October is Cyber Security Awareness Month (CSAM), an illuminating time for the prevalence of cybercrime in the corporate world.
It’s also a crucial time for businesses to assess whether their digital assets are truly protected.
Did you know? The most common reason behind cybercrime is pursuit of information. The top 3 targets are personal information, baking information, and company or business data (CSE Canada).
Let’s take a closer look at that last one.
One of the most common reasons behind cybercrime is acquiring valuable, but private, company data.
Why? Because companies often contain assets with high monetary value.
But large corporations are not the only target of cybercrimes. Since the pandemic was declared in March 2020, approximately 25% of small businesses in Canada were targeted by cyberattacks (Wealth Professional).
In fact, the pandemic has led to:
- Increased security risk from remote working
- Delayed cyber-attack detection and response
- Gaps in physical and information security
- An influx of cybercriminals
(Deloitte)The consequences of cyber security threats can’t be ignored: by the end of 2021, cybercrime is expected to cost the world 6 trillion USD.
(Cybersecurity Ventures)
Canada’s Communications Security Establishment recommends the following security measures:
- Do not ignore device updates. 42% of Canadians update devices only when it’s convenient. Updates usually contain new security measures, so make sure your employees and colleagues aren’t dismissing them. If you have the option, automate security updates.
- Enable multi-factor authentication: it is powerful. Multifactor authentication protects accounts and devices from 100% of automated bots, 96% of phishing attacks, and 76% of targeted attacks.
- Store data securely. We highly recommend avoiding third party software for device management and communications unless it is approved by a certified provider. Microsoft Endpoint Manager and 365, for example, are both certified with high grade security and reliability.
The Point
Achieving only the bare minimum in cyber security could cost your business millions. Make sure you invest in tools and measures that will benefit your organization in the long term, even if they cost more up front.
Ultimately, the consequences of dismissing cyber-attacks will greatly outweigh the cost of preventing them.
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