Plenty of large companies have experienced a data breach that made national news in recent years. That can lead businesses to believing that only large corporations are targeted by cybercriminals. However, this is far from true. In fact, small businesses may be even more susceptible to data breaches, since they often have less resources to commit to cybersecurity.
Below are some truths that can help get rid of common misconceptions about data breaches.
Myth: Large businesses are the most frequent targets of hackers.
Truth: Even though these events make the headlines (given the typically large amounts of compromised data), the vast majority of cyberattacks target small businesses since they typically have less digital security.
Myth: A breach is immediately apparent.
Truth: Often, a business doesn’t find out about a breach until the banks begin noticing fraudulent charges.
Myth: It’s simple to bounce back after a breach.
Truth: Apart from losing what could amount to thousands of dollars (or more), many individuals state that they would shop elsewhere if a business experienced a data breach. With less income and a tarnished reputation, bouncing back may become difficult or even impossible.
Myth: Hacking is almost always the source of a data breach.
Truth: Hackers are growing more creative each day, and there at least nine common types of hacking. For instance, one popular method is exploiting vulnerabilities in web applications. But, the most common sources of data breaches are employees who fall for scams and unwittingly compromise data security.
Myth: Hackers directly aim for their target.
Truth: Rather than shooting straight, hackers sometimes infiltrate their target’s contractors and find an entryway back to the main target. For example, a cybercriminal might try and trick an employee into providing their login credentials, opposed to attempting to hack directly into a website or database.
Myth: Hackers are the same as identity thieves.
Truth: Hackers are not necessarily identity thieves. In fact, many hackers sell information on the internet’s black market, where identity thieves can then purchase it.
Protecting your business against cybercrime should be high on your priority list. Apart from installing antivirus and antispyware software on computers, you should consider purchasing cyber liability insurance. If your layer of defense is penetrated by a hacker, cyber liability insurance helps provide the funds you need to notify customers of the breach, provide credit-monitoring services, boost your digital security, repair your business’ reputation and more.
Reach out to your local insurance agent to learn more about this added layer of defense against cybercriminals.