The Rising Cost of Cybercrime and Common Mistakes That Put Your Business at Risk

The Rising Cost of Cybercrime and Common Mistakes That Put Your Business at Risk

 

Cybercrime is escalating at an alarming rate, with global damages reaching an average of $11 million per minute —or $190,000 every second . For small and mid-sized businesses, the stakes are even higher: 60% of companies that experience a data breach close within six months , unable to recover from the financial and reputational toll.

While investing in cybersecurity tools like firewalls, anti-malware software, and encryption is essential, many breaches stem from preventable mistakes. The 2021 Sophos Threat Report revealed that “everyday threats” caused by lapses in basic security hygiene were behind some of the most damaging attacks.

A lack of attention to fundamental IT security practices can leave your business vulnerable to data breaches, cloud account takeovers, ransomware infections, and more.

Is your company making a critical cybersecurity error that could expose you to these risks? Below are some of the most common missteps—and how to avoid them.

Mistake #1: Not Implementing Multi-Factor Authentication (MFA)

Credential theft is now the leading cause of data breaches globally, according to IBM Security. With most business processes and data stored in the cloud, login credentials are a prime target for attackers.

Failing to enable multi-factor authentication (MFA) significantly increases the risk of unauthorized access. MFA reduces fraudulent sign-in attempts by an impressive 99.9% , making it one of the simplest yet most effective security measures you can implement.

Solution: Enable MFA across all user accounts, especially for cloud services, email systems, and administrative access.

 

 

Mistake #2: Ignoring Shadow IT

Shadow IT refers to employees using unauthorized cloud applications for work-related tasks without IT approval. While these tools may seem helpful, they pose significant risks:

• Data stored in insecure apps may be exposed.
• Critical data isn’t included in company backup plans.
• If an employee leaves, valuable information could be lost.
• Non-compliant apps may violate regulatory requirements.

Solution: Establish clear cloud-use policies that outline approved applications and educate employees on the dangers of using unvetted tools.

 

 

Mistake #3: Relying Solely on Antivirus Software

A basic antivirus application is no longer sufficient to protect your business. Modern threats, such as phishing emails with malicious links or commands sent to legitimate systems, often bypass traditional antivirus solutions.

Solution: Adopt a multi-layered security strategy that includes:

• Next-gen anti-malware with AI and machine learning capabilities.
• Advanced firewalls and email filtering.
• DNS filtering and automated cloud security policies.
• Continuous monitoring of cloud access and activity.

 

Mistake #4: Neglecting Device Management

With remote and hybrid work becoming the norm, managing devices used for business purposes is critical. Unsecured endpoints—whether company-owned laptops or employee smartphones—can serve as entry points for cyberattacks.

Solution: Deploy a device management solution (e.g., Microsoft Intune) to enforce security policies, monitor device activity, and ensure proper data access controls for all endpoints.

Mistake #5: Failing to Train Employees

A staggering 95% of cybersecurity breaches are caused by human error. Without regular training, employees may not recognize phishing attempts, mishandle sensitive data, or fall victim to social engineering attacks.

Solution: Foster a culture of cybersecurity awareness through ongoing training initiatives, such as:

• Short, engaging training videos.
• Visual reminders like posters and newsletters.
• Interactive webinars and team workshops.
• Regular updates on emerging threats and best practices.

 

When Did You Last Assess Your Cybersecurity?

Don’t wait for a breach to expose your vulnerabilities. Proactively schedule a cybersecurity audit to identify weak points and strengthen your defenses. Taking action now can save your business from costly and damaging consequences down the line.

If you’re unsure where to start, our team is here to help. Reach out today for a consultation and take the first step toward protecting your business.