Canada's cybercrime landscape is teeming with ransomware attacks, phishing schemes, data breaches, and a plethora of fraudulent activities, which means that, unfortunately, individuals and businesses are constantly at risk of being attacked.
This begs the question: what makes Canada-based businesses an attractive target to malicious actors? Here are some factors.
Size
Canadian businesses range from mom-and-pop shops to large multinational corporations, and both are attractive targets for specific reasons. Smaller businesses may not have the resources or expertise to implement strong cybersecurity measures, while larger businesses may have a complex IT infrastructure that can be difficult to secure.
Industry
Certain industries, such as finance, healthcare, and technology, are more likely to be targeted by cybercriminals because of the sensitive information they handle. And because Canada has a large financial services sector and is home to many technology companies, Canadian companies are a prime target for cybercrime.
Lack of awareness
Despite widespread information about increasing cybersecurity threats, many Canadian businesses still do not take the necessary steps to protect themselves. These businesses tend to have weak security, thereby making them easy cybercriminal targets.
Dependence on technology
Canadian businesses are increasingly relying on technology, which makes them vulnerable to cyberattacks, particularly if they do not have adequate safeguards in place.
Also, many organizations in the country still rely on legacy systems and applications that may not have the latest security patches and updates. This leaves them vulnerable to cybercriminals who take advantage of companies with unpatched software or hardware vulnerabilities and easily penetrable networks.
What can your Canada-based business do to protect against cybercrime?
Cybercrimes are becoming more dangerous and sophisticated than ever. Make sure you do the following to protect your organization against them.
Implement a comprehensive security system
Secure endpoints and use proven solutions such as firewalls and intrusion detection systems. This will help defend against known threats and prevent cybercriminals from exploiting vulnerabilities within your company’s network.
Have strong access controls
Limit access to sensitive systems and information to employees who need it for their job. You should also enable multifactor authentication to add an extra layer of security to your accounts. This way, even if your login credentials are compromised, it will be difficult or downright impossible for hackers to access your data or systems.
Keep software up to date
Regularly install software updates, patches, and security fixes to make sure that you’re protected against the latest threats and that outdated software can’t be exploited.
Train employees to observe cybersecurity best practices
Educate employees on how to recognize and avoid phishing emails, create strong passwords, and report suspicious activity. This helps minimize the likelihood of social engineering attacks from succeeding because of human error.
Proactively monitor and regularly assess your networks
With 24/7 network monitoring, you’ll be able to quickly identify unusual activity or behavior that could indicate a breach, letting you respond immediately and contain the incident before it can cause significant damage.
Performing regular security assessments is also essential, as it lets you identify and address vulnerabilities before cybercriminals can take advantage of them.
Back up data regularly
Having complete and recent data backups lets you recover important information and files in case of data loss or a cybersecurity incident, such as a ransomware attack, hardware failure, or natural disaster. It also enables you to quickly resume operations after a disruption, thus minimizing downtime.
Related reading: What to do if your backup plan fails: An SMB’s guide to disaster recovery
Have an incident response plan
Develop a comprehensive incident response plan that outlines the steps to take in case of a cyberattack, including who to notify, how to contain the damage, and how to recover data. This can help minimize damage, reduce recovery times, and allow your organization to get back up and running immediately. It also helps staff understand how to properly handle incidents in order to protect confidential data, maintain customer trust, and comply with regulatory requirements.
Partner with a business IT expert
A managed IT services provider (MSP) offers a range of services that can be tailored to a business’s particular security requirements. With their expertise in data security, risk management, and compliance regulations, they can provide your business with comprehensive protection against the full spectrum of cyberthreats.
Focus on running your business without worrying about falling victim to malicious actors. Contact our team at XBASE Technologies today and discover why we’re one of Ontario’s most trusted MSPs.