really understand the struggles that mid-market companies are facing when it comes to IT security threats and how to tackle them,” said Jimmy Mortimer at Vanson Bourne. “The perception does not match the reality of mid-market enterprise security, meaning that these companies are much more vulnerable to cyberattacks than they realize.”
A breakfast panel discussion will be held to coincide with the annual RSA Conference on February 14 at 9:00 am PT at the Cavalier in San Francisco, CA to discuss the findings of “The State of Mid-Market Cybersecurity: Findings and Implications” study. Interested parties can register to attend the panel here.
To download a full copy of the report, visit here.
You can download the accompanying infographic here.
For additional information about the mid-market cybersecurity dissonance, please visit: www.arcticwolf.com/cybersecuritydissonance.
About Arctic Wolf:
Arctic Wolf Networks provides SOC-as-a-service that is redefining the economics of security.. AWN CyberSOC is anchored by Concierge Security Engineers and includes 24×7 monitoring, custom alerting and incident investigation and response. There is no hardware or software to purchase, and the end-to-end service includes a proprietary cloud-based SIEM, threat intelligence subscriptions and all the expertise and tools required.