Cybersecurity Myths

July 2, 2024

Cybersecurity is about protecting your business operating systems, proprietary and client data and your companies’ digital assets from cyber threats. These breaches can lead to theft of information, money and disrupt your businesses’ operations. Given the heavy reliance most of us have on technology, the need for exceptional cybersecurity (along with cybersecurity insurance coverage) is essential for helping to avoid these aforementioned interruptions and losses.

Despite its importance, myths about cybersecurity abound and can leave your organization vulnerable.

Here are some common myths:

  1. Only large companies need cybersecurity – Believing your small business won’t be targeted by cyberattacks is a gross misconception. Small businesses often have weaker security, making them easier Thus, all businesses need cybersecurity. For more on some alarming numbers specifically curated towards small businesses, read +50 Cyber Attacks on Small Businesses Statistics.
  2. Basic security measures are sufficient – Reliance on basic security standards up until now, like firewalls, antivirus software and strong passwords isn’t enough anymore. These measures can’t fully protect against common threats like brute-force attacks and social engineering scams. This is why layered security is becoming more common, including multifactor authentication and data backups for better protection.
  3. Cybersecurity isn’t a worthy expense for my small business – Small businesses might skip or under protect on their cybersecurity due to budget restraints, but ignoring it can be more expensive. A report from 2019 (before much of the workforce went remote and cyber-crime awareness increased) Cybersecurity Ventures reports 60% of small businesses close within six months of a cyber incident. Investing in security can prevent significant financial losses and ensure your business survives.
  4. Cybersecurity is handled by an IT department – Effective cybersecurity involves everyone in an organization, not just the IT department. While IT plays a key role, much like a goal tender protects the crease, all employees should be educated and vigilant in preventions measures at your company. As with most mistakes, 95% of cyberattacks result from human error.
  5. Cyberthreats are always external – Cyberattacks can just as easily come from insiders at your business. Insider threats can cause significant damage due to their privileged access to your organization. Both external and internal threats must be addressed in cybersecurity strategies.
  6. I can easily identify malicious messages – Recent studies suggest only 73% of people can identify manufactured speech, and even less, AI-generated images. With advancements in generative AI, it isn’t just about getting help with written content or re-working text for your sales proposal/marketing efforts anymore. AI and the bad actors utilizing it, are capable of creating believable images, audio and even video files with near perfection. Used for devious purposes, these advancements have already allowed access to passwords, platforms and other highly protected data resulting in jaw dropping losses.

Understanding that cybersecurity is a real threat that can target anyone, is paramount to staying protected. For more guidance and insurance solutions for helping your organization protect itself in our digital world, please consult your Robertson Ryan Insurance Agent or contact us today.