Cyberattacks: 8 cybersecurity myths businesses must stop believing

With tensions heightening to an unimaginable level in Europe, business leaders need to sharpen their cybersecurity response as more sophisticated cyberattacks emerge.

Most importantly, it’s time to leave the ‘myths’ behind and put in place robust, proactive steps to protect your systems and data.

So, what are the myths, and what should businesses be doing to better prepare themselves?

More Products will Keep us Safe from Cyberattacks

One of the biggest and most costly mistakes people make is to add layer after layer to their cybersecurity in the belief that it will offer more protection. Quite often, this is because they have been ill-advised by providers whose main motivation is to make a sale.

Now, that’s not to say those products do not work. Likely, they do. But whether they give you the protection you need, without any gaps, is another matter.

It is far better to rationalise the number of cybersecurity products and choose those that offer the best protection against existing and emerging cyberattacks. Not only will your business be better protected, but you’ll also put an end to churning through new products.

Your Data is Safer in the Cloud

Having data in the cloud is not what makes your data safe. Many cloud providers will not guarantee that customer data is protected. Most operate on a shared-responsibility basis meaning that the customer has the ultimate responsibility to protect their own data.

A good example of this is Office 365. Business customers assume that Microsoft fully backs up their Exchange, SharePoint and OneDrive data. This is not true. Microsoft takes care of quite a bit, but it is the customer’s responsibility to back up their data. That’s why having a Disaster Recovery Plan is so important.

If we Prepare for the Latest Cyberattacks, we’ll be Safe

Many companies focus their efforts on protecting their systems and data against known cyberattacks without building enough capability to withstand future threats.

As we’ve seen with far more sophisticated malware and ransomware, though, cyberattacks are constantly evolving. That’s why it’s important to invest in the right technology and take a proactive approach to defend your systems and data.

My Business is too Small to be a Target of Cyberattacks

Some organisations are more likely to be individually targeted such as pharmaceuticals, health and social care providers and financial businesses. But that’s not to say that smaller companies are not at risk of being attacked.

The truth is, if your business is online and you have exposure, you are a target. After all, many cyber attackers will cast their net far and wide to see who gets caught.

Anti-Virus and Anti-Malware Products are enough to Secure my Business

While anti-virus software is a crucial part of any cybersecurity plan, it only secures specific entry points to your systems. In reality, hackers use many ways to infiltrate systems, with phishing cyberattacks and ransomware being two. So, even with anti-malware protection, there’s still plenty of opportunity for hackers to attack.

If you want to protect your business, you need an all-encompassing IT security solution that monitors threats on a 24/7 basis to protect your systems and data. You must also ensure strong employee awareness by introducing easy-to-follow policies and processes.

I have insurance, which will Offset the Risk

In theory, cyber insurance should offset the cost of cyberattack when they happen. However, the cost of a cyberattack can run much deeper than an initial pay-out. A ransomware incident, for example, can cause untold reputational damage, and you may find you’re not even covered for such threats.

In fact, a 2020 Sophos report reveals that one in five organisations have a major hole in their cybersecurity insurance, with just 64% having ransomware cover.

Cyber insurance, then, should be part of your cyber security strategy but certainly not the foundation.

IT Security rests with the IT Team

While IT teams play an important role in thwarting attacks at the perimeter, IT security should be everyone’s responsibility within an organisation.

This means making sure that employees know how to identify a potential threat, how to act, and have a good understanding of how to safely use technology without putting themselves or their company at risk.

Cybersecurity Solutions are Expensive

Even though the potential financial fall-out from cyberattacks could be catastrophic, some organisations still ponder whether investing in cybersecurity solutions is worth it.

We get it, especially when a company is stuck in a cycle of layering technology solutions on top of technology solutions. However, there are enterprise-grade cybersecurity solutions that are available to SMEs that needn’t be as expensive as you may think.

Plus, there are many precautionary measures you can take with little to no additional cost to your business. For example, better password control, multi-factor authentication, employee training and access management can call make a difference.

If you’re unsure of what your company needs to do to protect itself from cyberattacks, an excellent place to start is with the government’s Cyber Essentials scheme.

The Cyber Essentials scheme assists organisations of all sizes to guard against new and existing cyber threats. By going through the certification process, you gain a clear picture of your cyber security threat level and the steps you need to take to safeguard your data and systems.