Security

6 misconceptions about small business cybersecurity

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Small businesses are the lifeblood of American prosperity. Almost half of all workers in the U.S. work for a business with fewer than 500 employees—and that doesn’t account for the estimated 27 million small business owners who are their sole employee.

Unfortunately, because small businesses are the drivers of our economy, they’re also a target for cyberattacks. The FBI recently reported that the majority of cybercrime victims are small businesses.
We get it—you’re focused on customer acquisition, shipping, marketing, and getting the job done. Security also needs to play a role in your operation. You can vastly improve your cyber defenses and keep your company rolling if you and your employees adopt a handful of behaviors.

To learn new behaviors, though, you’ll need to “unlearn” some misconceptions. Here are the top six small business cybersecurity misconceptions, plus how you can overcome them.

Misconception 1: They’re not a target for cybercriminals

It’s a common misconception among small business owners to believe that they’re not a target for cybercriminals. Shouldn’t the hackers be focused on the Fortune 500? In reality, every business regardless of its size, the type of data it handles, or the industry it operates in is susceptible to cyberattacks. Above everything else, cybercriminals are opportunistic, and they often see small and medium-sized businesses as prime targets due to a perception that they’ll have weaker cybersecurity defenses. Small businesses can fall victim to various cyber threats, including ransomware and impersonation scams.

Attackers look to exploit vulnerabilities, seeking financial gain or access to your sensitive information. Here are a few things you should do to protect your small business:

Because any business can be a target, cybersecurity should be a priority for all businesses, regardless of size.

Misconception 2: Cybersecurity is a technology issue

It’s a widespread belief that cybersecurity is a tech issue. Most cyberattacks occur through social engineering, where criminals infiltrate a system through your people and processes. This could involve an employee unknowingly clicking a link in a phishing email or a vendor being impersonated and sending you a fake invoice. Few attacks involve the brute-force cracking of an account (assuming the password is strong and unique).

Cybersecurity encompasses not just technology, but also the people and processes within an organization. Human error and negligence are significant threats. Employees who click on malicious links, use weak passwords, or inadvertently share sensitive information can compromise the security of your entire business. Prioritize building a culture of awareness and responsibility among your staff.

Comprehensive training programs help, and you should implement clear cybersecurity policies and guidelines. Reward and recognize employees who demonstrate good cybersecurity habits. Make security a collective responsibility and a fundamental part of the organizational culture—then your defenses become stronger, and your people are a force multiplier for technology-based security measures like antivirus software. Physical security is also paramount. Don’t let strangers in the front door, escort visitors, use cameras, separate areas with network equipment behind locked doors, and always shred sensitive documents.

Misconception 3: Cybersecurity is a one-time project

Another common misconception is that cybersecurity is a one-time project that can be completed and forgotten, just like you might hire a locksmith for your office’s front door. In reality, security is an ongoing and dynamic process that demands continual monitoring, adaptation, and enhancement. Cyber threats are ever-evolving, and new vulnerabilities are discovered regularly. Similarly, solutions, regulations, and industry standards change to address emerging risks and challenges.

What worked to protect against cyber threats a year ago may no longer be effective today. This constantly shifting landscape underscores the need for businesses to view cybersecurity as a continuous effort—and why you always need to download the latest software updates. Establish a routine of security audits, reviews, and testing. Regular data backups and disaster recovery planning are crucial to ensure business continuity in case of a breach. Staying informed about industry developments, such as new regulations or emerging threats, will help you make informed security decisions.

Misconception 4: Cybersecurity is only the IT department’s responsibility

Cybersecurity is a collective responsibility that extends to every member of an organization. Different roles and functions can contribute to cybersecurity, and they can also inadvertently compromise it. Management, for example, typically sets the tone for security culture by establishing policies and allocating resources. The finance department can allocate a budget for security measures, while sales teams should respect customer data. Anyone on staff can impact security through actions like using weak passwords.

To foster a culture of shared responsibility and accountability for cybersecurity, establish clear roles and expectations for all employees. Robust cybersecurity policies and procedures need to be communicated and consistently enforced. Regular cybersecurity training and awareness programs should be available to all staff, not just the IT team. Encourage open communication channels for reporting potential threats or incidents because it creates collective vigilance.

Misconception 5: Cybersecurity insurance will cover all the losses from a cyberattack

Let’s dispel the misconception that cybersecurity insurance acts as an impenetrable shield against all the losses resulting from a cyberattack. In reality, the extent of coverage greatly depends on the specific policy and the nature of the claim. Cybersecurity insurance typically covers some losses, such as direct costs like data recovery and notification expenses, and possibly legal defense costs. However, it may not cover costs like business interruption, reputational damage, or the full scope of legal liability.

The terms, conditions, and exclusions of cybersecurity insurance policies can vary significantly between providers, so buyers need to read the policy closely! Conduct a comprehensive review of available policies and select one that aligns with your needs and risk profile. We recommend working closely with a dedicated insurance professional who specializes in cybersecurity because the topic is undeniably complex.

Misconception 6: Cybersecurity compliance equals cybersecurity protection

Don’t fall for the myth that cybersecurity compliance automatically translates to protection. Adhering to standards or regulations is a vital step, but that alone doesn’t guarantee immunity from cyber threats. Compliance requirements often establish minimum baselines, and these standards may not evolve quickly enough to keep pace with the ever-changing threat landscape. Moreover, compliance requirements can vary significantly across jurisdictions and industries, leading to gaps in security measures.

Implementing security controls, conducting regular risk assessments, and staying informed about emerging threats are crucial steps. Importantly, fostering a culture of security awareness boosts your protection. Don’t think of compliance as the endpoint but as a step toward a wide-ranging and continuous security journey. Be honest and realistic about the threats your company faces and adapt the baselines for compliance to go above and beyond for your specific environment.

Your small business deserves protection

Dispelling these six cybersecurity misconceptions is a pivotal first step toward forging a resilient cyber defense. Your small business, just like your larger counterparts, is a prime target for cybercrime. In turn, this means that cybersecurity is everyone’s responsibility. It’s not about the scale of your business, but the effectiveness of your cybersecurity measures that matters. Embrace a holistic approach that encompasses technology, people, and processes. Stay proactive and adaptive. Then you can rest assured as you navigate the digital world and protect the data under your control.

Key takeaways:

  • Cybersecurity is everyone’s responsibility.
  • Cybersecurity isn’t a one-time project—it’s something your business should practice forever.
  • Employees should receive continual training to keep them aware of the latest cybersecurity threats.

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