Cybersecurity myths are increasingly problematic for small and medium-sized businesses (SMEs), leaving them vulnerable to cyber-attacks.
Our research, based on data from the UK government and the National Cyber Security Centre (NCSC), reveals some startling truths. Even in 2024, many SMEs continue to underestimate the significance of cybersecurity.
To safeguard your digital assets, it’s essential to debunk these myths and develop a realistic understanding of cybercrime and security risks.
In this blog post, we’ll address the most prevalent cybersecurity myths of 2024 and present the facts that counter them.
Let’s dive into these misconceptions!
Myth #1: “More cybersecurity tools mean more protection.”
Reality: While having cybersecurity tools is important, simply accumulating more tools doesn’t guarantee a secure system.
What truly matters is selecting the right tools, configuring them correctly, and integrating them into a comprehensive cybersecurity strategy. Over-reliance on tools without proper management can leave your system exposed.
Facts: Research by PwC found that only 38% of UK companies feel confident about managing cybersecurity risks, despite increased spending on tools.
Myth #2: “It’s easy to spot phishing scams.”
Reality: Phishing scams are becoming increasingly sophisticated and harder to detect. While some attempts are obvious, others employ advanced tactics like QR code manipulation or SIM swapping to deceive victims.
Effective cybersecurity training and awareness of the latest phishing methods are crucial for protection.
Facts: A 2023 UK government study revealed that 79% of UK businesses and 83% of charities encountered phishing attacks in the past year, resulting in financial losses and reputational damage.
Myth #3: “Increasing the workforce solves cybersecurity problems.”
Reality: Having a skilled cybersecurity team is essential, but it’s not enough on its own. Effective cybersecurity requires a combination of processes, technology, and continuous monitoring.
Cybersecurity is an ongoing effort that demands constant adaptation and improvement.
Facts: The UK Department for Science, Innovation and Technology reports that 50% of UK businesses lack basic cybersecurity skills, and 33% struggle with more advanced competencies.
Myth #4: “Bringing your own device (BYOD) is safe.”
Reality: Personal devices often lack the same security controls as company-owned equipment, which can expose sensitive data to hackers.
To mitigate risks, implement security measures like device encryption and regular security audits.
Facts: The 2023 Mobile BYOD Security Report by SlashNext found that 71% of employees store sensitive work information on personal devices, and 43% of them have been targeted by phishing attacks.
Myth #5: “Cybersecurity is a one-time effort.”
Reality: Cybersecurity is not a one-off task; it requires continuous attention and investment. Regular risk assessments, updated security policies, ongoing employee training, and strong password practices are all critical.
Facts: The 2023 Cyber Security Breaches Survey reported that 32% of UK companies and 24% of charities experienced breaches or attacks in the past year.
Myth #6: “Strong passwords are enough to protect my accounts.”
Reality: Many people believe their passwords are strong, but they may be weak and easy to guess. Common issues include using simple passwords, reusing them, and neglecting to update them regularly.
Enhancing security with password managers and two-factor authentication significantly improves protection.
Facts: The National Cyber Security Centre found that “123456” remains the most common password in the UK, highlighting the ongoing issue of weak passwords.
Myth #7: “We perform penetration tests regularly.”
Reality: Some organizations either don’t conduct penetration tests as frequently as necessary or fail to test all potential vulnerabilities. Regular testing is vital for identifying and addressing weaknesses before they can be exploited.
Facts: A study by CyberSmart revealed that only 43% of UK businesses conduct penetration tests regularly, and 25% do no testing at all.
Myth #8: “Cybersecurity is only a concern for large corporations.”
Reality: The notion that only big companies are targeted by cyber-attacks is a dangerous myth. SMEs are often targeted because they may lack robust cybersecurity measures.
Facts: The Verizon 2023 Data Breach Investigations Report showed that small businesses accounted for nearly one-third of all data breaches, with 74% of breaches involving some human element.
Myth #9: “Our IT systems and software provide complete cybersecurity protection.”
Reality: While robust IT systems and software are crucial, they are just one part of a broader cybersecurity strategy. Comprehensive training, risk management, and security policies are also necessary.
Facts: The 2023 Cyber Security Breaches Survey indicated that 32% of UK companies and 24% of charities experienced breaches or attacks despite having IT systems in place.
Myth #10: “Cyber threats are exclusively external attacks.”
Reality: External hackers aren’t the only threat. Insider threats and human errors can also lead to significant security breaches.
Facts: Ponemon’s 2023 report noted that the cost of insider threats rose from $15.4 million in 2022 to $16.2 million in 2023, and these threats take longer to address.
Myth #11: “Antivirus software alone is sufficient for cybersecurity.”
Reality: Relying solely on antivirus software is risky, as it can only protect against known threats. Additional security measures are necessary to defend against new and evolving attacks.
Facts: The UK Cyber Security Breaches Survey 2023 found that only 49% of medium-sized businesses and 68% of large businesses have a formal cybersecurity strategy, revealing protection gaps.
Myth #12: “Using public Wi-Fi is safe.”
Reality: Public Wi-Fi networks are convenient but can be insecure. Hackers can intercept data on these networks, putting sensitive information at risk.
Facts: A BullGuard survey found that 79% of public Wi-Fi users in the UK were unaware of the associated risks, demonstrating a lack of awareness.
Myth #13: “I’d know if my device is infected with malware.”
Reality: Malware can be stealthy and may not exhibit obvious symptoms. Regular scans and monitoring are essential to detect and remove malware.
Facts: The UK government’s cybersecurity survey found that the percentage of businesses with up-to-date malware protection dropped from 83% in 2022 to 76% in 2023.
Myth #14: “I don’t need to back up my data; it’s safe on my device.”
Reality: Data can be lost due to hardware failure, malware, or accidental deletion. Regular backups are critical to prevent data loss.
Facts: The 2023 Cyber Security Breaches Survey revealed that 37% of businesses experienced data loss or breaches, underscoring the importance of regular backups.
Myth #15: “You should always use a VPN.”
Reality: VPNs can enhance security, especially on public Wi-Fi, but they’re not a universal solution. The effectiveness of a VPN depends on the provider and how it’s used.
Facts: A NordVPN survey found that while 48% of UK respondents use a VPN for privacy and security, 37% use free VPNs, which can be less secure.