A cybersecurity incident can impact your business in many ways. That’s why it’s important to be informed and prepared. Canadian businesses are feeling the impact of cybercrimes now more than ever due to threat actors adapting their techniques and new technologies creating new cyber capabilities.
When the COVID-19 pandemic began, it emphasized and motivated Canadian businesses to utilize digital technology. Now, work and business transactions have increasingly been conducted virtually rather than in-person. And because of this, there are increased concerns about privacy, data protection, and cybersecurity.
Today, people often prefer to use online features for banking transactions and data input because it’s easy and saves time, but with the increase of online transactions comes the increased risk of cybercrime. When dealing with these crimes, small businesses take a harder hit because they are trying to keep up with consumer demand, but have not invested in vital cybersecurity features.
Impact of Cybersecurity Incidents
Cybersecurity incidents can impact businesses in several ways like threatening the privacy and security of customer information, monetary losses, and more. According to The Daily, while most impacted businesses identified external parties (61%) as the perpetrator of cybersecurity incidents, 38% of impacted businesses could not identify the perpetrator. Now that’s scary!
Among the 18% of Canadian businesses that were impacted in 2021 by a cybersecurity incident, The Daily reports that about 40% experienced downtime as a result, with the average downtime being 36 hours. That’s 36 hours of missed revenue, time wasted, and potential customers lost.
So, how much did businesses have to spend because of a cybersecurity incident? Over $600 million dollars was spent in 2021 to recover. That’s an increase of roughly $200 million from 2019.This is why it pays to be protected and prepared for a cyber attack.
Cybersecurity Services
We’ll give it to you straight—any business neglecting cybersecurity is taking a huge risk. As Canadian businesses grow more and more interconnected, the risks further extend to customers, partners, and suppliers. So, to ensure peace-of-mind and protect against costly malware, ransomware, bots, and other threat actors—small businesses need to implement 360-degree cybersecurity measures that include antivirus programs, firewalls, and network security solutions. These tools and tactics will proactively protect all devices connected to your network.
Now, we know what you’re thinking—this sounds like a lot of time and money. On the contrary! Employing a strategic cybersecurity strategy does not have to be costly or time consuming. When researching different cyber security strategies, there are more options than meets the eye, and figuring out what is right or wrong for your company can be a daunting task. That is why many organizations turn to specialized partners who can reduce the time to implement a smart strategy at a price point that can be extremely affordable.
Finding the Right Partner
At Infinite IT Solutions, we believe security is mission critical for businesses of all shapes and sizes. Risk may be a part of your business, but it doesn't have to be a part of your technology.
Enhance your operations and take advantage of the experience and knowledge that Infinite IT has when it comes to the right cyber security strategy. Our services like iCare and iSecure can help streamline your processes, enhance your cybersecurity, and grow with your business. Let's get started on your cybersecurity strategy today.