5 Warning signs your cybersecurity strategy is set to fail in 2023

5 Warning signs your cybersecurity strategy is set to fail in 2023

Many business owners make the mistake of thinking that their cybersecurity is foolproof, but that's simply not the case. The world of cybercrime is constantly evolving, and if you're not keeping up with the latest trends, you're at risk of becoming a victim. Pay attention to these five warning signs that your cybersecurity strategy is doomed to fail, and take steps to address the issues before it's too late.

1. You think your small business won’t be a cybercrime target

If you still believe that you shouldn't take cybersecurity seriously because you're just a small fish in a big pond, then you couldn't be more mistaken. In truth, cyberattacks on small businesses are continually increasing.

This is because cybercriminals are aware that most owners of small- and mid-sized businesses (SMBs) don't believe their data holds any value. As a result, SMB owners often overlook their need for adequate security measures, such as firewalls, antivirus software, and intrusion prevention systems. This lack of security leaves SMBs vulnerable to a wide range of attacks, making them an appealing target for cybercriminals.

2. You pay minimal attention to third-party risks

While it's critical to protect your internal systems, it's also important to take third-party risks seriously. In 2022, for instance, companies like Uber, Shein, and Revolut confirmed that their data was leaked because cybercriminals were able to infiltrate their systems via a third party.

It’s essential to assess your vendors’ security practices to ensure that they are doing everything possible to protect your data. This includes ensuring that they use strong passwords, regularly update their security protocols, encrypt any sensitive information in transit and at rest, and have a secure backup system in place.

You should also implement a vendor management plan, which involves auditing third-party vendors regularly for any potential threats or vulnerabilities that could put your data at risk. This will also help you identify any areas where additional security measures need to be taken as soon as possible.

3. You still don't have cyber insurance

Cyberattacks are predicted to be even more numerous, sophisticated, and aggressive in 2023. So if you still don’t have cybersecurity insurance to offset the costs associated with a cyberattack or data breach, you may be forced to shut your doors for good.

Cybersecurity insurance policies provide coverage for financial losses due to cybercrimes, as well as legal costs related to defending against and responding to security incidents. They’re especially important for businesses operating in highly regulated industries, such as healthcare or finance, which are subject to stringent compliance regulations. But even if you don’t belong in these sectors, having cybersecurity insurance shows that you are taking your customers’ security seriously and are well prepared for any unforeseen risks.

4. You overlook the human component of cybersecurity

Cybersecurity is not just about implementing the latest solutions, but also about ensuring your employees will not leave your business vulnerable to attacks. Hackers are increasingly launching social engineering attacks such as phishing emails, which can be a way to gain access to sensitive information or data.

At its core, cybersecurity depends on people being aware of potential threats and taking appropriate action when necessary — something that regular security awareness training can help instill in your staff. By providing necessary training around essential cybersecurity topics, you can minimize the impact of a security incident.

5. Your IT partner is not up to par with your needs

Having a capable and reliable IT team is essential in cybersecurity. Without a properly trained and experienced IT team, it's difficult to keep up with the latest threats, patch existing vulnerabilities, and deploy new security solutions. Also, without the right personnel on board to monitor and respond to potential incidents as they arise, you may miss out on crucial security alerts that could help mitigate threats before these become devastating breaches.

It’s critical that you have competent IT staff who can help ensure that your SMB’s systems are equipped with the latest security features and protocols needed for maintaining a high level of defense against potential threats. By investing in a reliable IT partner now — instead of waiting until after an attack has occurred — you can ensure that you’re always prepared to mitigate any threats down the line.

2023 will be a challenging year cybersecurity-wise, so it’s best to fortify your defenses and address these signs of a vulnerable cybersecurity strategy as soon as you can. If you’re looking for help in developing a comprehensive strategy tailored to meet all of your SMB's security requirements, XBASE Technologies has the expertise and experience you need. Contact us today.