Page 41 - Cyber Warnings - November 2015

Cybersecurity: Myth or Reality?

Cyber-attacks have been increasingly compared to natural disasters. When they hit they hit hard
and if you are unprepared for them the losses can be devastating. So what if you did have the
option to be prepared for a natural disaster? Would you take it? Unlike a natural disaster cyber-
crime does have options. Options in the form of cyber-security and cyber-insurance. If there are
options to prevent devastating losses why don’t people take them?

Myth #1: ‘It won’t happen to me’
It is logical to think that if cybercrime is increasing then implementing cyber-security strategies
would be an obvious plan of action. However, people often chant the mantra of “it won’t happen to
me.” Actually, it could and perhaps it already has. The myth that cyber-crime is targeted and only
happens to large companies is being dispelled rapidly. A recent report from the government showed
that 60% of small businesses suffered a data breach in the last year and the seriousness of the
industry goes amiss more often than not. This staggering number represents just the tip of the
iceberg as many companies do not report cyber-attacks for fear of letting their company name,
reputation and finance suffer. Large company breaches reported in the media often take up much of
the limelight and further add to the misconception that small businesses will not be targeted in an
attack. But, imagine if you were a thief. You’re in a car park, alone. You can easily steal a car. But
which car do you steal? You check each car, a Porsche, a Jaguar, an Audi but they are all locked.
Except there is one car that is unlocked – it’s not the best car in the car park but it is a car you have
easy access to, so of course, you steal it and anything inside the car is an added bonus. This is
exactly how hackers operate. Their target does not depend on the size of your business. Their
target is to gain access where they can and the effects will be devastating. It doesn’t matter how big
or small your business is; if it is unprotected it can become a hotspot for a hacker.

Myth #2: ‘I own a small business so I am invisible to hackers’
To add to this, one threat in particular which dispels they myth that cybercriminals are not interested
in smaller businesses is the BYOD (bring your own device) boom which has opened the doors to
communication between everyday gadgets and a business network. The rise of personal
smartphones, iPads, tablets and laptops being equipped with the latest technology needed for
business purposes have been welcomed at work. However, it is important to realise that just as you
wouldn’t let a stranger into your home, you should be mindful of the gadgets employees are
bringing into work. Devices owned by employees create potential risks of the loss or leakage of
confidential data and, as customer data is downloaded to these devices there is a danger that
malware could be uploaded. BYOD is just another reason why businesses should have both cyber-
security and cyber-insurance in place; otherwise the doors really have been flung wide open.

Myth #3: ‘Cyber insurance is not worth the paper it’s written on’
Cyber insurance has been argued to be ‘a lucrative sales opportunity,’ but what’s more lucrative is
the work of cybercriminals attempting to steal your data. Cyber insurance is there to protect you and
your business from the costs that your firm could incur if it does fall victim to a cyber-attack. It is
important to be mindful that cyber insurance does not prevent a cyber-attack and many companies

41 Cyber Warnings E-Magazine – November 2015 Edition
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