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Top 5 Cybersecurity Myths and Why they might be Hurting your Business

Picture of Richard   Richard  ·  3 minute read

Cybersecurity is a topic that is often seen as very technical, but it often involves common sense and alertness. In this article, we will debunk five of the most common myths around cybersecurity.

The simple truth is, your business is a target. Regardless of size or industry. No, you're not too small. Just like you wouldn’t leave your car unlocked in a busy downtown city, you shouldn’t leave your business unprotected either. If you leave your business unlocked or the door wide open, you're only waiting for bad things to happen. Cybersecurity threats can cause significant damage to your business, including loss of revenue, time, and reputation. However, by implementing a strong cybersecurity strategy, you can protect your business from these threats and minimize the impact of any incidents. A layered approach to cybersecurity can help you prevent attacks and recover quickly if an incident does occur.

Small and midsize businesses (SMBs) are often seen as easy targets for cybercriminals due to their limited resources and lack of cybersecurity expertise. However, the reality is that SMBs are just as vulnerable to cyber attacks as large enterprises. In fact, according to a recent study, 43% of cyber attacks target small businesses 1. This is why it’s important for SMBs to implement a strong cybersecurity strategy to protect their business from cyber threats.

We will be discussing the top 5 cybersecurity myths that SMBs often believe and how to debunk them. By understanding these myths and the truth behind them, SMBs can better protect themselves from cyber attacks and safeguard their business (and their employees!).

Cyber Stats

 

Myth 1: Cyber Defense Is All About Technical Skills

In reality, the most important element of cybersecurity often involves understanding the human element of these attacks – as this is usually what criminals hope to exploit. Rather than programming, systems administration or computer science skills, defending against these threats involves alertness, risk management, knowledge of regulations and compliance, and of course, common sense.

Myth 2: Only Businesses Need To Worry About Cyberattacks

 Thousands of attacks against individuals are launched every minute, often in the form of phishing attacks that attempt to get us to divulge sensitive information that can be used to access our computers or accounts. Other attacks that are commonly targeted at individuals include attempts to place viruses or spyware on computers and keyloggers that monitor keystrokes in order to collect passwords, credit card numbers or bank account details.

Myth 3: Cybersecurity Is Too Expensive

While it’s true that cybersecurity can be expensive, the cost of a data breach can be much higher. The average cost of a data breach is $3.86 million, according to a 2022 study by IBM Security and Ponemon Institute. Investing in cybersecurity can help you avoid these costs.

  • Stat: The average cost of a data breach is $3.86 million
  • Stat: The average cost of a ransomware attack is $5 million

Myth 4: Cybersecurity Is Only An IT Issue

Cybersecurity is not just an IT issue. It’s a business issue. Cybersecurity affects every aspect of your business, from your employees to your customers. It’s important to have a cybersecurity plan in place that involves everyone in your organization.

  • Stat: 90% of cyber attacks are caused by human error
  • Stat: 60% of employees use their personal devices for work, which can increase the risk of cyber attacks

Myth 5: Cybersecurity Is A One-Time Investment

Cybersecurity is not a one-time investment. It’s an ongoing process that requires constant attention and updates. Cybercriminals are always looking for new ways to exploit vulnerabilities, so it’s important to stay up-to-date with the latest threats and defenses.

 

Cybersecurity is a critical issue that affects businesses of all sizes. By understanding the most common cybersecurity myths and the truth behind them, you can better protect your business from cyber threats. By implementing a strong cybersecurity strategy, you can protect your business from cyber attacks and safeguard your reputation. Cybersecurity is not a one-time investment, but an ongoing process that requires constant attention and updates. Stay up-to-date with the latest threats and defenses, and make cybersecurity a priority for your business.

 

We help you build a strong, layered, cybersecurity-first foundation that will drastically help you prevent cyber related events. If you're ready to chat about how you can improve your security posture, let's have a short chat about it. 

 

Cloud Matrix IT™ is a managed IT and technology consulting firm who specializes in providing proactive IT solutions to small and medium-sized businesses. We designed IT PROTECT specifically for the SMB. IT PROTECT is a comprehensive suite of solutions & processes that help your business save time, reduce costs, provide your staff IT support, and help you stay protected with our fully managed 24/7/365 SOC PLUS cybersecurity platform. Yes, even weekends and holidays.