Cybersecurity Myths: Part 1

I keep hearing misunderstandings and myths about cybersecurity in conversations with prospective clients. Given how critical cybersecurity is to business operations and personal online safety, these misconceptions can lead to serious issues. Over the next few weeks, I plan to explore some of these myths through a series of blog posts. Whether you’re running a small business or managing personal online accounts, the insights can help you better understand cybersecurity.

Misunderstandings about cybersecurity often prevent individuals and businesses from addressing their real risks, leading to costly mistakes that leave them vulnerable to cyberattacks. In this blog post, I will address one of the most dangerous myths: small businesses aren’t targets for cybercriminals. I will also discuss how misconceptions about cybersecurity risks often cause people to overestimate or underestimate specific threats.

If you feel I’ve missed a common myth or want to discuss any of these points further, please contact me through our website. I’m always eager to expand my understanding of cybersecurity.

Myth #1: “Cybercriminals Don’t Target Small Businesses”

The Misconception:

Many small business owners believe hackers are only interested in large corporations with lots of data or reputable brands. The idea that their company is too small to be noticed often makes them prioritize other business concerns over cybersecurity, assuming they’re not at risk.

The Reality:

Small businesses are prime targets for cyberattacks. Research shows that nearly 43% of cyberattacks target small and medium-sized businesses, yet only about 14% of these businesses have adequate security controls in place to defend against such attacks. Hackers frequently see small businesses as easier to exploit due to their typically weaker security controls.

Small businesses often need more IT resources and expertise than larger companies. They may not have a dedicated security team or have implemented adequate software in place, making them attractive targets for cybercriminals. Hackers also know that small businesses handle sensitive data—customer information, payment details, or even intellectual property—making a successful breach potentially very profitable.

Why It Happens:

Hackers don’t always manually target specific companies based on their size or industry. Instead, they often use automated tools to scan for vulnerabilities. These tools can identify security weaknesses—like outdated software or weak passwords—in any business, regardless of size. The hacker wants to find the easiest way into a business, which is often a smaller business with poor security controls.

Small businesses that are part of larger supply chains are also at risk. Cybercriminals might target a smaller company as a way into a larger network, using the small business as a stepping stone to access more lucrative data or resources. The perception that small businesses are “safe” from attacks simply because they aren’t high-profile is incorrect and dangerous.

What Small Businesses Should Do:

Small businesses must prioritize cybersecurity and not assume they are immune from attacks. Fortunately, there are several easy steps that a company can do to reduce the risk of a breach:

• Vulnerability Assessments: Updating systems and software ensures that known vulnerabilities are patched and reduces the chance of exploitation.
• Strong Password Policies: Enforcing strong, unique passwords across all accounts is a simple but effective defense. Implementing password managers can also make this easier for employees.
• Multi-Factor Authentication (MFA): Adding a second layer of authentication will significantly reduce the chances of unauthorized access, even if a password is compromised.
• Employee Security Training: Many cyberattacks, like phishing or social engineering, exploit human error. Small businesses can avoid common pitfalls by educating employees on recognizing these attacks.
• Outsourcing Security to a Virtual Information Security Officer (VISO): If your business lacks an in-house IT team, consider partnering with a third-party security provider like Tanner Security. MSSPs can offer comprehensive security services, from 24/7 monitoring to threat detection and penetration testing.

While these steps may seem like a significant investment, they are far less expensive than dealing with a cyberattack. The long-term benefits of proactive IT security far outweigh the risks of neglecting it.