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  • Writer's pictureAngela Sanna

Are these 10 Cybersecurity myths putting your business at risk?

Cybersecurity is one of the most integral aspects of business in today’s world. Companies have finally started to invest in cyber defence and training. However, despite all of the focus on making businesses cyber secure, there are various misconceptions and myths about cybersecurity that should be avoided.

Here are 10 cybersecurity myths you need to stop believing right now:

Myth #1- I won’t get cyber attacked; my business is too small.

This couldn’t be further from the truth, in fact, often hackers target smaller companies first to get to the contacts they need further up the chain. Also, SMBs are less likely to have the correct security measures in place and are therefore a much easier target.

No business - no matter how large or small, is ever immune to hacking attempts and malicious attacks.

Hackers don't discriminate when it comes to their victims. So, don't let the size of your business determine how valuable your data is or how secure your assets are.

Myth #2 - Anti-Virus or Anti-Malware Software is enough to secure my business

Unfortunately, there isn’t one single software solution that is completely fool proof (wouldn’t it be wonderful if there was?!). Anti-virus still offer some protection against malware and viruses, particularly those used by less experienced or sophisticated hackers but it won’t protect your business from all threats.

Anti-virus software can only protect you from a unique set of recognised cyber threats, not from other emerging cyber threats. A multi-layered security approach is a much better plan of action.

Myth #3 - We never have and never will face a cyberattack

This is wishful thinking. Cyber threats continue to grow in complexity and sophistication, and businesses must stay ahead of the game or risk having outdated and inadequate security.

If you've never experienced a cyberattack or data breach yourself, the chances are that you don't know just how much damage they can cause. You may also assume that your current security posture is strong enough to keep the bad actors away since you've never been attacked.

However, cyber threats and hacking tools are continuously evolving to become more and more sophisticated and undetectable each day. And any sensitive data is a potential target for a breach.

You could easily be the next target. Develop a sound security strategy that helps you identify existing weaknesses and mitigate attack attempts before any significant damage is caused.

Myth #4 - Having a strong password is enough

So, you have a super-long and complicated password that only you could ever know. It’s pretty secure, right? Wrong! Passwords are becoming really easy to breach for hackers. Special programs are capable of cracking the longest and most confusing passwords by trying billions of different combinations in the space of seconds. Password trends can also be further replicated to breach your security in multiple online avenues, e.g., having a password for a social media site and using the same one for your email account.

Temporary passwords, OTPs, and two-factor authentication are a way to reduce the risk. On top of this, ensure you’re carrying out regular data monitoring to see if there’s been a breach of your passwords.

Myth #5 - You aren’t personally responsible for cybersecurity

Both companies and employees often assume that their IT department is responsible for stopping cyber attacks. Of course, they can implement the software and tools required to reduce the risk of attack, but often it is employees who are targeted. Think about the number of people you know who have accidentally clicked a Spam link in an email! It doesn’t take much for hackers to get in, particularly when they are targeting vulnerable employees.

Myth #6 - Cybersecurity is too expensive

Even as malicious cyberattacks continue to make headlines and cost businesses millions, companies still wonder if cybersecurity investments are worth it. Data security is frequently overlooked and is only an afterthought for many enterprises.

The cost of a good cybersecurity solution is nothing compared to the cost of a successful attack. There are many precautionary measures that you can take with absolutely no additional cost to your business, such as strong passwords, multi-factor authentication, access management, and employee training.

Myth #7 - We only need to secure internet-facing applications

Yes, the most common threats to business infrastructure come from internet-facing applications. This is especially so in today’s world, where the internet rules all. But even if your systems are on premises vs cloud based, internet-facing applications shouldn’t be your only focus. There are plenty of ways insiders can compromise your whole IT system. For example, an employee could insert an infected flash drive into one of your computers.

Businesses need to ensure adequate controls are in place to prevent insider threats and not just internet-facing ones.

Myth #8 - Cyber threats come from outside

While outsider threats are certainly a concern and should be monitored extensively, insider threats are just as dangerous and should be watched just as closely.

Most of the cyber-attacks, nearly 75% of data breaches are a result of someone on the inside, says research. A disgruntled employee, an ex-employee with a grudge, or just an ignorant user on your network can grant access to your entire organisation’s data resulting in a massive data breach. It’s always a good idea to train your employees and teach them about cyber threats.

Myth #9 – Only certain industries are venerable to cyber attacks

Much like some businesses believe they won’t be attacked because of their size, other businesses wrongly assume that they won’t be attacked because of the industry they’re in. This myth also goes hand-in-hand with the belief that some companies don’t have anything “worth” stealing. The reality is that any sensitive data, from credit card numbers to addresses and personal information, can make a business a target. What’s more, even if the data being targeted doesn’t have resale value on the darkweb, it may be imperative for the business to function. Ransomware, for example, can render data unusable unless you pay for a decryption key. This can make attacks very profitable for cyber criminals, even if the data is deemed “low value.”

Myth #10 – Complete cybersecurity can be achieved

Cybersecurity is an ongoing battle, not a task to be checked off and forgotten about. New malware and attack methods consistently put your system and data at risk. To truly keep yourself cybersafe, you have to continuously monitor your systems, conduct internal audits, and review, test, and evaluate contingency plans.

Keeping a business cybersafe is a continuous effort, and one that requires every employee’s participation. If anyone at your company has fallen victim to one of the myths above, it may be time to rethink your cybersecurity training and audit your company to assess your risk.

Don’t Let Cybersecurity Myths Compromise Your Business.

In this ever-evolving cyber landscape, looking after your own cybersecurity needs can feel like an overwhelming and insurmountable task. That’s where we come in. We want all to know that effective cybersecurity requires a comprehensive and frequently reviewed approach, and we’re here to help your business thrive! Get in touch with the team here.

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