Small businesses are a significant part of the Canadian economy. As of December 2019, 1.2 million (97.9%) of Canada’s 1.23 million employer businesses were small enterprises. In 2016, they contributed 41.9% to the private sector’s Gross Domestic Product (GDP).
Despite their large numbers, many small businesses still struggle to handle cybersecurity. Few business owners are well-equipped to address these issues or make them a priority.
But circumstances are calling for enhanced cybersecurity. For example, the pandemic has pushed many businesses to shift their operations to digital spaces.
In some ways, going online has solved many issues. But, it also opened businesses up to cyber threats. Read on to discover how you could protect your small business from cyber-attacks.
Invest In Your Cybersecurity Infrastructure
A cyber attack is an attempt to breach devices or networks to steal data or disrupt operations. Cybercriminals can use different types of methods. These include malware, ransomware, phishing, and denial-of-service, among others.
In 2020, 45% of small businesses admitted to reevaluating their IT security. This was after hearing about various news reports about cyber attacks on businesses.
Cybersecurity can be highly technical, so it is always best to hire an IT professional to handle it. However, it is beginning to be standard practice for many small businesses. Here are a few essential tips:
- Back your data up. Do this regularly. You can do this through cloud storage or physical storage devices. If you can, use both. If you decide on physical storage devices like hard drives, make sure to keep them safe. It is best to keep them separate from the network to remain uncorrupted in case of an online breach.
- Use multi-factor authentication (MFA). MFA is a security process that asks a user for two or more proofs of identity before giving access. It ensures that only the intended people get access to certain information.
- Install security hardware and software. A professional may recommend the best hardware and software that suits your needs. These may be anti-spyware, antivirus, and anti-malware programs, as well as a firewall. Make you update these regularly.
Educate Your Workforce
To maximize your cybersecurity infrastructure, make sure to sufficiently train your staff. These infrastructures need people to make them work as intended.
You could set aside a few days to teach your existing staff your new or improved security protocol. It’s best to do this in the presence of a professional and to give them hands-on examples as well. Once everyone is on board, it will be easier to teach the system to new hires.
Get Cyber Insurance
It is always good to invest in cyber security and attack prevention. But, there may come a time when these cannot hold up to powerful attacks.
To protect your small businesses against such disasters, you can get cyber insurance. It can help protect you in case your business ever suffers a data breach. It can also cover legal fees and settlements if a client experiences a cyber attack.
If you want to protect your business, the insurance brokers at BrokerLink can help you out. They get to know your needs and guide you in the search to find competent services at the best rates.