In the ever-changing cyber security threats landscape, cybercrime will cost the world $6 trillion by the end of 2021. This number will rise to $10.5 trillion by 2025. The constant barrage of headlines about corporate data breaches makes us aware of the vulnerability of our data in a digitally connected world.
The problem is that individuals and organizations can get complacent if they believe in the not-always-accurate cybersecurity myths and get a rude awakening when their data is compromised. Myths slow down the adoption of best practices and are damaging to not just the brand image but also their bottom line. Here are the top 10 cybersecurity myths that could be putting your organization at huge risk.
Myth 1: I’ll know right away if any of my systems get affected
This would have been accurate over a decade ago when viruses would cause your computer to slow down, load pop-ups, and other issues. Today’s malware, on the other hand, is quite subtle. They now take their time to surface, progressively compromising your device while everything else continues to function normally. This allows the virus to gain access to your files and wreak substantial damage before being noticed.
Modern ERP systems use one centralized database or integrated layers that connect to different databases (HR systems, CRM, Products, etc) to provide unified data access and visibility. . The big benefits it provides are also the reason why ERP solutions are the prime targets for cybercriminals. Last year saw a record number of ransomware and cyberattacks on small and medium businesses. Remote working, further, threw up gaps in security systems that made them vulnerable targets.
It is critical that all laptops and mobile devices accessing organization systems have reputable anti-virus software. It is just as important to be aware that out-of-date software is a high risk. Ensure security patches are upgraded, always have a double-authentication system, and have an updated disaster recovery plan.
Myth 2: My advanced cyber security software will take care
Many consumers believe that cyber security software will protect their data from hackers. Yet, FireEye, a top cybersecurity firm was one of the organizations hacked in 2021 by a ‘nation-state’, hinting at Russian involvement. The $3.5 billion company responsible for identifying cybersecurity breaches for global companies like Sony, were themselves hacked. If it can happen to them, what chance have smaller businesses?
What businesses must do is to make it as difficult as possible for a cyber security breach to occur and if it does, be able to recover as fast as possible. Security tools and solutions are only as good as their configuration, monitoring, maintenance, and integration with overall security operations. As already mentioned, out-of-date ERP systems will not be able to keep up with the latest compliance regulations.
If you can’t prevent all attacks, your security system should at least try to limit the harm. Software is only the first step in a comprehensive cybersecurity strategy. To truly safeguard your business, you’ll need a comprehensive business continuity and data recovery plan.
An interesting read: 7 Legacy System Modernization Approaches, Which One Works Best for Your Business?
Myth 3: We have strong passwords
A strong, unique password for each of your accounts is essential for data security, but even the most secure password can be hacked or cracked. To make it difficult for hackers, you’ll need an extra layer of security, such as two-factor or multi-factor authentication for additional barriers before allowing access.
Cyber security tip: Use a unique local administrator account that automates the process of updating the passwords for all local administrator accounts on your network and stores the information in a database. Additionally, you can turn off NBNS and LLMNR to prevent spoofing attacks.
In reality, one of the most important aspects of cybersecurity readiness that businesses ignore is what information is available in the first place, rather than how individuals get it. According to a recent study, 41% of organizations have at least 1,000 sensitive files available to all employees. Many businesses also lack a strategy for monitoring admin access. Strong passwords help keep your firm safe, but once a malicious intruder is in the system, there’s a lot more at risk.
Myth 4: No hacker will be interested in my business
Going by Verizon’s 2019 Data Breach Investigations Report, small business cyber security breaches accounted for 43% of overall breaches. They become targets because small firms’ cybersecurity is mostly weaker than that of major organizations.
Hackers are using automated tools to find vulnerabilities. Their program does all of the work for them, and it does it swiftly and effectively. They can begin exploiting a flaw after a vulnerability has been identified.
Cybercriminals don’t care whose system they’re exploiting as long as there’s money to be made.
Regardless of how many people you have or how much money you make each year, you must anticipate that you will be the target of a cyberattack and plan accordingly. Another point to consider is that businesses of all sizes hold information that should not be made public or get into the hands of hackers. There’s a hacker out there who might be interested in confidential customer information or commercial secrets.
Myth 5: My IT Department will tackle it
Normally, it is the responsibility of the IT department to implement and review policies, but they cannot handle everything. When it comes to cybersecurity, each employee bears some responsibility. Employees who aren’t properly trained are more likely to download malware via emails or hazardous websites.
There should be clear policies and easy-to-understand training when it comes to cyber security threats. If your