July 13, 2022 Study Shows Mid-Sized Orgs Need Better Cybersecurity

Egnyte’s Cybersecurity Trends Report finds that 64 percent of mid-sized organizations have a formal incident response plan in place.

Egnyte, a leader in cloud content security and governance, released its Cybersecurity Trends for Mid-Sized Organizations Report, a mid-year update to its Data Governance Trends Report. The study – based on a survey of 400 U.S. C-level executives conducted by Wakefield Research – examines key trends in cyber insurance, cybersecurity hygiene, ransomware detection, user access management, and more.

The number of nation-state and data exfiltration-based cyberattacks continues to increase, which has emphasized the need for organizations to reexamine their cybersecurity preparedness. According to the report, incident response plans are not prevalent enough, with 64 percent of mid-sized companies having a formal incident response plan in place.

“Traditionally, mid-sized organizations have lacked the proper cybersecurity resources, so it is important that they understand the value in staying one step ahead of rapidly-evolving threats like ransomware,” said Kris Lahiri, Co-Founder and Chief Security Officer at Egnyte. “The findings of this study reinforce that all businesses can bolster their cybersecurity defenses by leveraging holistic data governance tools, including data backup processes, training for end-users, and solutions to identify suspicious activity.”

Egnyte’s Cybersecurity Trends for Mid-Sized Organizations Report also identifies the following key trends:

• Cyber insurance premiums are on the rise. Forty-seven percent of respondents’ organizations experienced premium increases of 76 percent or more in the past year.
• Cybersecurity awareness training is being delivered more frequently. Sixty-three percent of respondents’ organizations conduct cybersecurity awareness training at least once a quarter.
• The rise in cyberattacks has prompted organizations to increase focus on user access to critical data repositories. A majority of companies track geographical access (61 percent) and flag unusual user folder (57 percent) and/or time of day access (53 percent) as a means to detect unusual access to their data repositories.

The full report findings – including proactive steps that organizations can take to enhance their cybersecurity protection – can be found here.

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