Recent data breaches involving high-profile companies such as Target Corp. and Home Depot Inc. are having an effect on how much middle-market companies spend on data security, with most planning to increase spending, a new survey reveals.
The “American Express Multinational Survey of Mid-Sized Companies,” released Thursday, found that 89% percent of upper middle-market companies, defined as those with between $101 million and $ 1 billion in annual revenues, plan to increase investments in data security.
In addition, 84% of middle-market firms, defined as those with $51 million to $100 million in revenue, and 64% of lower-middle market companies, defined as those with $5 million to $50 million in annual revenue, plan to increase data security spending, the survey found.
The American Express survey was conducted between June 2 and June 19. Research was completed online by a sample of 339 financial decision-makers at U.S.-based midsize companies, defined as having revenue between $5 million and $1 billion.
While placing commercial insurance electronically has the potential to benefit the buyer and the seller, it has yet to gain widespread acceptance and even faces some resistance.