Why Being Concerned About Cyber Attacks Is Not Paranoia

August 29, 2023

Why Being Concerned About Cyber Attacks Is Not Paranoia

As a business owner, you know that cyber-attacks are a real and ever-present danger. You may be tempted to dismiss these threats as paranoia, but the truth is that they are very real and can have a devastating impact on your business.

It's not just business owners who feel this way. In a recent survey, 62% of consumers said they are concerned about their personal data being stolen in a cyberattack. And 57% said they have experienced some form of cybersecurity stress, such as anxiety or worry.

In 2022, the number of data compromises in the United States stood at 1802 cases. Meanwhile, over 422 million individuals were affected in the same year by data compromises, including data breaches, leakage, and exposure. While these are three different events, they have one thing in common. As a result of all three incidents, the sensitive data is accessed by an unauthorized threat actor.


Industries most vulnerable to data breaches

Some industry sectors usually see more significant cases of private data violations than others. This is determined by the type and volume of the personal information organizations of these sectors store. In 2022, healthcare, financial services, and manufacturing were the three industry sectors that recorded most data breaches. The number of healthcare data breaches in the United States has gradually increased within the past few years. In the financial sector, data compromises increased almost twice between 2020 and 2022, while manufacturing saw an increase of more than three times in data compromise incidents.

Largest data exposures worldwide

In 2020, an adult streaming website, CAM4, experienced a leakage of nearly 11 billion records. This, by far, is the most extensive reported data leakage. This case, though, is unique because cyber security researchers found the vulnerability before the cyber criminals. The second-largest data breach is the Yahoo data breach, dating back to 2013. The company first reported about one billion exposed records, then later, in 2017, came up with an updated number of leaked records, which was three billion. In March 2018, the third biggest data breach happened, involving India's national identification database Aadhaar. As a result of this incident, over 1.1 billion records were exposed.

It's easy to see why some people might dismiss concerns about cyber-attacks as paranoia. After all, it's not like you're likely to be the victim of a cyberattack, right?

But the truth is, cyber-attacks are becoming increasingly common. In fact, a recent study by the Ponemon Institute found that the average cost of a data breach is $3.86 million. This includes the cost of lost business, damaged reputation, and remediation costs.

So, if you're concerned about cyber-attacks, you're not alone. And being concerned is not the same as being paranoid. Paranoia is an irrational fear that something bad is going to happen. Being concerned about cyber-attacks is simply being aware of the risks and taking steps to mitigate them.

Here are a few reasons why being concerned about cyber-attacks is not paranoia:

  • Cyber threats are becoming increasingly sophisticated. Hackers are constantly developing new ways to exploit vulnerabilities in computer systems. This means that even if you have a good security system in place, it's not foolproof.
  • Cyber threats are becoming more common. In 2021, there were over 600 billion cyber-attacks worldwide. This number is only going to increase in the years to come.
  • The consequences of a cyberattack can be devastating. A data breach can lead to the loss of sensitive customer data, which can damage your reputation and lead to lost customers. A ransomware attack can paralyze your business and cost you millions of dollars in lost revenue.

So, what can you do to protect your business from cyber-attacks?

Here are a few things you can do:

  • Implement a comprehensive cybersecurity plan. This plan should include things like firewalls, intrusion detection systems, and data encryption.
  • Train your employees in cybersecurity best practices. This includes things like how to identify and avoid phishing emails.
  • Back up your data regularly. This will help you recover from a data breach.

Backup disaster recovery (BDR) is a critical part of any cybersecurity plan. By having a backup of your data, you can recover from a cyberattack even if your systems are compromised. This can help to reduce the stress and anxiety that comes with a cybersecurity attack.

There are a few different ways to implement BDR. One common option is to use a cloud-based backup service. This allows you to store your data off-site, which makes it more difficult for hackers to access. Another option is to use an on-site backup solution. This can be a good option if you have a lot of data or if you have specific requirements for data security. A trusted IT provider will help formulate a plan customized for your business's specific needs and concerns.

No matter which option you choose, it is important to test your BDR solution regularly. This will help to ensure that it is working properly and that you can recover your data quickly in the event of a cyberattack.

By having a BDR plan in place, you can reduce the stress and anxiety that comes with a cybersecurity attack. This will allow you to focus on recovering from the attack and getting your business back up and running.

  • Be vigilant. Be aware of the latest cyber threats and take steps to protect yourself.
  • Hire a trusted IT provider. A good IT provider, such as Vector Choice, will have the expertise and experience to help you implement and maintain a comprehensive cybersecurity plan. They should also be able to train your employees in cybersecurity best practices. When choosing an IT provider, be sure to ask about their experience with cybersecurity, their certifications, and their references.

By taking these steps, you can help protect your business from cyber-attacks.

Remember, being concerned about cyber-attacks is not paranoia. It's simply being aware of the risks and taking steps to mitigate them.

Conclusion Cyber-attacks are a real and present danger, but they don't have to be a disaster. By being concerned about cyber-attacks and taking steps to protect yourself, you can help keep your business safe.

Decrease your stress by contacting Vector Choice today. In a 10-minute phone call we can help formulate a strategy to protect your company from cybersecurity threats and attacks so you can have peace of mind.