Cybersecurity Mistakes Businesses Can’t Afford to Make

Cybersecurity is no longer just a concern of the IT department—it's a business survival factor. With the sophistication of methodology and frequency of cyber attacks, even a single slip can have disastrous implications of data breaches, financial loss, as well as reputational loss.

Indeed, firms, especially mid-sized and smaller ones, are apt to make cybersecurity mistakes that jeopardize their businesses.

From cybersecurity misconfiguration to insider threat underestimation, the list of cybersecurity threats is long. And with today’s digitally-first business environment, no business of size can afford to turn a blind eye to these.

Cyber Security Cloud understands these challenges and helps businesses fortify their defenses against next-generation cybersecurity threats.

Here we will talk about the most common business cybersecurity mistakes and how you can reduce them to protect your data, reputation, and bottom line.

How Companies Keep Getting Hooked by Cybersecurity Ploys

Even with enhanced awareness of online threats, corporations and SMEs alike keep committing the same money-wasting blunders.

Since cybersecurity risk management tends to be a secondary concern to other business needs. 

Organizations feel they are too small to be a target, or they think that using basic antivirus software will suffice to deter hackers.

But the truth is

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43% of cyber attacks target small businesses, yet only 14% are prepared to defend themselves. 

Lack of investment in cybersecurity practices, inadequate vulnerability patching, and inadequate employee training all contribute to a constantly expanding set of cybersecurity threats.

Hackers don’t discriminate against company size—they hunt for security errors that simplify their work. Lacking a proactive business approach to cybersecurity, a single insecure password, or a mistakenly set cloud option can cause million-dollar breaches.

Coming up, we’ll dissect the most frequent business cybersecurity blunders—and how to avoid making them.

10 Mistakes Businesses Can't Afford to Make Regarding Cybersecurity

It is not that simple to have firewalls set up and be done with it. From cybersecurity setup errors to poor password policies, a single miscalculation can open the gates for cybersecurity attacks.

Businesses tend to believe that only major corporations are targeted by cybercriminals when, in fact, malicious actors take advantage of standard cybersecurity blunders by businesses of all sizes.

Here are the largest cybersecurity blunders for businesses that contribute to security breaches—and how you can avoid making them:

1. The "We're Too Small to Be Hacked" Delusion

Most small businesses think that hackers target only large corporations, but 43% of all hacking is actually against small businesses.

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Being that they are without strong security measures, they are a soft target for cyber security attacks including ransomware and phishing.

And worse, most businesses do not enable multi-factor authentication (MFA), exposing major systems.

More than 80% of breaches for the year 2023 were attributable to weak or stolen passwords. Once attackers have gained entry, they can breach entire networks, steal information, and even lock businesses out of their respective systems.

How to Fix It

Enforce robust passwords, adopt MFA, and promote the use of password managers to avoid the use of easily guessable passwords. Regularly update and review access controls.

3. The "Update Later" Procrastination

“Ignoring software updates is like refusing to fix a leaky roof because it's not raining—yet.”

Clicking "Remind later" for software updates might seem insignificant, but unpatched software is the number one target for attacks by hackers. Hackers exploit known weaknesses within outdated software to conduct ransomware, malware, and data breaches.

An important example

The WannaCry ransomware attack in 2017, spread globally from a Windows vulnerability where the fix had been issued several months earlier than the attack.

Companies that didn't keep up with the update paid the cost.

How to Fix It

Make automatic updates for all software, including operating systems, third-party applications, and security software. Regularly update firmware as well as cloud services to plug security loopholes.

4. Training for Employees: The Forgotten Barrier

It's optimistic to believe that employees will shun phishing attacks and cybersecurity threats without training.

In reality, 88% of data breaches  are due to user mistakes. One misplaced click in a phishing email or downloading a virus-laden attachment can put a complete network at risk. 

With inadequate employee cybersecurity awareness training, workers may be duped by social engineer scams, use weak passwords, or inadvertently reveal confidential information. 

Cybercriminals take advantage of the inadequacy of such training, making businesses easy prey. 

How to Fix It

Provide regular cybersecurity training, conduct mock phishing attacks, and have explicit security policies. An educated team is your first line of defense against cyber security threats.

Conduct regular cybersecurity training, simulate phishing attacks, and establish clear security policies. An informed team is your first line of defense against cyber security threats.

5. "No Backup, No Worries" Strategy

Having no backup plan is equivalent to driving without insurance—that is, a recipe for disaster. Ransomware attacks, inadvertent deletions, or hardware failures can erase crucial information within seconds. Without having a backup, restoration is either inconceivable or extremely costly.

Interestingly, most businesses do not test backups, finding they are worthless only when they are needed. If the backup fails, customer data, records, as well as lost revenue from downtime, are foregone.

How to Fix It

Use automatic, encrypted backups that are kept on-site as well as off-site in the cloud. Test your restoration procedure periodically—since an unusable backup is worse than none at all.

6. Mobile Devices: The Unshielded Frontier

It's a pricey assumption to think that mobile devices are secure. With workers accessing company emails, documents, and applications from their smartphones, a compromised device is a hacker's golden ticket.

Lost, stolen, or breached devices can cause data loss as well as unauthorized entry into company systems.

Unencrypted public Wi-Fi, outdated applications, and poor encryption only add to the cybersecurity challenges for businesses. Without a mobile security policy, each tablet or smartphone is a cybersecurity entry point waiting to happen.

How to Fix It

Implement Mobile Device Management (MDM) policies, mandate device encryption, and remote wipe functionality. Devices should only be connected to company networks using secured networks and virtual private networks (VPNs).

7. Network Monitoring: The "Set It and Forget It" Myth

It’s a false assumption that no news is good news when it comes to cybersecurity. It’s common for businesses to install firewalls and anti-malware software and believe they are safe while attackers quietly breach networks and go unnoticed for months.

Without network monitoring in real-time, businesses are unable to identify anomalies, unauthorized access, and network abuse when it’s already too late. It results in increased security breaches, increased cost of recovery, and severe compliance failures.

How to Fix It

Utilize continuous network monitoring software, configure automatic alerts for anomalies, and perform routine security audits to remain one step ahead of cybersecurity attacks.

8. The Absent Incident Response Plan

Hoping a breach never occurs is denial, not a strategy. No company, regardless of size, is immune to cybersecurity threats, and panic and disorientation ensue when a breach does occur. Without a defined incident response plan, businesses lose valuable time, causing more damage and expense.

An adequately prepared business is aware of who to inform, how to contain the breach, and how to quickly resume operations. Without a plan, breaches escalate into full-scale disasters, harming reputation, finances, and customer trust.

How to Fix It

Implement a comprehensive incident response plan, practice regular breach sims, and have all critical staff trained to know precisely what actions to take upon attack. 

9. Overreliance on Antivirus Software

It's similar to relying only on a seatbelt when there are no airbags, i.e., it's better than nothing but hardly foolproof. New-age threats are beyond conventional malware, encompassing zero-day exploits, phishing campaigns, and advanced persistent threats (APTs), which alone can't be detected by antivirus software.

Traditional antivirus-reliant businesses have holes in their defenses, exposing themselves to advanced hacking. Without a multi-layered security approach, there are ample methods for hackers to infiltrate without being detected.

How to Fix It

To reinforce security, there should be firewalls, endpoint detection and response (EDR), intrusion detection systems (IDS), and employee cybersecurity training. Layered security is the most effective form of reducing cybersecurity threats.

10. Ignoring Insider Threats

It is a dangerous assumption to think all threats are from external hackers. More often than not, they are the result of insider threats -- malicious employees, careless mistakes, or compromised accounts.

Even the nicest employees may inadvertently expose confidential information, reuse insecure passwords, or be the subject of scams. Without tight monitoring and access controls, organizations are open to data breaches, financial loss, and compliance violations.

Disregard of insider threats invites the risk of avoidable security breaches.

How to Fix It

Enforce role-based access controls (RBAC), keep tabs on user activity, and employ behavioral analytics technology to identify abnormal behavior. Security is more than locking hackers out—it’s about controlling threats from the inside.

The Cost of Cybersecurity Missteps: Prevention is Less Expensive Than Recovery

Cybersecurity errors are not a minor oversight—they can cause enormous financial loss, reputational harm, as well as legal issues. Companies downplay the cost of a breach, believing it’s something only bigger entities handle.

But actually, even small- and medium-sized businesses (SMBs) are no less exposed, if not more.

One data breach can have the following consequences:

• Financial Losses – Due to regulatory penalties, legal fees, and ransom.
• Downtime & Lost Productivity – Operations are hit hard by a cyber attack, resulting in a loss of revenue.
• Reputation Damage – Consumers lose faith in firms that are unable to secure their information.
• Compliance Offences – Not adhering to industry regulations may result in drastic penalties.

The positive side of it?

At Cyber Security Cloud, we assist businesses to stay ahead of new cyber threats with new strategies, proactive risk management, and innovative security solutions.  

Don’t wait until a breach occurs. Protect your organization with Cyber Security Cloud now!