More than seven out of 10 mid-sized businesses believe a data breach could put them out of business, according to a McAfee survey.
Despite that concern, the survey showed mid-sized businesses are cutting back on security spending.
Of the companies surveyed, 56 per cent had seen an increase in security incidents over the past year, while 29 per cent were hit by a breach.
Contrary to what most of those surveyed thought, smaller companies are more at risk of a data breach. Companies between 100 and 500 employees reported an average 24 breaches over the past three years, while those with up to 1,000 employees averaged just 15.
Despite such challenges, many firms are still cutting budgets and spending less time on security work. Two-thirds said they spend fewer than four hours a week on proactive security work, but over a day to recover from attacks.
"An organisation's level of worry and awareness about increasing threats has not overcome the downward pressure on budgets and resources," said Darrell Rodenbaugh, senior vice president of global midmarket for McAfee, in a statement.
"But this creates a vicious cycle of breach and repair that costs far more than prevention," he added.
-
Should AI PCs be part of your next hardware refresh?AI PCs are fast becoming a business staple and a surefire way to future-proof your business
-
Westcon-Comstor and Vectra AI launch brace of new channel initiativesNews Westcon-Comstor and Vectra AI have announced the launch of two new channel growth initiatives focused on the managed security service provider (MSSP) space and AWS Marketplace.
-
McAfee and Visa offer 50% off antivirus subscriptions for small businessesNews UK Visa Classic Business card holders can access the deal starting today
-
McAfee Total Protection review: Expensive at full priceReviews Protects your PC and includes a decent firewall, but costly and less effective than some rivals
-
McAfee Total Protection review: Quick, effective and affordableReviews A solid security choice, with perfect malware protection, a fully functional VPN and more
-
McAfee’s zero trust solution strengthens private applications’ securityNews MVISION Private Access grants secure access to private resources from any device or location
-
PowerShell threats increased over 200% last yearNews A new McAfee report finds PowerShell attacks driven largely by Donoff malware.
-
McAfee to sell enterprise business to STG for £2.8 billion
News The enterprise business will be rebranded, with McAfee focusing on personal security
-
Has the US government finally nabbed John McAfee?News Official Twitter account claims notorious tech tycoon has been “detained by authorities”
-
John McAfee ordered to pay $25 million over neighbour's murderNews Controversial figure insists that he will not pay
