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The Top 10 Cybersecurity Myths You Need to Avoid

Technology is changing the way we live and work. Smart devices can provide weather forecasts and augmented reality eCommerce. We can also trade cryptocurrencies using our mobile devices at work.

Cybersecurity is becoming more important than ever as the world becomes increasingly digital. Ransomware attacks, frauds, data breaches and phishing are just a few of the many dangers that the internet presents to those who don’t prepare. A GOV.UK survey revealed that 46 percent were victims to cyberattacks in 2020.

Failure to secure your company with the right cybersecurity can have devastating consequences for today’s businesses.

In 2021, the global cost of cybersecurity problems was at an all-time high of USD 42 million.

It can be difficult to tell fact from fiction when there are so many types of cybercrime. Here are the top 10 cybersecurity myths that you should avoid.

1. We have good security tools so we are safe

Many businesses believe that high-end security tools are enough to protect their networks from cybercriminals.

Your security tools and solutions can only be 100 percent effective if properly configured, monitored, updated and integrated with your overall security operations.

To protect your entire IT infrastructure against cyberattacks, you need to do more than just anti-virus and antivirus software.

A comprehensive security strategy is essential for large-scale companies. It must include everything from emergency response plans to insider threat detection, employee training, and even employee training.

2. We are safe because we regularly perform penetration tests

Many businesses believe they can avoid cybersecurity risks by conducting regular penetration tests.

Penetration tests can be inefficient if your company cannot manage and fix the vulnerabilities and loopholes discovered during the test.

You should also consider the scope of penetration testing. Do you need to cover all the network?

Is it capable of reproducing common cyber threats exactly? It won’t show security weaknesses if it doesn’t go deep enough.

Also, you need to decide whether your solutions are focused on the root cause of the problem or the resulting breach. It will be difficult to find the root cause of the problem.

3. To keep my business safe, I must comply with industry regulations

It is crucial to comply with all industry data regulations in order to conduct business, build trust and avoid legal problems.

However, most regulations only address the minimum security measures. Therefore, compliance with industry regulations doesn’t guarantee security.

Only you can determine if current regulations are sufficient to protect your business and if the scope includes all of your data and critical systems.

Your business might be PCI compliant, for example. This will protect credit card data, but not other sensitive data.

Double-check that your compliance with regulations is sufficient for your business. If not, you may need additional security measures.

4. All your data will be protected by a third-party security provider

Your cybersecurity company may take responsibility for implementing and reviewing security measures to protect your company, but you need to be aware of the potential risks.

No matter what the provider’s reputation is, you still have an ethical and legal responsibility to protect your most important assets.

You should ensure that your security provider is up to date with all security information, including their responsibilities, capabilities and breaches.

Switch providers if they are unable to provide assurance that their service meets your needs.

5. Only need to secure Internet-Facing Applications

Yes, internet-facing apps are the biggest threat to business infrastructure.

This is especially true in today’s internet-driven world. Even if your systems reside on premises or are cloud-based, you shouldn’t let internet-facing applications be your sole focus.

Cybersecurity Insiders recently found that 68% of businesses are extremely or moderately vulnerable to insider attack.

Insider threats can be more dangerous than threats from outside sources like internet-facing apps due to employee negligence, malicious behavior and ignorance.

There are many ways that insiders could compromise your entire IT system. An employee could infect a flash drive with malware and insert it into one of your computers.

Businesses must ensure that they have adequate controls in place to protect themselves from insider threats, not only internet-facing ones.

6. We will never face a cyberattack.

This is wishful thinking. Businesses must be aware of cyber threats and stay on top of them.

Cybercrime has risen by 300 percent since COVID-19, and the subsequent move to remote work and network collaboration.

Although ‘perfect security’ might not be possible, you need to have a strategy to respond quickly to ever-increasing cyberattacks.

To protect yourself, you should also take additional measures like using a virtual number to hide your location or encrypting your important files.

7. To protect us from a data breach, we have strong passwords

You now have a very long and complex password that only you can know. You would think it was very secure. Wrong!

Hackers can still access your password, regardless of how complex or long it is.

Two-factor authentication is the only thing that really makes a difference.

To be considered two-factor authentication, the user must provide two pieces of evidence.

This could include a pin or a fingerprint. Interactive voice response apps that can detect your voice are also possible.

To ensure security in all departments, make sure you train employees on password policies for the workplace.

You should also ensure that you are monitoring your data regularly to determine if there has been a breach in your passwords.

8. Cybercriminals don’t target small and medium-sized businesses

You’re now a small business. It’s a good start. You are safe from cybercriminals.

Many small and medium-sized businesses (SMBs), believe cybercriminals are more likely than larger companies to target them. This creates a false sense of security.

Accenture recently found that 43 percent of cyberattacks target small and medium-sized companies. This is almost half of the cyberattacks that target small and medium-sized businesses.

Many startups and small businesses are lacking skilled support staff and advanced security systems.

Cybercriminals are more likely to target smaller businesses than larger ones.

Cyberattacks, whether it’s ransomware or phishing, malware or any other, can cause havoc in small businesses that don’t have the resources necessary to recover from an attack.

9. If our systems are compromised, we’ll let you know immediately

Cyberattacks can be hidden these days. You might not realize that your computer has been infected for months, or even years. Marriott Hotels.

In 2014, they were the victims of a cyberattack that stole customer names, contact information and passport details. They were not able to recognize that they had been compromised for four years, which cost them PS18.4m in fines.

Malware and other security threats will be harder to detect in 2021. Your defenses will become more sophisticated as cybercriminals become more skilled. Keep an eye out for suspicious behavior.

Keep in mind that security software doesn’t always deliver good news. There could be hidden compromises.

10. You can bring your own device (BYOD).

We understand that bring your own device policies can have benefits. They make employees feel more productive and competent, and they save money on software licenses or business-owned devices.

An automatic call distributor, for example, can reroute calls to staff’s mobile phones and laptops. Is it safe to bring your own device?

Your business is at risk if you allow employees to bring their own devices.

You can reduce the risk by ensuring that all phones, tablets, laptops and IoT devices are subject to the same security protocols as your on-site devices.

Also, external devices should be treated as if they were under the control of the company.

Only then can you rest assured that your network is safe from hundreds of possible threats.

Last Thoughts

In today’s digital environment, cybersecurity myths pose a real threat to businesses. They blind companies to real threats, and make it easier for cybercriminals to do their jobs.

Understanding these cybersecurity myths is the first step to developing a solid security strategy.

It’s now easier than ever for you to set up the right protocols with artificial intelligence security systems.

This list of top cybersecurity myths to avoid can help you get on the right path to secure and mature businesses.

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