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By Nasdaq

November 15, 2018

I t’s a common misconception: Having a ton of the latest technology is the solution to all of your cybersecurity challenges (which are likely to only get worse this year and beyond). Just throw more tech at the problem, and it will–somehow–go away.

If only that were true, it would be an easy way to prevent an enormous threat to the revenues of many businesses, big and small. Cybercrime caused estimated losses ranging from $445 to 608 billion last year, according to a joint report from McAfee and the Center for Strategic and International Studies.

Erecting firewalls and upgrading code to ensure your tech is keeping up will help. But technology alone cannot protect you from these risks. Ryan Dodd, founder of Cyberhedge, a cyber risk assessment firm, explains, “Adding more technology is not the answer to this problem. In some cases throughout the years, the false sense of safety from a new security technology has made the situation worse.”

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