7 Cyber Myths Debunked: Separating Fact From Fiction

There's no turning back from this hyper-connected world. Because of this largely digitized ecosystem, cybersecurity is fraught with harmful myths and real dangers. These misconceptions can cloud judgment, lead to poor decisions, and leave businesses vulnerable to cyber threats. 

As cyberattacks evolve in complexity and scale, it’s essential to debunk the myths that could compromise security strategies. Take a deep dive into some of the most pervasive cyber myths—and the truths that debunk them.

Myth 1: Cyberattackers only target large corporations.

The Truth: Cybercriminals don’t discriminate.

While high-profile data breaches at major corporations like AT&T or Change Healthcare grab headlines, small and medium-sized businesses (SMBs) are often equally—if not more—at risk. According to the U.S. Small Business Administration, 43% of cyberattacks target small businesses. Why? Because SMBs tend to have weaker security defenses, making them easier targets for cybercriminals.

The misconception that smaller businesses are "too small to be noticed" is dangerous. Criminal hackers often use automated tools to scan for vulnerabilities, meaning size doesn’t matter—only weaknesses do. It doesn't matter if it's ransomware, phishing scams, or business email compromise (BEC), attackers can exploit any gap, big or small.

Myth 2: Antivirus software is enough to protect businesses. 

The Truth: Cybersecurity requires a multi-layered approach.

Antivirus software is just one piece of the cybersecurity puzzle. While it can defend against known threats, the rapidly evolving nature of malware means that many attacks can slip through the cracks. Cybercriminals use sophisticated tactics like zero-day exploits (vulnerabilities not yet known to antivirus developers) or social engineering attacks, which bypass traditional antivirus defenses entirely by going directly to the employees. 

A comprehensive cybersecurity strategy should include firewalls, intrusion detection systems, regular patch management, data encryption, and employee training. Human error remains a consistent factor in cybersecurity, claiming responsibility for 95% of cybersecurity breaches. Such staggering numbers make it critical to implement meaningful education around phishing, social engineering, and other common attack methods.

Myth 3: Adversaries only care about stealing data.

The Truth: Financial gain is not the only motive behind cyberattacks.

While data theft—information like social security numbers, credit card numbers, and medical records—is a primary goal for many cybercriminals, it is not the only prize. Many attackers engage in cyber warfare, hacktivism, espionage, or for the thrill.

For example, with ransomware attacks, the goal is to lock up the data and extort businesses into paying hefty ransoms for its release. In other cases, hacktivists might target companies based on their stance on political or social issues, aiming to deface websites, leak information, or cause chaos. 

A well-known hacktivist group is Anonymous, which has carried out numerous high-profile attacks on government agencies, corporations, and other organizations they believe are acting unethically. These groups use cyberattacks as a form of protest, leveraging their technical skills to disrupt operations, expose sensitive information, or embarrass their targets. Whether financially motivated or ideologically driven, the damage caused by these cyber threats can be catastrophic, leading to operational downtime, reputational harm, and significant financial losses.

Myth 4: Cybersecurity is an IT problem.

The Truth: Cybersecurity is an organization-wide responsibility.

For many organizations, the perception remains that cybersecurity is something only the IT department needs to worry about. However, in reality, cybersecurity requires a holistic approach that spans every department and employee in the company. C-suite executives, for instance, are common targets for cyberattacks, particularly through CEO fraud or spear-phishing campaigns.

Moreover, finance teams are prime targets for wire fraud schemes, marketing teams handle sensitive customer data, and human resources deal with personal employee information—all making them critical stakeholders in cybersecurity efforts.

A strong cybersecurity culture should be ingrained into the company from the top down, with cyber hygiene practices emphasized across all levels. Implementing clear policies, educating employees, and conducting regular training and simulations are just as important as any software solution.

Myth 5: Cyber insurance covers everything (or nothing).

The Truth: Cyber insurance is crucial but doesn’t replace proactive security.

Cyber insurance is a vital safety net for mitigating financial loss after a cyberattack. However, it is not a replacement for having a strong cybersecurity defense. While it may cover some financial damages from an attack, insurance companies often require businesses to meet certain cybersecurity standards to be eligible for coverage. Additionally, many policies vary widely from one carrier to another, have various exclusions and coverage limitations on certain perils or specific conditions under which claims can be denied.

Clients have also become frustrated with cyber insurance when policies have been tailored  poorly, added to a BOP, or jammed into a D&O, property, or general liability policies where the claims don't truly belong. Misplacing coverage or inadequately designing a policy to meet the clients needs can give cyber insurance a bad name when claims go uncovered. 

Moreover, cyber insurance can’t easily repair a damaged reputation, quickly recover lost customer trust, or undo the operational disruption caused by an attack. The best approach is to treat cyber insurance as a backup plan, not a first line of defense. Preventative measures are essential to protect against reputational damage, data loss, and costly operational downtime.

Myth 6: Strong passwords are enough to keep accounts secure.

The Truth: Multi-factor authentication (MFA) is a must.

Complex passwords are certainly far better than weak ones, but they are no longer strong enough to secure sensitive accounts independently. 81% of data breaches are due to weak or stolen passwords. It’s easy to guess passwords and they can also be stolen through phishing or acquired through brute force attacks. 

The best practice is to combine strong passwords with multi-factor authentication (MFA). This requires users to verify their identity through something they know (password), something they have (a mobile device or security token), or something they are (biometric data). Even if a bad actor gains access to the password, MFA adds an additional layer of security that can prevent unauthorized access.

Myth 7: Cybersecurity is only a concern for companies who have gone digital.

The Truth: Even “offline” businesses are at risk.

Some businesses believe they are immune to cyber threats because they don’t operate online or handle sensitive customer data through digital channels. However, almost every organization today uses some form of technology—whether it’s email, cloud storage, or point-of-sale systems—and that’s all it takes to be a target.

Privacy laws can still be violated in a non-digital world. Significant HIPAA violations have occurred from medical providers failing to properly dispose of physical copies of patient records. 

Even if a business isn’t e-commerce-driven, internal systems and employee devices are susceptible to cyberattacks. Ransomware doesn’t care whether a company is primarily "offline"—if there's an entry point, the attack can happen.

Debunking Myths: Empowering Smarter Cybersecurity Practices

Understanding the reality behind these common cyber myths is crucial to building a stronger cybersecurity posture. By dispelling these misconceptions, businesses can take a more proactive, comprehensive approach to safeguarding their data, assets, and reputation. Whether a small business or a global enterprise, recognizing the full spectrum of cyber threats and ensuring the right protections are essential for survival in an increasingly connected world.

Help your clients discount myths and embrace the facts to stay safe in the digital age. At Flow, our extensive market offerings and rapid quoting capabilities ensure quick and seamless coverage for businesses of all sizes. We provide client-ready proposals and in-depth insights, enhancing decision-making with clarity and confidence. By working with us, you can access industry-leading brokerage expertise backed by cutting-edge AI technology to secure tailored insurance solutions for the toughest risks.