How much will your next data breach cost?

May 24, 2023 | Authored by RSM US LLP

INFOGRAPHIC | May 24, 2023

Authored by RSM US LLP

Cyberattacks have quickly become a top concern for every company. Breaches into large organizations generate headlines, but small and middle market companies actually suffer the lion’s share of attacks.

3,403

new and updated cyber insurance claims were collected in 2022 with…1


98%

…of those from companies with less than $2 billion in annual revenue2

20%

of middle market companies surveyed in RSM’s 2023 Cybersecurity Special Report admitted to a data breach in the past year3


68%

middle market executives anticipate unauthorized users will attempt to access data or systems in the next year4

There are several kinds of cyberattacks, and organizations must defend against all types in order to keep their data safe.

50%

Ransomware and business email compromise were the two leading causes of loss, accounting for nearly 50% of all claims over the past two years5

63%

In 2023, 63% of middle market leaders felt that their organization was at risk of a ransomware attack in the next 12 months6

76%

And 76% of middle market leaders reported their company was at risk of an attack by manipulating employees in the next 12 months7

The range of damage varies from one breach to the next, but reputational damage may be the greatest expense of all.


  • The number of records exposed ranged from 2 to over 300 million…8
  • …with the claims ranging from less than $1,000 to over $300 million9
  • The average incident cost for middle market companies was $198,00010

Middle market organizations are actively upgrading defenses and implementing new solutions to avoid costly breaches.

61%

Updating security protocols

61%

Utilizing a cyber insurance policy to protect against internet-based risks

49%

Enhancing the security of existing remote workforce solutions

49%

Strengthening staff training and education efforts

36%

Moving or migrating data to the cloud as a result of security concerns

Cyberattacks may be part of how we all do business now, but data breaches don’t have to be.


1. NetDiligence Cyber Claims Study 2022 Report

2. NetDiligence Cyber Claims Study 2022 Report

3. RSM US Middle Market Business Index: Cybersecurity Special Report 2023

4. RSM US Middle Market Business Index: Cybersecurity Special Report 2023

5. NetDiligence Cyber Claims Study 2022 Report

6. RSM US Middle Market Business Index: Cybersecurity Special Report 2023

7. RSM US Middle Market Business Index: Cybersecurity Special Report 2023

8. NetDiligence Cyber Claims Study 2022 Report

9. NetDiligence Cyber Claims Study 2022 Report

10. NetDiligence Cyber Claims Study 2022 Report


This article was written by RSM US LLP and originally appeared on May 24, 2023.
2022 RSM US LLP. All rights reserved.
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