Where Mid-Market Companies can Turn for Cybersecurity Help

While mid-market companies are at great risk from cybersecurity threats, few are effectively prepared to mitigate those risks. A new online resource now offers mid-market companies education, tools and a framework to develop a strong cybersecurity program.

More than half (54%) of organizations experienced at least one type of cybersecurity incident in the past year, with 39% reporting two or more. These incidents have included ransomware attacks and interruptions of business applications and processes.

Many mid-market companies are aware of the risks, but don’t have plans to address them. The National Center for the Middle Market said that while 86% of mid-market firms consider cybersecurity an important concern to their business, more than half lack a sufficient strategy to combat the growing cyber risks they face. An alarming 30% of the companies surveyed said they had no cybersecurity action plan.

The NCMM has now launched the Cybersecurity Resource Center, the first of its kind specifically designed to serve the needs of mid-market firms with cybersecurity planning and resources. The center features up-to-date data and resources for mid-markets to analyze and address their risk level. It also offers insights on how to train people, develop processes, and deploy technology to prevent attacks and recover from them if they do happen. The Cybersecurity Resource Center‘s components were developed by experts from The Ohio State University Fisher College of Business, Grant Thornton, LLP, Cisco Systems, and SunTrust Banks.

“In today’s global threat environment, cybersecurity is about protecting your critical business assets and managing cyber attacks proactively—so they don’t become business crises.

Vishal Chawla, national managing principal for Grant Thornton LLP’s Cyber Risk Advisory practice, said firms need to understand their threat profile in the same way that criminals do. “In today’s global threat environment, cybersecurity is about protecting your critical business assets and managing cyber attacks proactively—so they don’t become business crises,” said Chawla.

Overcoming the challenges
Many organizations said they’re having trouble meeting these challenges, because they lack the resources and manpower. One research study found that cybersecurity professionals need bigger budgets, more detailed goals and metrics added to manager’s objectives, more cybersecurity professionals on staff, and better training to make employees more cognizant of cyber risks.

A white paper on cybersecurity preparedness and response said companies need to build a security-aware organization with policies and procedures sanctioned by management. And since companies still face a high risk of being attacked in any given year, they also need a detailed plan on how their organization would respond or recover in the event of one.

NCMM’s Cybersecurity Resource Center features a self-assessment framework to help companies understand their risks. It also offers access to the Cisco Global Malware Heat Map which presents a global picture of where malware is originated and features locations host, names, organizations and IP addresses to find where the biggest threats are in real time. There are even informational videos and tutorials and white papers from government agencies, technology companies and consulting firms.

Thomas Stewart, executive director of the NCMM, said while many mid-markets realize the importance of cybersecurity, they lack the scale to create a robust program from scratch. He said the center can “bridge the gap” between awareness and effective security.


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    We are in a period of rapid change. Customer needs, technologies, competitors and internal capabilities require companies to review and update their strategies for the new realities. In this workshop, strategy experts Steve Rutan and Denise Harrison will show you a systematic approach to strategic planning to help you refine or redefine your business strategy and approach including:

    • Learn what you need to know to develop an effective strategic plan. Put the right players on the strategic planning team.
    • Develop strategies that leverage your company’s unique position in the marketplace. Lift your management team beyond “business as usual” thought processes and activities.
    • Translate your strategies into action. Achieve your vision for success and generate superior financial results.
    • Identify exactly what you need to do now to position your company for future success.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.