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Cybersecurity

Don’t Skip It! Why You Shouldn’t Skip Regular Vulnerability Assessments For Your Company

Cyber threats are a perpetual reality for business owners. Hackers are constantly innovating. They devise new ways to exploit vulnerabilities in computer systems and networks.

For businesses of all sizes, a proactive approach to cybersecurity is essential. One of the most crucial elements of this approach is regular vulnerability assessments. A vulnerability assessment is a systematic process that identifies and prioritizes weaknesses in your IT infrastructure.

Some businesses may be tempted to forego vulnerability assessments. They might think it’s too costly or inconvenient. Small business leaders may also feel it’s just for the “big companies.” But vulnerability assessments are for everyone.

Why vulnerability assessments matter

The internet has become a minefield for businesses. Cybercriminals are constantly on the lookout for vulnerabilities to exploit. Once they do, they typically aim for one or more of the following:

  • Gain unauthorized access to sensitive data
  • Deploy ransomware attacks
  • Disrupt critical operations

Here’s why vulnerability assessments are crucial in this ever-evolving threat landscape:

  • Unseen Weaknesses: Many vulnerabilities remain hidden within complex IT environments.
  • Evolving Threats: Experts discover new vulnerabilities all the time. Regular assessments ensure your systems are up to date.
  • Compliance Requirements: Many industries have regulations mandating regular vulnerability assessments.
  • Proactive Approach vs. Reactive Response: Identifying vulnerabilities proactively allows for timely remediation. This significantly reduces the risk of a costly security breach. A reactive approach is where you only address security issues after an attack.

The high cost of skipping vulnerability assessments

  • Data Breaches – Unidentified vulnerabilities leave your systems exposed.
  • Financial Losses – Data breaches can lead to hefty fines and legal repercussions as well as the cost of data recovery and remediation.
  • Reputational Damage – A security breach can severely damage your company’s reputation. It can erode customer trust and potentially impact future business prospects.
  • Loss of Competitive Advantage – Cyberattacks can cripple your ability to innovate and compete effectively. This can hinder your long-term growth aspirations.

The benefits of regular assessments

  • Improved Security Posture: Vulnerability assessments identify and address vulnerabilities.
  • Enhanced Compliance: Regular assessments help you stay compliant with relevant industry regulations.
  • Peace of Mind: Knowing your network is secure from vulnerabilities gives you peace of mind.
  • Reduced Risk of Costly Breaches: Proactive vulnerability management helps prevent costly data breaches.
  • Improved Decision-Making: Vulnerability assessments provide valuable insights into your security posture.

Vulnerability assessments are not a one-time fix. Your business should conduct them regularly to maintain a robust cybersecurity posture. By proactively identifying and addressing vulnerabilities, you can significantly reduce your risk of cyberattacks.

Insights from the 2023 Annual Cybersecurity Attitudes and Behaviors Report

We are living in an era dominated by digital connectivity. As technology advances, so do the threats that lurk in the online world.

Often, it’s our own actions that leave us most at risk of a cyberattack or online scam. Risky behaviors include weak passwords and lax security policies, as well as thinking “This won’t happen to me.” This is why human error is the cause of approximately 88% of data breaches.

The National Cybersecurity Alliance and CybSafe publish a report on cybersecurity attitudes and behaviors. The goal is to educate both people and businesses on how to better secure their digital landscapes.

This year’s study surveyed over 6,000 people across the U.S., Canada, the U.K., Germany, France, and New Zealand. The survey asked about several things including knowledge of cybersecurity risks, security best practices, and challenges faced.

The report reveals some eye-opening insights, including how people perceive and respond to cyber threats as well as what they can do to improve their cybersecurity posture.

We are online… a lot

It’s no surprise that 93% of the study participants are online daily. The logins we create continue to expand, as well as those considered “sensitive.” Sensitive accounts hold personal information that could be harmful if stolen.

Nearly half (47%) of the study’s respondents have ten or more sensitive online accounts. This amplifies risk, especially if people are using the same password for two or more of those accounts.

Online security makes people frustrated

Most people (84%) feel that online security is a priority. But as many as 39% feel frustrated, and nearly the same amount intimidated. It can seem that you just can’t get ahead of the hackers. Just over half of people thought digital security was under their control. That leaves a whole lot that don’t think so.

But that is no reason to let down your defenses and become an easy target. There are best practices you can put in place to safeguard your online accounts that work, including:

  • Enabling multi-factor authentication on your accounts
  • Using an email spam filter to catch phishing emails
  • Adding a DNS filter to block malicious websites
  • Using strong password best practices

People need more access to cybersecurity training

One way to reduce human errors associated with cybersecurity is to train people. The survey found that just 26% of respondents had access to cybersecurity training.

It also broke this down by employment status. We see that those not actively employed are most lacking. Even those employed can use more training access and encouragement. Just 53% report having access to cybersecurity awareness training and using it.

Employers can significantly reduce their risk of falling victim to a data breach by improving their security awareness training.

Cybercrime reporting is increasing

Over a quarter (27%) of survey participants said they had been a victim of cybercrime. The types of cybercrimes reported include:

  • Phishing (47%)
  • Online dating scams (27%)
  • Identity theft (26%)

Millennials reported the most cybercrime incidents. Baby Boomers and the Silent Generation reported the fewest.

No matter where you fall in the generations, it’s important to adopt security best practices and be vigilant about your online security.