Business Technology Insights

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. 

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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.

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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.

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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,

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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.

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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.

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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.

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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.

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Cybersecurity is more important than ever before, with small and medium-sized businesses saving thousands of files, making payments and accessing various software platforms and accounts every single day.

To ensure your business is properly protected from the risks of cybercrime, it’s crucial that your company’s network is able to withstand a range of attacks. 

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With small and medium-sized organizations now storing, managing and accessing more data than ever before, cybersecurity is now a crucial component for business success.

In fact, cyber crime has continued to grow over the past few years. According to the Washington Post, estimated global losses from cybercrime are projected to hit just under a record $1 trillion for 2020 - that’s almost double 2018, when a reported $500 billion was lost.

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