4 Common Cybersecurity Mistakes Your Business Should Avoid
Most organisations now realise that, when it comes to cyberattacks, it’s a case of when not if. Today’s cybercriminals are stealthy and persistent; they’re constantly on the lookout for businesses and individuals from whom they can steal funds or data.
Over the past year, an overwhelming amount of businesses have fallen victim to cyber-attacks, and it has resulted in massive costs. In its 2021 report, the Australian Cyber Security Centre (ACSC) revealed that organisations suffered more than $33 billion in total losses from cybercrime throughout the year.
The good news is that a cyber attack and a “successful” cyberattack are two different things. If you have the right cyber security solutions and protocols in place, you can deter attackers from accessing precious company data.
However, many businesses think they are protected from cyberattacks when they are actually vulnerable. There are a few misconceptions surrounding cyber security that you need to know in order to secure your organisation effectively. Here are the most common cyber security mistakes that your business should avoid.
Mistake 1: Assuming Your Business Will Fly Under the Radar
Many small businesses think that cybercriminals won’t notice them. They expect attackers to target larger, multi-national companies. While this is true, today’s cybercriminals are also looking for ‘low hanging fruit’ – smaller businesses with weak defences. In fact, Cisco found that 65% of Australian SMBs suffered a cyber incident in the past 12 months.
With more companies leaning on digital infrastructure to sell products, enable communication and boost employee productivity, the potential entry points for cybercriminals have increased exponentially. It’s naive to think your business isn’t vulnerable to a cyberattack, and it is this kind of thinking could lead to an attack with disastrous consequences.
The bottom line here is to take the threat of cyber attacks seriously and ensure you’re putting proactive defences in place. If you’re not sure where to start, then consider outsourcing your security function to qualified experts who can assess your current cyber security maturity state and guide you on improving your resilience.
Mistake 2: Neglecting Employee Training
If your company has started investing in cyber security solutions, that’s a good start. However, it would be a mistake to think that those solutions are the be-all and end-all of an effective defence strategy.
According to a study by IBM, human error is responsible for 95% of cyber security breaches. It’s easy to understand why. Just one wrong click of a malicious email or one Google Drive account set with the incorrect permissions could lead to a cyber-attack or mass data leak.
To that end, you should complement your cybersecurity solutions with practical employee training that teaches your people good cyber hygiene. There are many ways to deliver this training:
- Away days
- Online courses
- Self-serve videos
- Webinar training
- Phishing simulations
- Tips in company newsletters
The most important thing is to educate your people on their responsibility to look after company data.
Mistake 3: Relying Solely On Antivirus
While antivirus is an integral part of your cyber security defence, it doesn’t catch every type of threat. Malicious actors are constantly generating new forms of malware, which your antivirus won’t always be able to pick up.
Moreover, many of today’s attack vectors don’t use malware at all, meaning there is a whole host of threats that anti-virus can’t protect against (including fileless malware and links to malicious websites).
To keep your company safe, you need to take a multi-layered approach to security and deploy a combination of solutions that complement each other.
Mistake 4: Seeing Cyber Security as a Burden
Many business leaders look at cyber security solutions and see a potential cost drain. This is far from the case. A proactive approach to cyber security will save your company a lot of money in the long run. As Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.”
According to IBM, the average cost of a data breach in 2020 was AU $3.35 million per breach. This amount is enormous when compared to the cost of investing in protecting your systems, people, and data from a security incident proactively.
Schedule a Security Review Today!
Don’t be in the dark about your cyber security defences. GKM2 can assist your Sydney area business by reviewing your IT security strategy and letting you know of any weaknesses that could leave your company at risk.
Contact us today to learn more. Call +61 2 9161 7171 or reach out online.