SMBs still falling for the cyber myths, Ransomware on the Rise and Capital One gets hacked

Those pesky cyber security myths seem to still be ruling the thinking of many small and medium businesses as shown in the SMB Cyberthreat Study 2019 released by YouGov and Keeper.

The study shows that just 9% of SMBs rank cybersecurity as a top business priority. The Cybersecurity myths still dominating SMB leaders’ thinking include the classic, ‘it won't happen to us’ mentality with management being either clueless on the subject or completely uninterested.

The key findings –

  • 60% of the survey's respondents say that they have no cyber attack prevention plan in place.
  • 18% of business leaders rank cybersecurity as their lowest priority.
  • 66% of respondents believe a cyber-attack is unlikely despite 70% of UK based SMBs being attacked in 2018.

Another common cyber myth reared its head in the form of; ‘we're too small to be a target' with 73% of respondents that bring in less than £1 million in revenue believing an attack is unlikely.

Wisdom doesn't come with age?

Another key finding of the report is that age certainly doesn't equate to wisdom, as just 6% of businesses who have been operating for more than ten years believe that a cyber attack is very likely. In comparison, 28% of younger companies (those less than 5 years old) believe an attack is very likely.

Respondents from the financial services sector believe that they are the most vulnerable to a cyber attack, with 47% of people in that industry believing that a cyber attack is highly likely.

Confusion abounds: whose job is cybersecurity anyway?

When it comes to who is responsible for overseeing a business’s cybersecurity policy, confusion abounds as 33% of those questioned for the report said that it was the responsibility of the management, while just 9% said it was down to individuals. In reality, responsibility rests on everyone's shoulders from the CEO down to the intern, as all it takes for an incident to occur is one person to accidentally open a phishing email or click a malicious link.

Ransomware on the Rise, UK businesses vulnerable

In 2018, the number of Ransomware incidents declined by as much as 59% in the UK but a new report released by SonicWall has shown that ransomware has made a strong comeback in the first half of 2019.

The number of reported ransomware incidents in the UK has surged by 195% compared with the same period 12-months ago.

How to defend against Ransomware

The most effective way to reduce the risks posed by ransomware and malware, in general, is to ensure that your businesses software and hardware is kept up to date with the latest security patches. Enabling automatic updates will ensure your devices are protected as soon as new patches are released. Using tools such as CyberScore help to detect vulnerabilities on your systems, allowing you to get a clear overview of your cyber security posture and what critical vulnerabilities exist in your infrastructure.

Capital One Hacked – Over 100 million customers details affected

Another week, another large-scale hack, this time against the bank holding company Capital One. On July 19th it discovered that an unauthorised individual had accessed sensitive information of 106 million customers.

The information included personal information Capital One routinely collects when it receives credit card applications, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.

The person behind the breach has since been arrested by the FBI after boasting about her antics online.

According to a press release from Capital One the bank expects the cost of the breach to be around $100 to $150 million in 2019.

For Further Reading

Cyber myths: There's nothing you can do

A sign of the times as Ransomware is added to Oxford Dictionary

The most common Cybersecurity threats to the Financial Services Sector

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