Easy Cybersecurity Checkmarks for Business

“One in five Canadian businesses experienced payment fraud in the past six months - despite 63 percent who feel confident in protecting their business against scams”  - Payments Canada, September 9, 2024

Cybersecurity is crucial for businesses of all sizes due to the digitalization of operations over the past decade, the sensitivity of data being handled, and the growing frequency of cyber threats.

Any organization that holds customer data has an obligation to implement cyber security in their operations. A breach of this information can result in diminished brand equity, and a large mistrust that can be irrevocable from clients.

Luckily, there are steps business owners can take to tackle cyber security head on.

Passwords and authentication

Require employees to use unique passwords and change passwords every three months. Consider implementing multi-factor authentication that requires additional information beyond a password to gain entry. Check with your vendors that handle sensitive data, especially financial institutions, to see if they offer multi-factor authentication for your accounts.

Regularly update software and systems

Software Updates: Keep all software, including operating systems, applications, and security tools, up to date to protect against vulnerabilities that cybercriminals could exploit.

Employee awareness and training

Educate employees about social engineering tactics, such as phishing, spear-phishing, and phone scams, to prevent them from inadvertently giving away sensitive information. You can even conduct regular drills to conduct phishing simulations to assess employee readiness and reinforce training.

Conclusion

By taking a multi-layered approach to cybersecurity, businesses can significantly reduce the risk of cyberattacks, data breaches, and other security threats. A proactive, well-planned security strategy is essential for protecting sensitive information and maintaining the trust of customers, partners, and stakeholders.