Do you think your small or mid-size business (SMBs) isn't a target for cybercriminals? Think again. Cybersecurity myths are all around us, lulling companies into a false sense of security. Here's the truth behind some of the most common cybersecurity myths and your business can stay protected.
Myth 1: Cybersecurity is Just for Big Companies
For SMBs, resources are often stretched thin, and investing in cybersecurity might not seem urgent. Many SMBs also believe they're too small to be noticed by cybercriminals. But hackers target small businesses precisely because they assume they won't have strong defenses.
Why This Myth Sticks
SMB owners often feel their limited data isn't valuable enough to be a target. However, every business has valuable data, such as customer data, employee details, and financial records, which makes them appealing targets. Hackers know that SMBs are less likely to have advanced security measures and are often willing to pay a ransom to retrieve their data.
- Invest in a Cyber Security Plan: SMBs don't need enterprise-level solutions but should consider foundational protections like firewalls, network monitoring and multi-factor authentication.
- Regular Risk Assessments: Routinely assess the company's vulnerability points. Identifying weaknesses can help SMBs prioritize cybersecurity investments effectively.
Myth 2: Antivirus Software is Enough Protection
Many SMBs rely solely on antivirus software because it's affordable and easy to set up. But today's cyber threats are far too complex for antivirus alone. Hackers use various tactics, from phishing to ransomware, that require more comprehensive defenses.
Why This Myth Sticks
Antivirus software is marketed as an easy-to-use, "set-it-and-forget-it" solution, making it attractive to SMBs. Limited budgets also mean business owners are looking for the most affordable solution, and antivirus software seems to check that box.
What To Do
- Adopt Layered Security: Go beyond antivirus with a layered approach. Consider firewalls, intrusion detection systems, email filtering and a security patch program for software and hardware.
- Back Up Data Regularly: Regular data backups ensure that critical data is retrievable in the event of a cyber attack. Cloud-based backups are an affordable option for SMBs and allow for offsite, secure storage.
Myth 3: My Employees Wouldn't Fall for Phishing Scams
A lot of SMBs believe their team knows better than to fall for phishing scams. But human error is the leading cause of data breaches, and phishing tactics have become very convincing, using spoofed email addresses from well-known contacts.
Why This Myth Sticks
Business owners often trust their team's judgment and may assume that "everyone knows" not to click on strange links or give out sensitive information. This leads to underestimating the sophistication of phishing attacks and skipping training that can prevent these mistakes.
What To Do
- Regular Training: Conduct cybersecurity awareness training that includes recognizing phishing emails and avoiding malicious links. Use interactive examples that help employees practice what to look for in a phishing attempt.
- Simulate Phishing Scenarios: Test employees with phishing simulations to gauge awareness and improve resilience to real-world attacks. Many SMB-friendly platforms, including Watchkeep, provide this as an affordable service.
Myth 4: If We're Hacked, Our Insurance Will Cover the Losses
Cyber insurance might cover certain costs, but many SMBs don't realize that policies often have significant limitations. For example, insurance may cover some recovery costs but not the loss of consumer trust or productivity during downtime.
Why This Myth Sticks
Insurance is often seen as a catch-all safety net, and SMBs may not realize how limited cyber insurance can be. Without understanding the fine print, businesses usually assume insurance will handle all aspects of a breach.
What To Do
- Read the Fine Print: Understand precisely what your cyber insurance covers. Be aware of limitations, such as coverage exclusions or capped amounts for certain types of damages.
- Prioritize Prevention Over Remediation: Cyber insurance is a reactive measure, while preventive cybersecurity investments can protect against potential attacks. Focus on a comprehensive defense strategy rather than relying solely on insurance for protection.
Final Thoughts
Cybersecurity myths hold a lot of power in the SMB world because they promise a way to cut costs or simplify security. While that may seem appealing when time and money are scarce, the outcomes of a cyberattack can be far more expensive and detrimental. By understanding why these myths are dangerous and taking steps to debunk them, SMBs can build a realistic and effective defense plan. Investing in cybersecurity upfront can save SMBs from costly breaches and help maintain consumer trust and business continuity in the long run.
Watchkeep is a leading provider of cybersecurity services for businesses of all sizes. As a certified Cyber Verify MSP through MSP Alliance, Watchkeep provides tried-and-true tools to help companies protect their data and stay safe. Protect your business by getting a valuable penetration test to evaluate your defenses.
