5 Myths about Cybersecurity

There is never a week that goes by without hearing about an organization’s cyber breach impacting a large number of personal data across Canada.

This striking observation goes to show that security is often mismanaged by the company: the IBM® X-Force® Threat Intelligence Index 2024 reveals that 84% of cybersecurity incidents critically affecting companies could be avoided if they had opted for better security practices.

That's why we've put together this article to help you to debunk five (5) myths regarding cybersecurity:

1. My company will never be the target of a cyberattack
2. My company is totally protected against cyber threats
3. My company does not prioritize compliance with current privacy regulations
4. My company relies solely on my team to protect our organization’s data
5. My company doesn’t need a managed service to ensure our security

While you may not relate to all statements above, you will get a better understanding of the importance to keep up with the latest cybersecurity advancements.

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According to NOVIPRO Group’s IT Trends market study, 21% of Canadian companies declared being the target of a cyberattack this year, which is certainly an under-representation as it represents a substantial reputational risk for them. This trend is only going up as cyber threats are ever-evolving and sophisticated.

Moreover, a surprising trend is emerging regarding cyber threats: more and more threats originate from the inside of an organization. While some may be unintentional (24%), some other internal threats are malicious (40%) either because they are disgruntled and/or reselling data for gain.

According to the IT Trends, the average ransom cost of a cyberattack is $500,000 and IBM estimates the average total cost of a data breach at US$4.88 million. This would not only amount to the ransom, but also to the loss of deals, the shutdown of operations, the potential loss of customers, the interventions cost, the payment of regulatory fines, as well as the recruitment of additional resources supporting the customer service help desk.

Nowadays, 11 to 12% of an IT budget is devoted to cybersecurity. In a world where cyber threats are increasingly widespread, neglecting security updates and limiting cybersecurity investments can lead to data breaches, high recovery costs and loss of customer confidence.

2. My company is totally protected against cyber threats

It is unrealistic to believe you are fully protected against cyber threats. While IT departments do their best leveraging their budgets to protect their companies, the attack vectors are constantly changing. Your IT workforce can find it difficult to keep up with the latest threats and technologies to prevent. This is especially true since hackers are now considering emerging technologies like AI as a new cyberattack vector.

Yesterday, anti-virus solutions were a must. Now, they have been surpassed by Manage, Detect and Respond (MDR) solutions, which help to protect your endpoints from threats such as Zero-day attacks.

You could be correct by saying you are fully protected for today. But you must be ready for tomorrow’s threats and how to prevent those.

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3. My company does not prioritize compliance with current privacy regulations

Compliance with Canada’s privacy laws [2011-present]

Source: 2023-24 Survey of Canadian businesses on privacy-related issues from the Office of the Privacy Commissioner of Canada published 2024/03/06.

The figure above from the 2023-2024 Survey of Canadian businesses on privacy-related issues illustrates a couple of points:

• Most small businesses (57%) were more likely to find it easy to comply with Canada’s privacy laws as compared to larger businesses
• The proportion of companies that found it very easy to bring personal information handling practices into compliance with Canada’s privacy laws has increased significantly this year to a high of 56% (from 35% in 2022 and 37% in 2019)

Current privacy related regulations in Canada include Quebec’s Law 25 and upcoming Canada’s Bill C-27. However, this perception does not concur with our IT Trends report:

• 30% of Canadian companies have no knowledge of Quebec’s Law 25
• 28% of Canadian companies have no knowledge of upcoming Canada’s Bill C-27

Quebec’s Law 25 concerns all of us since anyone in possession of Quebecers’ data must adhere to these provincial guidelines. Our strong inter-provincial trade with Quebec calls for awareness of this regulation. If a company is guilty of not respecting it, they could face fines of up to $25 million or 5% of their annual gross revenues, whichever is greater.

Moreover, the upcoming Bill C-27, which still needs to be passed, is another piece of legislation organizations must acknowledge to improve their security stance.

Data privacy is complex, and regulations make it tougher to ignore. They are meant to keep our companies safe and for good reason. Having a partner to help you navigate Canadian and international data privacy regulation is essential for your reputation as well as your finances.

4. My company relies solely on my team to protect our organization's data

If you agree with the above statement, you are part of the 91% of companies trusting their IT department with cyber threats. However, only a few very large organizations are equipped with a full 24/7 Security Operations Center (SOC). Most companies’ IT department cannot monitor and mitigate the cyber threats daily, weekly and even by the minute.

Cybercriminals’ current breaching methods include access to your network through an unpatched device, an open port or passwords that never changed and are indexed in the dark web. Most importantly, hackers are generally hitting when you are expecting it the least: this could mean after business hours and during bank holidays.

Therefore, having a 24/7 security team on deck could help tremendously with cyber threat monitoring.

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5. My company doesn't need a managed service to ensure our security

The role of the MSSP is never to replace your IT department but rather to enhance their ability to protect your landscape. They do so with the following features:

In addition to the services they deliver, they also provide great consulting services to help you always try to stay ahead of the curve.

NOVIPRO recently launched its Managed Security Services solution (MSSP) during the 5^th edition of CyberEX Underground, its flagship event in cybersecurity. Learn more about our comprehensive and flexible offer by downloading our solution brief.

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