News, Policy

As many businesses have shifted to using more technology in recent years, the Edmonton Chamber of Commerce wants to encourage employers and employees to review their cyber security.

How Does Cybercrime Impact Businesses in Canada?

According to Statistics Canada, 18% of Canadian businesses were impacted by cyber security incidents in 2021. Despite this, 47% of Canadian small businesses do not allocate any of their budget to cyber security. Because of incidents such as breaches of data confidentiality, extortion, and technology disruptions, businesses across Canada have experienced over $600 million in losses since January 2021.

Why Should a Small Business Care?

When we hear about cyber-attacks, it often relates to a friend or large business, but this affects small businesses too. You may think that a smaller business doesn’t have anything to attract a cyber-criminal, but according to an article written for the Canadian Chamber of Commerce by Microsoft, cybercriminals “typically look to exploit organizations with minimal security controls because [it’s] cheap and easy for them.”

What is Cybercrime?

The Canadian Federation of Independent Business defines cybercrime as “any criminal offence that involves a computer or the Internet as either the target of a crime or as the means used to commit a crime.”

How Can an Organization Protect Itself?

Although taking measures to protect your organization against cyber-attacks can be overwhelming and seem expensive, the Canadian Chamber of Commerce suggests that taking basic measures to improve your security hygiene can protect your business against 98% of cyber-attacks.

Everyone’s cybersecurity journey is different, so decide which measures are best for you and your business. The first, most basic step that you can take is to improve your knowledge of fundamental cyber security concepts. From there, you might choose to improve your business’ cybersecurity which, in turn, helps protect every other business in your value chain. Some measures that many experts suggest include:

• Keeping your device up to date,
• Installing antivirus and malware defences,
• Backing up important data,
• Ensuring strong authentication measures,
• Developing an incident response plan, and
• Training your employees.

For more information and tips, we have compiled a list of resources that can help you improve your security hygiene:

1. Improve your knowledge of fundamental cyber security concepts and keep up to date on the evolving landscape: The Canadian Government’s Get Cyber Safe Campaign has hundreds of resources to help you stay cyber safe from understanding a concept to reviewing your online safety practices. This can benefit employers and employees.
2. Improve your personal cyber security: Consumer Reports Security Planner has a short quiz that helps create an action plan to improve your personal security.
3. Find ways to improve your business’ cybersecurity: Canadian Centre for Cyber Security suggests top measures to enhance cyber security for small and medium organizations.
4. The Canadian Chamber of Commerce also has a cybersecurity survival guide for small businesses.
5. The Insurance Bureau of Canada shares tips on protecting your organization from cyber risk and explains cyber insurance so that you can decide whether this is an appropriate action for you.
6. Consider getting your business cybersecurity certified: Canada has a cybersecurity certification program for small and medium sized organizations.
7. What to do when you’ve experienced a cyber-attack: The Canadian Centre for Cyber Security also has resources for if you have been a victim of a cybercrime including how to report it and what to expect.
8. Learn more about the threat of cyber-attacks in Canada: Want to know even more about cybersecurity? Read about the threat of cyber-attacks in Canada in the 2023-24 National Cyber Threat Assessment.
9. Further reading from the Canadian Chamber of Commerce:
   1. Why Cloud Solutions and Cybersecurity Don’t Have to Be Daunting
   2. Protecting Canada from Cyber Threats Means Protecting SMBs
   3. Leading Through The Myriad Of Digital Distraction — Balancing The Pros And Cons Of ‘All Things Digital’
   4. Transitioning from the Internet of Things to the Interconnectedness of Everything

Regardless of the size of your business, taking the appropriate steps to keep your customers and business safe from cyber-attacks is important to protect the privacy of yourself, your staff, and your customers, avoid unexpected costs and avoid harm to your organization’s reputation.