Thanks to the rise of increasingly sophisticated cyber threats, organizations and their customers must protect sensitive information online. According to recent studies, new cyberattack data shows that 2022 brought a 38% increase in global cyber attacks compared to 2021.
To prevent companies from falling victim to a cyberattack, company leaders must take proactive measures to prepare systems, employees, and responses for the “what ifs” of the digital world through threat awareness training and testing. However, companies often don’t know where to start.
Here, we’ll look at the most common mistakes companies make—those that can lead to data leaks, breaches, and financial losses. By understanding and exploring best practices and practical strategies to prevent such occurrences, companies gain valuable insight into how to protect themselves, their data, and their customers, strengthening their holistic organizational approach to digital defenses.
Understanding Cybersecurity
Although the word “cybersecurity” is thrown around frequently, many people don’t actually know what it is and why it’s so important. Fully understanding cybersecurity is step one in protecting any companyand aligning with an effective cybersecurity policy.
What is Cybersecurity?
Cybersecurity is the practice of protecting computers, networks, servers, and other digital systems from unauthorized physical and remote hacker access, such as data breaches, malicious attacks, and other stealthy intrusion tactics. This term encompasses a wide range of measures designed to ensure the integrity, confidentiality, and availability of digital resources and information.
Cyber threats come in many different variants and types. Organizations must make themselves aware of the various types in order to fully understand cybersecurity. This includes a transition from traditional anti-virus solutions to more advanced anti-virus technologies and awareness of common cyber-threats such as:
- Viruses: Infective code that replicates and spreads through systems to corrupt or destroy data
- Malware: Malicious software designed to compromise security
- Phishing: A technique of deception that tricks individuals into providing sensitive information to cybercriminals
These and other digital threats pose major risks to anyone and everyone connected to the internet, including businesses, governments, financial institutions, and even just individuals. Cybersecurity—from traditional antivirus solutions to newer approaches—is incredibly important for everyone—not just businesses.
Importance of Cybersecurity
At a time when data is the lifeblood of businesses and the internet is a part of nearly everyone’s everyday life, protecting sensitive information and maintaining data security are of the utmost importance. Cybersecurity plays a crucial role in the safeguarding of personal and business information from advanced adversaries and cybercriminals.
Cybersecurity efforts help keep these criminals from gaining unauthorized access to systems, data breaches, and identity theft to ensure the confidentiality and integrity of private data. In the professional world, the impact of a data breach can be catastrophic. As of 2022, the average cost of a data breach for a company costs $9.44 million in the United States and $4.35 million internationally.
This includes expenses that many leaders don’t consider when thinking about cybersecurity, including legal consequences, reputational damage, and remediation. A single data breach has the ability to take down an entire company by not only leading to significant financial losses but also by ruining customer trust. Investing in robust cybersecurity efforts and not relying solely on anti-virus software is absolutely essential for companies to mitigate risks and protect themselves.
Most Common Cybersecurity Mistakes
In some cases, companies buy the best firewalls and security software available but forget to look internally at threats in their own offices. These threats often come in the form of a company’s own employees making common, easily avoidable cybersecurity mistakes.
Using Weak or Reused Passwords
Using the same password across many accounts makes it easy to remember, but it also helps open the door for hackers and cybercriminals. Weak passwords make systems and accounts vulnerable to brute-force attacks. In these attacks, hackers programmatically try various combinations of words to gain access to private accounts. Studies actually show that over 80% of data breaches are actually due to poor password hygiene.
Ignoring Software Updates
The annoying software update reminders from systems and software aren’t just there to irritate users. Software companies want users to update to the latest versions to protect themselves. Ignoring software updates creates vulnerabilities to security breaches because outdated systems often contain known vulnerabilities exploitable by hackers. The updates fix these vulnerabilities.
Cybercriminals oftentimes actively search for and target systems running outdated software to access their unpatched security flaws. These attacks result in significant data breaches, reputation damage, and financial losses
Falling for Phishing Scams
In a phishing scam, cybercriminals trick individuals via deceptive tactics to give away sensitive information like credit card details, passwords, and even social security numbers. These scams come in the form of fraudulent emails, text messages, or even manipulative websites. Many people fall for phishing scams because they’re often quite convincing thanks to social engineering techniques and exploiting the vulnerabilities of humans. The “Google Docs” phishing attack in 2017 is a perfect example of a highly effective phishing scam.
Not Using Multi-Factor Authentication
MFA adds an extra security layer to online accounts by requiring users to provide multiple forms of identification to verify their identity. In most cases, MFA involves a password, something the user physically owns like a security token or smartphone, or something on their person, such as a fingerprint or facial recognition. The multi-layered approach reduces the risk of a breach even in the event of a compromised password.
Sometimes, people neglect to use MFA for a variety of reasons, typically stemming from the inconvenient and time-consuming nature of having to verify identity through several stages and modes. However, utilizing this secondary form of identification helps greatly reduce the risk of cybercriminals accessing accounts.
Insufficient Employee Training
Companies oftentimes buy the best security equipment and systems on the market today but forget that people are one of their biggest cyber threats. Insufficient employee training is one of the most significant factors contributing to security breaches. Human error is always a prevalent cause of cybersecurity incidents.
Employees who don’t understand or simply remain unaware of security best practices may accidentally fall for phishing scams, click on malicious links, or even mishandle sensitive data. The Global Risks Report of 2022 found that 95% of cybersecurity threats have, in some way, been caused by human error.
How to Avoid These Mistakes
There are simple ways for companies to help avoid becoming the victim of the next big hacking scandal or phishing campaign. By taking fairly simple, yet highly effective steps, companies help reduce their risks while empowering employees to protect themselves and their employers.
Implementing Strong, Unique Passwords
Companies should encourage the use of highly unique and strong passwords for each and every employee. Best practices include using a combination of letters, numbers, symbols, and capitalization. Passwords should avoid using easily guessable or easily found information as well, and require updating regularly. Another great option is using a password manager to securely manage and store passwords across accounts or even companies.
Regularly Update and Patch Software
By keeping software updated with all of the latest patches and releases, users and companies help protect themselves from known threats. To keep software up-to-date, companies should encourage employees to enable automatic updates, use trusted update sources, regularly check for updates, and pay attention to notifications. Some software even comes with its own patch management tools for companies.
Educate Yourself About Phishing Scams
The only way to learn how to not fall for phishing scams is to know what they look like and know how to recognize common signs. This involves being suspicious of emails and messages, checking for odd spelling in URLs, avoiding clicking on unfamiliar links, and never sharing personal, financial, or business info through unauthorized channels. Companies should also ask their employees to use antivirus software, enable spam filters, and remain updated on new phishing schemes.
Use Multi-Factor Authentication
Although logging in with MFA takes a bit more time and effort, it greatly reduces the chance of hackers compromising an account. To enable MFA, most systems or software require users to access their account settings, choose MFA or two-factor authentication, and choose a method like an email, SMS, or an authenticator app.
Prioritize Employee Training
Training employees is one of the best ways to protect companies, their data, and their reputation in today’s sophisticated threat landscape. Leaders should provide comprehensive training programs to cover topics like data protection, new phishing threats, and password security. By doing so, leaders foster a culture of cybersecurity awareness while providing employees with the knowledge they require to help ward off cyber threats.
Conclusion
Cybersecurity should always remain a top priority for companies as well as individuals using the internet in any way. Company leaders must not only educate their employees on potential threats and common cybercriminal methods but also on how to avoid common cybersecurity mistakes. In addition, leaders should guide their teams on how they will help combat these threats in simple, effective ways via techniques like MFA, regular updates, and strong password hygiene.
Frequently Asked Questions
What is the most common cybersecurity mistake?
Whilst there are many common cybersecurity mistakes, the most common of all is the use of weak or reused passwords. This practice puts accounts at risk of brute force attacks and unauthorized access.
How can I protect myself from cyber threats?
Users protect themselves from cybersecurity threats by using strong passwords, MFA, understanding phishing attacks, and going through training.
Why is it important to keep software updated?
It’s important to keep software updated because hackers exploit known vulnerabilities to access accounts and data.
What is multi-factor authentication and why is it important?
Multi-factor authentication is the use of a secondary form of identification, such as a biometric or physical key, to verify the user’s identity and log into an account. MFA creates a secondary barrier if cybercriminals compromise a password.
