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Why mid-market cyberattacks could prompt next recession

August 19, 2022

Mid-market cyberattacks could have devastating consequences for our economy. This makes sense, considering mid-market companies are the backbone of our country. As such, if there is stability is compromised, we all go down with them.

What do you need to know about the effects of mid-market cyber-attacks?

How can we keep our companies safe?

What do the world's leading cybersecurity experts have to say about mid-market cyberattacks?

Many of us have been asking these questions for a long time. It's hard to find clear answers. Luckily, Coro CMO, Dror Liwer published a fascinating article on the subject.

Here is a snippet from Dror's article:

"While Fortune 1000s dominate many interactions in our daily lives, mid-market businesses remain the bedrock of the U.S. economy. According to the Small Business Administration, the 30 million mid-market businesses operating in the United States employ nearly half of the total workforce.

Unfortunately, these same mid-market businesses have begun to fall victim to cyberattacks at an alarming rate. Whether you know it or not, this is putting the entire economy at risk. As large companies spend endless amounts of time and money to fortify their digital assets, cybercriminals have turned their attention to those that cannot afford such impenetrable defenses: small and mid-sized businesses.

A recent Ponemon study found that nearly 70% of all small businesses experienced a cyberattack in 2017, while half admitted to having no understanding of how to protect their company against an attack. And that's a big problem when considering the average recovery costs of a data breach for a small company can top $149,000. Most worrisome, however, is that 60% of all small companies that succumb to a cyberattack go out of business within six months, according to a report by the U.S. National Cyber Security Alliance."

To read the full article click here.