Cyber Security Awareness Month: Tips & tricks for businesses

Cyber Security Awareness Month, otherwise known as Cyber Month, is held each October to improve public awareness of the importance of cyber security.   

For businesses, cyber security is more vital than ever. A recent study by the Canadian Internet Registration Authority (CIRA) found that 44% of Canadian companies experienced a cyberattack in the past 12 months. 

Here’s how awareness of the most up-to-date cyber practices can help bolster your business’ digital defenses. 

A study by the Insurance Bureau of Canada found that around 60% of small businesses thought they were too small to be targeted by cyber criminals, but the same poll showed 25% of employees feel they don’t have the tools or training necessary to identify cyber threats. 

Cyber security awareness for businesses is crucial, and all companies should have some kind of cyber protocols to defend their digital data and protect themselves against common schemes, such as malware, phishing scams, data theft, and similar threats. 

Here are some of our top tips to help promote cyber security awareness for your business: 

By providing cyber security training sessions, you can ensure your staff have a thorough understanding of what it means to be cyber smart. Helping employees to understand the most basic steps of cyber security and how simple actions can go a long way to impacting the overall health of a security network is important. Regular training sessions, at least once per year, can help to keep your entire organization sharp.   

No matter how careful a company is, sometimes things slip through the cracks. It’s better to plan for the worst and be prepared in case your business is the victim of a cyberattack or has a data breach. Having a plan in place for data recovery means that normal service can continue as soon as possible, even if a breach occurs. All key employees should be aware of their roles in the event of a data breach, to ensure data is easy to recover.   

Multi-factor authentication, or MFA, is a fancy way of saying multiple means of authentication are required to access an account or database. This lessens the odds of a breach and increases security. Plus, it’s easy to implement.   

Cyber security is always evolving, whether that’s in how we address it or in the new threats that are emerging. New practices are always available, so it’s important to stay informed to ensure your business is in the best shape to tackle possible threats. Some companies will also have legal requirements to comply with the most up-to-date security practices.    

As technology evolves, and the sophistication of cyber criminals improves, it becomes likelier and likelier that businesses will be faced with a cyberattack or data breach. Cyber insurance is a great way to protect your company.  Here are some high-level benefits: 

A popular misconception about hacks and data breaches is that small businesses aren’t at risk. That couldn’t be further from the truth. Hackers will target any size of business, and smaller companies may be even more vulnerable because they’re less equipped to handle an attack.   

Recent CIRA data has discovered that the prevalence of cybercrime is pushing customers away from Canadian businesses. For small businesses especially, getting off the ground can incredibly difficult even without considering the risk of cyberattack. Since small businesses are more vulnerable, they can also be more appealing victims for these kinds of crimes. Small businesses with predominantly virtual presences or with no brick and mortar locations are even more at risk.  

It can be overwhelming to tack on cybersecurity with all your existing ongoing expenses, but it really is important. At the same time, there are numerous cyber resources out there that are completely free. 

One resource any business can capitalize on is the Insurance Bureau of Canada’s cybersecurity assessment. This free online assessment shows businesses what kind of risks they may be faced with and provides them with insights on steps they can take to mitigate their risk. 

Taking this assessment during Cyber Month (between October 1^st and October 31^st) will automatically enter your business in a draw to win one of four prizes valued at $500.  

You can also check out the Government of Canada’s cyber information for small and medium businesses here, which provides numerous resources and articles pertaining to bolstering the cyber defenses of businesses with few to no employees. The site offers advanced filter searches, where you can sift through to find resources dedicated to your specific needs. Check out topics on AI, applications, Bluetooth, operating systems, phishing, remote access, and so much more. 

Cyberattacks are unfortunately a prominent issue in Canada, and lawsuits over data breaches can be a very real concern for any size of business.  

Our commercial insurance brokers are happy to discuss cyber insurance options and to help find the coverage that’s right for you and your business. Call us to learn more and get a quote at 1-800-731-2228.