With the continuous advancement of new technology and the increasing sophistication of cyber attacks, businesses are committing more cybersecurity mistakes than ever before. According to cybersecurity data, cybersecurity expenses are projected to reach $23 trillion by 2027.

While human error is responsible for the majority of cybersecurity breaches, missteps are frequently the result of company-wide vulnerabilities that expose networks and systems. To develop, maintain, and implement a successful cyber-risk management plan, cybersecurity demands a comprehensive business perspective and a thorough understanding of where mistakes occur.

Although there is no one-size-fits-all solution for an organization’s cyber-risk management requirements, there are several fundamental principles that every business should follow in order to maintain a strong security posture in the face of persistent threats.

“Cybersecurity does not occur in a vacuum. Solutions are interconnected in the same way that threats are.

The five most typical mistakes that businesses make when defending their assets from cyber threats are listed here, along with tips on how to avoid them.

1. Assuming they’re not a target

Arguably, the most common cybersecurity error is presuming they are not a target. Companies in almost every industry, from worldwide Wall Street to small local Main Street firms, are vulnerable to cyberattacks, regardless of size.

Frequently, however, the only incidents covered in the media are attacks on major corporations and headlines about the theft of personally identifiable information or credit card data. As a result, many small and medium-sized firms that do not handle this type of data do not believe they meet the threat actor’s description.

Unfortunately, the grim reality is rather different. Threat actors launch enormous cyberattack efforts in practically every economic sector, attempting to enter networks and systems and gain access to critical information and assets.

According to a 2024 cybersecurity statistic report, cyber attacks in 2023 alone claimed the lives of over 343 million individuals. This means that every organization must bear responsibility for detecting and preventing cyber threats.

2. Neglecting employee training

It is a tremendous mistake to ignore employee training and treat cybersecurity as a simple IT issue. It is shockingly easy for an inexperienced person to leave a company vulnerable to cyberattacks since they do not identify the warning indications.

For example, phishing emails are one of the most popular types of cyberattacks. If your staff do not know how to recognize a phishing email, they may click on a link that exposes your firm to unknown threats. Unfortunately, cybersecurity training is frequently viewed as a tedious box-ticking exercise in many large corporations. Meanwhile, many smaller organizations provide no cybersecurity employee training.

According to a cybersecurity danger analysis, human mistake is the most significant cyber threat that businesses face. Up to 95% of computer breaches are caused by human error. To prevent being included in this statistic, businesses should provide regular cybersecurity training to their employees. This training should cover important issues including how to identify phishing emails and how to report suspected cyber-attacks, while also incorporating organizational cybersecurity rules.

3. Relying solely on antivirus software

Antivirus software has been the gold standard of cybersecurity since the late 1980s. Most antivirus software can check a company’s files for infections, detect potential cyber threats, and eradicate malware from computers, laptops, tablets, and mobile phones.
Many individuals use antivirus software because it is simple to use and generally inexpensive. However, as threat actors have begun to employ more complex technology to target individuals and businesses, businesses must also step up their game!

While antivirus software remains useful for modern businesses, it should not be the sole line of defense. If a corporation just utilizes antivirus software, a cybercriminal may launch an elaborate ransomware assault to circumvent security measures. In addition to antivirus software, businesses can protect themselves from attacks by using endpoint detection and response (EDR) and extended detection and response (XDR) software. These sorts of software can detect possible risks and provide automated solutions to keep businesses safe from attacks.

4. Not regularly backing up data

Another common cybersecurity mistake is failing to back up data on a regular basis. Keeping regular backups is critical in case of a cyberattack. Cyber dangers such as ransomware can encrypt data, making it inaccessible until a ransom is paid. If the targeted company does not have a backup of its data, it risks suffering greatly. Data loss could result in severe reputational harm and possibly financial ruin.

For example, a firm may be forced to pay a ransom that it cannot afford. At the same time, clients will be unable to access key services, perhaps leading to a loss of reputation and profits.

Companies can prevent these issues by setting up regular data backups, preferably off-site or in a cloud-based service with strong encryption. Companies must also test their backup system on a regular basis, just like a fire drill, to guarantee that it works.

5. Ignoring network and software updates

Software updates can be tedious, time-consuming, and plain annoying, yet they are critical for keeping your company’s network and systems secure. Failure to update your network and systems increases the likelihood of a cyber breach. Humans create the networks and software that we utilize, and they are prone to error. As a result, software defects that weaken security are prevalent, and threat actors have the advanced tools required to exploit them.

Read Also: Impact of Artificial Intelligence on Cybersecurity

Fortunately, system upgrades help to avoid errors by preventing vulnerabilities and addressing loopholes. Companies may keep up with cybercriminals by applying new updates as soon as they become available. Enabling automatic updates on your devices ensures that updates are installed fast. If you do not update your software, you may be vulnerable to organized cyberattacks targeting firms that do not update their networks and software on a regular basis.

Worryingly, a recent survey revealed that only 36% of individuals consistently apply software updates on their devices.

What are the Top 10 Emerging Cybersecurity Challenges?

Businesses are becoming increasingly reliant on technology to operate, and fighting against cyberattacks is vital. Cyber threats are becoming more sophisticated, and organizations are increasingly being targeted for assaults. According to National Cyber Security Alliance estimates, one out of every five enterprises has been the victim of cybercrime. This is because many organizations make basic mistakes with their cyber security, making them exposed to cyberattacks.

Here are ten frequent mistakes that organizations make, and we’ll talk about how to avoid them.

1. Password too weak:

Weak passwords are easily hacked, guessed, or cracked. Businesses should enforce a strong password policy that requires employees to create complex passwords or passphrases. It should be long, strong, and unique and change them frequently. A password manager can be used to keep them secure and remembered.

2. No Trained Employees:

To keep your business safe digitally, empowering your employees about how to use technology safely is an important aspect. Without proper training, employees may fall for phishing scams or inadvertently download malware. Businesses should provide regular cyber security training to their employees to educate them on best practices for staying safe online.

3. No mobile security:

Mobile devices are becoming very easy targets for cybercriminals. Businesses should make sure they have policies in place to secure mobile devices that connect to their network.

4. No software and system updates:

Cybercriminals are always coming up with new ways to attack, so it’s important to update your software and systems. Updates often include security patches that address known vulnerabilities.  Along with software, hardware must be updated as well and older devices are ideal access points for data breaches.

5. Failing to continuously monitor cyber security:

Many businesses Ignore the importance of cyber attack monitoring which can lead to severe consequences, including financial losses and damage to reputation. By the time businesses realize they are under attack, it may be too late to prevent the loss of sensitive data or damage to critical systems. Businesses should implement monitoring tools that can detect and alert them to cyber threats in real-time.

6. No implementation of access control:

Implementing strong access control measures is very helpful to keep your network safe. Access controls limit access to sensitive data and systems to only those employees who need it. Without it, can make it easier for unauthorized individuals to gain access to sensitive information and systems, increasing the risk of a cyber-attack. Implementing access controls is a critical component of cyber security.

7. Failing to backup data:

Without proper backing up, businesses may not be able to recover from a cyber-attack or other disaster. Make sure your business has a regular backup schedule in place and that backups are stored off-site. Leveraging cloud technology, or using a secured offsite location will serve you well.

8. Not Using 2-Factor Authentication:

Passwords alone can no longer protect online accounts because so many people use the same password across multiple sites and services. It is imperative to take extra steps beyond passwords whenever possible, such as adding two-factor authentication via SMS text message.

9. Not taking cyber security seriously:

Perhaps the biggest mistake businesses make with their cyber security is not taking it seriously enough. Cyber-attacks can have a devastating impact on businesses, both financially and reputationally. Businesses should prioritize cyber security and make sure it is a part of their overall risk management strategy.

10. Assuming It Will Not Happen To You:

Another critical mistake business owners make is assuming it won’t happen to them. Cybercriminals are always on the lookout for new targets, and you can be sure they won’t ignore your small business.

How can Businesses Protect Against Cybersecurity Threats?

One of the most common misconceptions regarding cybersecurity threats is that you must be a major firm in America to be vulnerable. This mentality renders many small enterprises vulnerable once they become targets.

There are various practical solutions for small and medium-sized businesses to defend themselves without depleting their resources. Here are some proposals from the United States Small Business Administration (SBA).

1. Assess your cyber risks

Businesses need to have a deep understanding of the risks they’re facing. A cybersecurity risk assessment can help them identify their vulnerabilities and help them create a plan of action. This can include user training, guidance on securing email platforms, and advice on protecting business’ information.

“While it is important to have the right tools to manage an organization’s environment, it’s even more critical to have 24×7 visibility into your system and be properly staffed to shore up defenses,” Little said. “By unifying and operationalizing the needed security tools, IT teams will be freed up to dedicate their time to business-critical functions.” 

It helps to have a proper vulnerability detection service. “This is a service that continuously looks for common causes of incidents and ensures that they are patched before an attacker gains access.” 

2. Invest in employee training

Employees and emails have become a leading cause of data breaches because they provide a direct path into the business’ computer systems. Training staff in basic cybersecurity best practices can go a long way in preventing cyberattacks.

“Continuously train employees to identify phishing attempts,” Little says. “Hammering home cyber hygiene training once a year isn’t enough with more sophisticated technology like AI making it easier for threat actors to craft believable email scams. Create a year-round approach with tests for your team members so they can learn to be vigilant and flag any suspicious emails.”   

3. Keep antivirus software updated

Businesses must ensure that their systems are equipped with the latest antivirus software and antispyware. They must also keep these programs regularly updated.

4. Make sure networks are secure

Businesses can safeguard their internet connection by using a firewall and encrypting all their data. Companies must also ensure that their Wi-Fi networks remain hidden and secure.

5. Use strong passwords

One of the simplest ways to improve cybersecurity is to use strong passwords. A strong password has:

• 10 characters or more
• at least one uppercase letter
• at least one lowercase letter
• at least one number
• at least one special character

6. Activate multi-factor authentication

Multi-factor authentication (MFA) is a verification process that requires users to provide two or more proofs of their identity to access their accounts. This adds another layer of security. For example, businesses can require users to provide a password and a code sent to a different device before granting them access to an online account.

7. Conduct regular data back-ups

One of the most cost-effective cybersecurity measures, backing up data ensures that essential information can be recovered if a cyberattack or computer issues occur.

8. Ensure payment processing is secure

Businesses should work with their banks to make sure that the most trusted and validated tools and anti-fraud services are being used. Companies must also isolate payment systems from less secure programs. They should use separate computers when processing payments and surfing the internet.