Cybersecurity preparedness has become an integral part of business operations today. Despite the occurrence of several cybersecurity threats in the last few years, small companies still hesitate in spending resources to be cybersafe. This hesitation can often be tracked to the prevalence of several common cybersecurity misconceptions which plague the business world. Believing such myths costs a company in the long run, as it puts their data, operations and people at a lot of risk.
While there are many cybersecurity myths, some of them are more damaging than others. To help protect your enterprise, here are four common cybersecurity myths busted.
Myth #1: Small Companies Are Less Likely to Be Hacked
Making the assumption that your company isn’t a target is one of the biggest mistakes you can make. As per the data collected from 2,200+ confirmed data breaches, 58 percent of victims were small businesses.
Hackers look for available computing hardware as nodes to expand their bot network. They use such computers to initiate DDoS attacks, ransomware threats and for numerous other cybercrimes. Hackers expand their network by using free resources, and your computer systems might be among them.
No matter the organization’s size, data is still a valuable commodity. Hackers exploit this by planting ransomware which prevents data access, availability, or both, thus crippling the organisation. Hackers then generate revenue with ransom payments.
Small businesses are the indirect victims, which hackers use as means to target others. Hackers target seemingly low-risk third-party vendors to get to their customers. Because small businesses tend to spend less on security infrastructure (more on this later), it becomes easy for hackers to use such businesses’ systems to their advantage.
Myth #2: Security Is Expensive, Not a Revenue Generator
Small enterprises prioritise investing in things that generate revenue, especially when budget is tight. This leaves cybersecurity to be viewed as an unnecessary expense and left on the back burner.
Data breach incidents continue to rise globally, and organisations storing financial and other sensitive data, have to ensure that all of it is secure. Businesses that invest in cybersecurity can influence customer perception by marketing the high level of security protocols they adhere by, differentiating themselves from their competitors.
Data loss is only one part of an adverse security incident, another is the downtime. Your customers will not be able to purchase products or pay for services, if your web site or server is down. This will adversely affect your revenue and will be costly in the long run.
Not every solution you invest in has to be a strain on your budget. Galaxkey is one such data security solution that offers end-to-end security for your organisation. Its focus lies largely on emails and documents, but their protection extends to other facets of your company. From complete email protection to multi-factor authentication, this FIPS 140-2 compliant solution is a relatively cheaper alternative, to keep your enterprise data secure from threats.
Myth #3: Why Invest in Security Infrastructure When Bigger Organisations with Relevant Security Infrastructure Still Experience Security Breaches
This is a common one among many small & mid-sized organisations. They allocate a small cybersecurity budget and justify it by saying that investing extensively in security is a losing game. They cite examples of security breaches at large-scale organisations, with high cybersecurity budgets, and say that if such organisations can be attacked, then what chance does their own organisation have?
It is important for organisations to understand that tools are just one part of security strategy, process and people are of equal importance. Budget allocated by an organisation towards developing their security, might not be focussed to the most important areas. Any organisation can allocate a huge budget for security but if it lacks the right cybersecurity talent, it can still be a victim.
When organisations ignore the importance of tight security controls, they are solely focused on the immediate effects and not on the total cost incurred due to the security incident. Security controls save significant time and resources during subsequent incident response stages like containment, eradication, analysis, recovery and post-incident changes.
Myth #4: We Haven’t Been Attacked Before, So We’re in the Clear.
Often, small scale organisations assume that their security risks are relatively small & static. This usually arises when there isn’t a way to effectively evaluate those risks.
For any organisation big or small, defining what needs to be secured requires identifying applications, processors, servers, network & storage devices, which are operating within an organisation. During the identification process, if the organisation faces either overwhelming or insufficient amounts of data, this process might be simplified, leading to the development of vulnerabilities.
Organisations assume that a particular server doesn’t contain enough sensitive data and is therefore, less likely to be the target of an attack. More often than not, data isn’t the only thing hackers are after. As previously mentioned, servers are often of more value as a way to get into another environment.
If you buy into any of these common cybersecurity myths, you’re setting up your business for some serious disruption, a tarnished reputation, unhappy consumers and high cost of recovery.