Cyber-attacks on Canadian small businesses are on the rise.

Small businesses are where most cyber criminals are focusing these days. Small businesses with fewer resources than larger companies may be more inclined to pay a hacker's ransom to get their systems back up and running or may have an intrusion go undetected until it's too late.

Eight types of cyber attack

There are a number of different technical methods deployed by cybercriminals to gain access or disable the operations of businesses and individuals alike. There are always new methods proliferating, and some categories overlap, but these are terms that you're most likely to hear.

1. Malware
2. Phishing
3. Ransomware
4. Denial of service
5. Man in the middle
6. Cryptojacking
7. SQL injection
8. Zero-day exploits

Here are ten ways to help keep your business safe from online threats

- whether at an office or working from home:

1. Have a cybersecurity strategy. Have a plan in case your business is hacked. Update or install antivirus and monitoring software and test your existing capabilities to deter an attack.
2. Understand the risks.?Educate yourself (and your employees) about the risks like email scams, phishing attacks, and viruses. Don't open emails or click on links that look suspicious, download and install malware. Create strong passwords and change them every few months.
3. Don't share personal info online. Guard your personal and financial information, and don't share it online.
4. Be social savvy. When using social media networks, be cautious about the information you share.
5. Lockdown your Wi-Fi network. Ensure your Wi-Fi network in the office or at home is password-protected.
6. Protect your computers. Lock your screen when you're away from your desk. If you're travelling with a laptop or mobile device you use for work, keep it secure and always be mindful of where it is.
7. Scrutinize your business partners. Consider your supply chain or partners with which you regularly conduct business. Are their security protocols up to date? What security measures do they use to protect their companies and partners?
8. Back up your mission-critical data. Automate and regularly backup and encrypt all essential business information to store at a secure off-site location or in the cloud.
9. Use a Virtual Private Network (VPN).?A VPN is affordable for small businesses and required if your employees work remotely. VPNs establish secure network connections by encrypting your online traffic and disguising your identity by hiding your IP address. VPNs prevent people outside your secure network from seeing which websites and data you access online.?
10. Think about getting cyber liability insurance. Even if your business has stringent cybersecurity software and policies, there is no guarantee that you won't get hacked or suffer a data breach. Restoring systems takes time and money, and you could be exposed to a lawsuit from third parties. Getting cyber protection may cover your business's legal costs and damages.

DID YOU KNOW?

Canadians lost over $230 million to online fraud during 2021

The Canadian Anti-Fraud Centre (CAFC)?estimated that Canadians?lost a total of CAD $230million to fraud in 2021. Over CAD $100 million of this sum was associated with online fraud.?

A KPMG spokesperson said in a news release that:

"The reliance on digital platforms and cloud computing has put more sensitive data within the reach of cybercriminals, who are becoming increasingly more adept at accessing or hacking into 'secure' customer databases to steal identities."

According to the results of an 2021 online survey by the Insurance Bureau of Canada (IBC), 47% of small business owners admit they don’t allocate any portion of their annual operating budgets to implementing cybersecurity defences. [source]

October is Cyber Awareness Month.?

The Government of Canada offers free resources to raise awareness about cyber security and help fight phishing.

https://www.canada.ca/en/communications-security/news/2022/09/cyber-security-awareness-month-2022.html

Get Cyber Safe is a national public awareness campaign created to inform Canadians about cyber security and the simple steps they can take to protect themselves online.

https://getcybersafe.gc.ca/en

At Bookminders Services we take your data security seriously.

QuickBooks Online (QBO) is a cloud accounting software that we love and use for most of our clients.

Check out my "featured" section for Why We Love Quickbooks Online and many more free resources.

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Although this article offers business advice, this content is for general informational purposes only—it is not intended to replace the guidance of a licensed legal or financial professional. Information created by third parties that we may link out to or feature on our site is not endorsed by us and remains the responsibility of such third parties. Bookminders Services Inc. assumes no responsibility for errors or omissions in the content.

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