When you think about a cybercriminal, you probably think of an unknown person wearing a hoodie and a mask sitting in front of a computer screen in some dark basement. However, this myth is propagated by Hollywood. In reality, cybercrime is a “job” like any other, meaning cybercriminals typically put in the hours and effort in order to achieve their goals and objectives. Consequently, bad actors are able to execute a cyberattack every 39 seconds, as per a University of Maryland study. Despite this, several myths about cyberattacks cause some businesses to relent on cyber risk mitigation. Here’s a look at four common myths about cyberattacks.
Myth 1 – Cyberattacks Cannot Target Small Businesses
One common myth about cyberattacks is that cybercriminals do not target small businesses. The bad news is that these SMEs are the most vulnerable to cyberattacks due to a lack of network sophistication. Every year, SMEs lose $2.98 million on average to data breaches. Even worse, 60 percent of small businesses that fall victim to cyberattacks close in just six months. This is particularly due to the substantial financial losses that result from the attacks.
Myth 2 – My Network Is Fully Secured
There is a lot you can do to secure your business network system. Nevertheless, you should never assume that your network is cyber-resilient. This is because cybercriminals always devise new ways of attacking networks. Even huge companies with sophisticated cybersecurity strategies fall victim to cyberattacks. For instance, at least 1 in every 4 Fortune 500 companies has suffered a cyberattack in the past decade. So, you should constantly be working to secure your business network system. Regular safety procedures, such as updating firewalls and changing passwords are essential.
Myth 3 – Data Breaching Is a Sophisticated Process
The data breaching process may range from simple to complex. For instance, unsafe disposal of non-shredded documents with sensitive information can create room for data breaching. Also, allowing your employees to log into company devices using public Wi-Fi is another loophole for data breaching. In other words, data breaching doesn’t have to be a complex process involving tons of software and a massive team of cyber criminals. The best way to keep your network safe is to start from the basics. Train your employees on the basic cybersecurity measures, including using strong passwords, secure disposal of documents, and multi-factor authentication of their logins.
Myth 4 – Only Valuable Businesses Are Targets
Ransomware attacks have become rampant in the US. Even so, cybercriminals want more than just your money. This means that even financially struggling businesses are still at risk of cyberattacks. Your company data is valuable to cyber attackers, which is what they will steal when they hack into your network. Data breaches often attract lawsuits from the affected parties. They can also tarnish your business reputation and cause you to lose customers. Therefore, as you protect your finances from loss, remember to also secure sensitive data.
Set Aside the Myths â€“ Cover Your Business Against Cyber Liabilities with CAV Insurance Agency Today!
Businesses have varying cybersecurity needs and unique risk exposures. At CAV Insurance Agency, we will help you find a cost-effective cyber liability insurance policy that protects your business adequately. Contact us today to get started with protecting your business.