Business Technology Insights

With Cybercrime increasing across Canada and data breaches costing Canadian companies an average of CA$7.05 million per incident (an all-time high), it’s more important than ever before that businesses implement effective cybersecurity solutions. 

Data is the lifeblood of most modern businesses. Just think about the time you spend collecting information, creating documents and generating data. If this information were to go missing, it would heavily disrupt your business operations and would potentially take a lot of time to recreate. 

After progressively amassing its troops near the Ukrainian border since December last year, Russia on Thursday (February 24, 2022) officially launched an invasion of Ukraine that represents one of the largest conventional military attacks that has occurred in Europe since World War II. It’s generally regarded that Russia and Ukraine are now at war, and that means cyberwarfare is set to increase exponentially over the coming months. 

Toronto Police, in a recent press release, are warning businesses in the city about the “alarming rate” in which email fraud is increasing. 

In the announcement, the Toronto Police made investment firms and other commercial businesses aware of the increasing rate in which cyber criminals are using a hacking technique known as ‘email compromise fraud’ to target businesses.

Cyber attacks are increasing in Canada, with the average cost of cybercrime costing Canadian organizations a whopping $6.75 million per incident in 2021. 

The increase in the severity and sophistication of cyber attacks is making it necessary for businesses across Canada to both focus and invest in their cybersecurity strategies. Not just to protect their business from potential threats, but also to maintain their cyber insurance coverage.

Cybercrime has become more advanced in recent years. The worst news is that cybercriminals are increasingly targeting small and medium-sized businesses due to their weaker security systems. 

The need for small business cybersecurity is greater than ever,

Did you know that October was Cyber Security Awareness Month (CSAM) in Canada? It’s an important time of the year for businesses to learn how to better protect their network, workplace and devices through cybersecurity measures.

Did you know that over 80 percent of hacking-related breaches that target businesses are related to the use of lost or stolen credentials? If this is news to you, you might want to reevaluate how your organization manages its passwords.

The rate at which technology and software trends evolve can be daunting for any business owner. As quickly as your organization adopts technology, it feels like a new version of that software or a new product has already taken its place.

When you think of the term cyber attack, you probably imagine a hacker sitting at their laptop taking down a huge corporation. While that may be the case in Hollywood movies, cybercrime in the real world is opportunistic. 

That means the majority of cybercriminals actually target small and medium-sized businesses due to their weaker security systems.