Cyber Security for Your Business

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One of the biggest threats that I see in business today is Cyber Crime. A data breach could cripple your small business, costing you thousands or millions of dollars in lost sales and/or damages.

High-profile cyber-attacks and data breaches at Sony, Honda Canada and Target have raised awareness of the growing threat of cybercrime — yet surveys conducted by Symantec suggest that many small business owners are still operating under a false sense of cybersecurity.

Don’t Equate Small with Safe

The majority of Canadian small businesses lack a formal Internet security policy for employees, and only about half have cybersecurity measures in place. This disconnect is largely due to the widespread, albeit mistaken, belief that small businesses are unlikely targets for cyber attacks. In reality, data thieves are simply looking for the path of least resistance. Symantec’s study found that 40 per cent of attacks are against organizations with fewer than 500 employees.

Attacks Could Destroy Your Business

Large companies are devoting more resources towards data security, making small businesses increasingly attractive targets. The results can be devastating for small business owners.

The average cost of a cyber attack on a small or medium-sized business is nearly $200,000. As a result, nearly 60 per cent of the small businesses victimized by a cyberattack permanently close their doors within six months. Many of these businesses put off making necessary improvements to their cybersecurity protocols until it was too late because they feared the costs would be prohibitive.

10 Ways to Prevent Cyber Attacks

Even if you don’t currently have the resources to bring in an outside expert to test your computer systems and make security recommendations, there are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack:

  1. Train employees in cybersecurity principles.
  2. Install, use and regularly update antivirus and antispyware software on every computer used in your business.
  3. Use a firewall for your Internet connection.
  4. Download and install software updates for your operating systems and applications as they become available.
  5. Make backup copies of important business data and information.
  6. Control physical access to your computers and network components.
  7. Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace make sure it is secure and hidden.
  8. Require individual user accounts for each employee.
  9. Limit employee access to data and information, and limit authority to install software.
  10. Regularly change passwords.

Any business handling customer data will, sooner or later, be confronted with the challenge of a data breach. It’s not a matter of “if ” but “when.” Contact Heritage Insurance Ltd to discuss a full range of resources to help mitigate risks before an incident occurs and the coverage options designed to protect your company and its reputation afterward.

 

Heritage Insurance

100A Fairford Street

Moose Jaw

306.693.7640

nohassleinsurance.ca

Published on December 28, 2019 under Featured, Wellbeing by

Greg Marcyniuk

Cyber Security for Your Business

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