Data breach denial is a leading cause of cybercrime. The concept is simply the fact that many businesses underestimate or dismiss the importance of cybersecurity. As a result, they under-invest in protections and contingencies. Then, when an attack inevitably occurs, the damage cuts as deep as possible.
There are few people who deny cybercrime entirely. A wave of high-profile and large-scale attacks has proven how wide this threat runs. But there are many people who acknowledge that cybercrime is a risk but minimize their personal vulnerability. Unfortunately, the consequences are the same.
The way to beat data breach denial is with facts and figures. The rationale behind data breach denial is outlined below. Then, it’s debunked using objective insights. Once companies understand that no one is immune they can get serious about security.
“We Are Too Small to Small to Be Attacked”
Many companies believe they are too small or obscure to be on a hacker’s radar. These companies assume that hackers only target the biggest corporations. Research suggest the opposite. The National Cyber Security Alliance learned that 70 percent of all cyberattacks are targeted at small businesses. This is largely because they have fewer defenses, which makes attacks easier and more successful. No company is too small to invest in cyber protections and policies.
“We Don’t Have Enough Data to Be Attacked”
Some companies have very little data or only have data with little obvious value. They conclude that no hacker would bother trying to launch an attack and neglect security as a result. This is misguided because all data potentially has value. Research shows a medical record is worth upwards of $1,000, and even a stolen Spotify password is worth almost $3. Every company has digital assets with some value. There are also attacks like ransomware that do not target data. These attacks rose by 250 percent in just the first quarter of 2018.
“We Are Secure Enough Already”
Overestimating a company’s level of cybersecurity is another way of underestimating risk. Recent history has proven that no one is safe from hackers. Major tech companies and government agencies have all been hacked. Cybercrime is becoming more complex, and hackers are becoming more motivated. There is no justification to believe that any cyber defense is perfect. One clear indicator of this is that the cyber insurance market is projected to grow to $14 billion by 2022. Companies are increasingly turning to a cyber security insurance policy to protect their company when cyber protections can’t.
“We Have a Team Focused on Cybersecurity”
Employees who are trained and educated about cybersecurity are a great defense. But when they are not trained adequately they are a huge liability. Companies often underestimate the threat posed by their own workers. One survey of IT experts showed that 52 percent of respondents believe human errors exacerbate cyber security issues. Many employees are safe in some ways but unsafe in others. Closing the gaps takes further training along with new policies and best practices.
Are you a data breach denier? If so, there is still time for a solution. Take a close look at where your cybersecurity is weak and strong. Then boost your defenses and plan your response strategy. Finally, explore coverage options to insulate your company from the damage of data breaches. Take all these steps together and denial does not have to be disastrous.