Today, we’re taking out the trash – the cybersecurity trash, that is. As with anything else that has a steep technical learning curve, cybersecurity – and IT in general – is rife with commonly-repeated misconceptions and misunderstandings.
Considering just how deep an ocean the undersea world of cybersecurity can be, we as business owners don’t have the time or energy to learn every little thing about protecting your business from cyberattacks – but it is our job to make sure we have a basic understanding of it.
Despite how important cybersecurity has become for businesses of all sizes, it’s shocking just how many common misconceptions persist about the nature of cyber threats and how to protect against them. We hear it every day from our clients and their friends – there just seems to be a ton of misinformation in that space.
While we can’t cover every little misconception, in this article, we’ll take a look at five of the MOST common cybersecurity myths – and debunk them so you can know the truth about cybersecurity and what it means for your business.
Myth 1: Small Businesses Are Not Targets for Cybercriminals
One of the most pervasive myths in cybersecurity is that small businesses are not attractive targets for cybercriminals. Makes sense, right? Why would cyber criminals bother with small fry when there’s some juicy big fish out there that could net a big score for the bad guys?
But that’s just the thing – if all small business owners think like that, well…that’s a vulnerability, isn’t it? Many small business owners believe that their limited resources and data make them less appealing to hackers. However, this couldn’t be further from the truth.
The Reality
- Small businesses are often seen as easy targets due to their typically weaker security measures.
- According to a study by Accenture, 43% of cyberattacks target small businesses.
- In 2023, the average cost of a data breach for small businesses (businesses with fewer than 500 employees) was $2.92 million.
- 60% of small businesses fold within six months of a cyber attack. No, really. It surprised us, too.
Why Small Businesses Are Targeted
- Limited cybersecurity budgets and expertise – many small businesses simply lack the resources to deal with the issues
- Valuable customer data and financial information – any business has valuable data that can be manipulated by bad actors
- Potential gateway to larger partner organizations – your connections put your connections at risk!
- Lack of dedicated IT staff: 54% of small businesses don’t have a dedicated IT security team.
Myth 2: Antivirus Software Provides Complete Protection
While antivirus software is an essential component of cybersecurity, it is not a comprehensive solution in 2024. In fact, the data suggests that antivirus software and apps stop less than 50% of cyberattacks!
In the days of Windows 98, sure, you could get away with a simple Norton CD. Nowadays, hackers are getting into your systems via phishing or other, simpler ways to enter.
And besides, it takes a lot of work and expertise to make a great computer virus. There’s very little financial benefit to installing viruses these days. Most hackers want to keep your data hostage so they can hold it for ransom.
The Limitations of Antivirus Software
- Antivirus programs primarily focus on known threats and may miss new or sophisticated attacks. They are typically static and rarely adapt in real-time to nascent cyber threats.
- They cannot protect against human error, such as falling for phishing scams. Considering 90% of cyber attacks start with social engineering attacks like phishing, antivirus software is simply ineffective at holistic cybersecurity. Verizon says 74% of successful cyberattacks are via social engineering.
- Zero-day vulnerabilities are often undetectable by traditional antivirus software and will remain so until there is an app update.
A Comprehensive Approach to Cybersecurity
To truly protect your business, consider implementing:
- Firewalls: To monitor and control incoming and outgoing network traffic.
- Multi-factor authentication (MFA): To add an extra layer of security beyond passwords. MFA can block 99.9% of automated attacks.
- Regular software updates: To patch known vulnerabilities. 60% of breaches in 2019 involved vulnerabilities for which a patch was available but not applied.
- Employee training: To educate staff about cybersecurity best practices. 95% of cybersecurity breaches are caused by human error.
- Endpoint detection and response (EDR): To detect and respond to advanced threats.
Myth 3: Cybersecurity Is Solely the IT Department’s Responsibility
Many organizations mistakenly believe that cybersecurity is exclusively the domain of their IT department and that no one else needs to be aware of it.
This mindset can lead to a false sense of security and increased vulnerability – especially as we just highlighted how many cyberattacks begin with humans.
Correcting this mindset is critical for business owners as we march everlong into the digital future and into the great digital beyond, whatever that may be. One thing is for certain – humans will always be the most vulnerable points in IT systems. For small business owners, this IT-first mentality begins with you.
The Reality of Cybersecurity Responsibility
- 95% of cybersecurity breaches are caused by human error.
- Cybersecurity is a company-wide responsibility that requires participation from all employees.
- Executive leadership plays a crucial role in fostering a culture of cybersecurity awareness.
- According to Gartner, through 2025, 99% of cloud security failures will be the customer’s fault, not the provider’s.
Creating a Culture of Cybersecurity
To promote cybersecurity awareness throughout your organization:
- Implement regular cybersecurity training for all employees.
- Establish clear security policies and procedures.
- Encourage reporting of suspicious activities.
- Lead by example, with executives demonstrating good cybersecurity practices.
- Conduct regular phishing simulations: Organizations that run 12 or more simulations per year experience lower phishing failure rates.
Myth 4: Strong Passwords Are Enough to Secure Accounts
While strong passwords are important, they are no longer sufficient as a standalone security measure. Many business owners underestimate the vulnerability of password-only systems.
As we’ve highlighted in previous articles, we highly recommend MFA or other multi-factor security systems to reduce exposure and limit the easily-cracked password.
The Limitations of Password-Only Security
- 81% of hacking-related breaches leverage stolen or weak passwords.
- Sophisticated hacking tools can crack even complex passwords.
- Password reuse across multiple accounts increases vulnerability.
- 59% of people use the same password everywhere, according to a LastPass survey.
Enhancing Account Security
To strengthen account security:
- Implement multi-factor authentication (MFA): This adds an extra layer of security beyond passwords. This simple implementation is probably the biggest piece of advice we can give – simply introducing MFA can prevent 99.9% of account compromise attacks.
- Use a password manager: To generate and store complex, unique passwords for each account. Only 24% of Americans use a password manager.
- Consider biometric authentication: Such as fingerprint or facial recognition for added security. The biometric authentication market is expected to reach $65.3 billion by 2024.
- Regularly update and rotate passwords: To minimize the risk of compromised credentials. 55% of people don’t change their passwords even after a data breach
Myth 5: Cybersecurity Is Too Expensive for Small Businesses
Many small business owners believe that robust cybersecurity measures are too expensive – hence why many businesses opt for an antivirus package and call it a day!
But here’s the rub – the cost of implementing cybersecurity measures is often far less than the potential losses from a cyber attack! We’ve covered this ad nauseum in practically every blog we’ve ever written, but it bears repeating: if your business suffers a successful cyberattack, the consequences are cataclysmic.
The Cost of Cybersecurity vs. The Cost of a Breach
- The average cost of a data breach for small businesses (fewer than 500 employees) was $2.92 million in 2023. Yes. $2.92 MILLION.
- 60% of small businesses fold within six months of a cyber attack.
- Many effective cybersecurity measures are affordable or even free – there’s honestly no reason you can’t put the time and effort to prevent your business from going under, especially in the age of AI.
- The global average cost of a data breach in 2024 is $4.88 million, an increase of 10% from the previous year. Looks like it’ll only get more expensive.
Affordable Cybersecurity Measures for Small Businesses
- Employee training: The easiest thing you can do is conduct regular cybersecurity awareness training. Organizations that conduct phishing simulations report a 50% improvement in employee detection of phishing emails.
- Free security tools: Utilize free antivirus software and firewalls. You can literally google this and find a dozen great solutions. Or check out our recent guide on this topic.
- Cloud-based security services: Opt for scalable, pay-as-you-go security solutions. The cloud security market is expected to reach $68.5 billion by 2025.
- Regular software updates: Keep all systems and software up-to-date with the latest security patches. 60% of breaches in 2019 involved vulnerabilities for which a patch was available but not applied.
- Cyber insurance: Consider a policy to mitigate potential financial losses from a breach. The cyber insurance market is expected to reach $20.6 billion by 2025.
- Key Takeaway: Investing in cybersecurity is more cost-effective than dealing with the aftermath of a cyber attack.
Conclusion
“In order to learn, we must first dispel our delusions.” – Bill Gates, probably (okay, not really).
The point is – we’re all guilty of simply buying into common ways of thinking, without challenging those thought processes, and our preconceived notions of cybersecurity need to change.
The reality is that no business can survive without significant investment in protecting your company’s digital life. It’s like running a brick-and-mortar jewelry store. Would you not lock the place up for the night after closing? What about cameras? Security guards? It’s the same for every business in 2024 – only it’s all online and it’s all happening 24/7.
Remember, cybersecurity is an ongoing process that requires constant vigilance and adaptation to new threats. Stay informed, invest in appropriate security measures, and foster a culture of cybersecurity awareness throughout your organization.
For more information on cybersecurity best practices, the National Institute of Standards and Technology (NIST) or the Cybersecurity and Infrastructure Security Agency (CISA) are always great – but as with everything in this field, there’s simply too much value in an IT Managed Security Services Provider (MSSP) to do not start there!