Cybersecurity remains the top concern for middle market companies

Nearly half (47%) of executives believe they will be at a greater security risk in the next year, a Chubb and NCMM report found.

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Looking ahead at the next 12 months, middle market companies are most concerned with their cybersecurity strength. As businesses become more digital, these organizations believe security risks will increase in the next year, a Chubb and National Center for the Middle Market (NCMM) report found. 

Chubb and NCMM’s Middle Market Indicator report, released on Wednesday, surveyed 1,000 US C-suite middle market company executives to determine their top business challenge areas. The MMI is published every quarter, and this most recent Q3 report identified the state of economy costs and growth as top concerns for organizations, with cybersecurity dominating as the No. 1 risk. 

SEE: Special report: A winning strategy for cybersecurity (free PDF) (TechRepublic)

Gartner defines middle market companies as having a combination of the following:

  • between $50 million and $1 billion revenue
  • 100 to 1,000 knowledge workers
  • less than 30 IT staff
  • IT budgets averaging less than $20 million
  • cross-industry average IT spending of 4.9% of revenue 

“The middle market is low hanging fruit for attackers,” said Brad LaPorte, senior director analyst of end security and threat intelligence at Gartner. “They often do not have the budget, skillset, or ability to implement proper security best practices.” 

Nearly half of organizations (47%) said they believe risk in their industry will increase in the next year, and almost the same number (48%) said they believe risk for their company will also grow, the report found. 

Cybersecurity remains the most challenged risk to manage for companies. In Q2, 47%…