A global research study by TechAisle found that IT security is a top priority for SMBs and midmarket firms, with 85% of SMBs and 100% of midmarket firms ranking it as a top priority. However, 56% of SMBs and 88% of upper midmarket firms experienced at least one cyberattack in the past year, with an average loss of US$1.2 million for SMBs and US$28.6 million for upper-midmarket firms per breach. The most significant impact, cited by 54% of firms surveyed, would be damage to customer privacy and trust. Implementing a Zero Trust policy is a crucial strategy, and 72% of SMBs and midmarket firms are increasingly outsourcing to managed security services partners.
And IBM’s annual Cost of a Data Breach report verified that data, with the average cost of a data breach rising to $4.45 million per incident in 2023, with customer and employee personally identifiable information being the most breached data type. Overall, the average cost has increased by 15.3%.
Here’s your latest data to present to customers regarding costs and impact. On the off chance you still need to convince them.
That said, within the data, only 30% of SMBs are aware of Zero Trust, and it’s 69% for midmarket firms. There’s a message of differentiation here for those in cyber, and with 72% looking for an outsourcer, there is space for differentiation. It won’t last.