Cybercrime is not as threatening as mainstream media make out. But it is potentially debilitating to a business if you are not secured against the threat of bad actors.
Given that 60% of companies go out of business following a data breach, it makes sense for businesses of all sizes to protect sensitive data. Having said that, it’s not the cybercriminals that put firms out of business. It’s the regulations.
Under the terms of the General Data Protection Regulations (GDPR), companies that suffer a data breach are obligated to inform affected parties. As a result, customers and investors lose faith and withdraw funding.
It has been reported that researchers at one US bank showed that 82% of businesses collapse after a data breach because they are not able to sustain adequate income.
The latest surveys also show that 82% of data breaches are caused by human error. Although this figure is down from 95%, it still means that employees pose the biggest risk of a data breach.
Train Staff On Cybersecurity
Cybercriminals use a raft of tactics to get around cybersecurity defences. But many of them can be avoided. Some of the most common tactics involve attempting to exploit members of the workforce.
The tools hackers use are predominantly digital. Whilst many cyberattacks can be defended with firewalls, anti-virus software, intruder detection, and access solutions, cybersecurity defences are only effective if end-users are alert to potential dangers.
Employees can pose a significant risk of a cybersecurity breach due to the following reasons:
Lack of awareness
Employees that are not aware of the potential risks and vulnerabilities associated with their online activities may not understand the importance of keeping their login credentials secure, avoiding suspicious emails or links, or updating software and security settings. This lack of awareness can lead to unintentional mistakes that expose sensitive data and systems to cyber threats.
Even the most well-trained employees can make mistakes, such as accidentally sending an email to the wrong person or downloading a malicious attachment. One of the most common causes of a data breach is misconfigured cloud systems.
Employees who intentionally misuse their access to company systems and data can pose a significant risk to cybersecurity. They may steal sensitive information or sabotage systems to cause harm to the organisation.
Bring your own device (BYOD)
With the rise of remote work and the use of personal devices for work-related tasks, companies are facing an increased risk of cybersecurity breaches. Personal devices may not have the same level of security as company-owned devices, and employees may unknowingly expose sensitive data by accessing it from unsecured networks or using unapproved applications.
Cybercriminals often use social engineering tactics to trick employees into divulging sensitive information or clicking on malicious links. This can include phishing emails, fake login pages, or phone calls pretending to be from IT support.
Theoretically, the average business shouldn’t experience a data breach. The cybersecurity tools available in today’s market are efficient enough to keep amateur hackers at bay.
The only hackers that can infiltrate existing cybersecurity tools are state-sponsored hackers. But they only target multi-billion dollar corporations and government agencies. Allegedly.