16 Nov 4 Cybersecurity Myths That Make You More Vulnerable to Attacks
All Cybersecurities policies are the same
While some policies might cover financial losses in the event of a cyberattack, the fact that most policies do not, is something to be worried about.
This is something that must be specified at the time of buying insurance or procure entirely.
Because cyber liability insurance policies vary widely between insurers, other forms of cyber mishaps, like social engineering fraud and phishing schemes, may also be covered depending on the insurer. Commercial general liability and commercial property policies generally exclude coverage for cyber liability and electronic data, so you may not have coverage for data breaches without a cyber liability insurance policy in place.
Cyber liability insurance can cover losses your business experiences due to cyberattacks, whether they are first-party losses or losses from third-party legal claims. Cyber liability insurance can provide coverage in a number of scenarios:
• Your business is hacked and your customer’s personal data is stolen. Your customers file suit against your business for the violation of their privacy.
• Your business is hacked and credit card information is stolen. Government regulators and your credit card network issue fines and penalties against your company.
• In the wake of a data breach, your business must hire consultants to recover your data. You also run advertisements to notify your customers of the breach.
• Your data center is hacked and your systems are held hostage. Cybercriminals demand that your business pay a ransom in order to regain access.
Everyone has the same perceptions about Cybersecurity
The cybersecurity industry is made up of approximately 2.8 million professionals. Yet, according to additional research by (ISC)², there is a worldwide shortage of over 4 million, indicating the need for a massive recruitment effort to attact more people to the field that might not have considered it before. The Cybersecurity Perception Study reveals the two main obstacles in attracting these workers.
Firstly, 77% of respondents state that cybersecurity was never offered as a part of their education, making it difficult for most people to gain a comprehensive understanding of what the roles within the industry actually entail. Secondly, there is this perception that in order to pursue a career in cybersecurity, one needs advanced skills that would require extra time and resources.
The study gives guidance for hiring managers and organizations within the industry on how to make cybersecurity more open and inviting for those starting on their career path as well as those thinking of changing.
The study has also found that:
Job stability is now the most valued characteristic in a career (61% of respondents), followed by ones that offer a “flexible work environment” (57%) and only then, “earning potential” (56%), particularly during the time of the pandemic
In the absence of formal cybersecurity education, perceptions about the industry and its professionals are formed primarily through portrayals in TV shows and movies (37%) or by news coverage of security incidents (31%).
Generation Z (Zoomers) were the least likely demographic group to cast cybersecurity professionals in a positive light. Just 58% view cybersecurity professionals as smart and technically skilled, as opposed to 78% of Baby Boomers.
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Cybersecurity is too expensive:
The myth that cybersecurity is too expensive is very common, especially among ordinary people and small businesses. Influential people and big organizations put their money where their mouth is regarding cybersecurity. They understand that they have so much at stake, so they are willing to invest in cybersecurity to secure their assets.
As we established earlier, a cyberattack is no respecter of social class. Anyone can be a victim. Losses suffered from cyberattacks often outweigh the investments you can make to prevent such attacks.
For instance, adopting an intrusion detection system (IDS) could pick up a pending cyber threat to your system that could cause you huge damage. Plus, what’s more expensive: implementing well-working systems or needing to pay significant sums to fix everything later?
I’m Safe Because I Have a Security Expert on My Team:
The expertise of a cybersecurity professional is invaluable. Having one on your team helps you to create an enabling cybersecurity infrastructure.
But cybersecurity is so essential that putting it solely in the hands of one person is a tall order. The expert might know their onions and be up to the task, but there’s only so much that they can do.
The security of your network is a collective effort. While it’s okay for your security expert to be in charge of securing your network, other team members have a role to play too. They could follow instructions, learn about cybersecurity practices, and make their own little contributions.
An individual cannot have a 360-degree view of your network. If your security personnel is the only one on watch, vulnerabilities could exist in their blind spots, creating opportunities for attackers. But when all hands are on deck, other team members could detect issues that may be oblivious to the person in charge.