Toronto IT Support Company Says Cyber Resilience for SMBs is More than Protection, it is an Asset

Small and Medium Business (SMBs) make up the majority of companies globally. Although large corporations and conglomerates are the ones mostly seen in news and ads, SMBs are the backbone of most economies. In the US, for example, they make up over 90% of the number of businesses and contribute to over half of the country’s GDP. However, despite this, Toronto IT support company found out that they are also the ones who are at the negative end of cyber inequity. Meaning, Most Small and Business Enterprise (a.k.a. SMEs) does not meet the minimum cyber resilience to meet critical operational requirements.

Given this, it should not be a surprise that most cyber security attacks have been directed towards SMBs. Reports show that these businesses are three times more likely to become victims of threat actors. They are specific targets for phishing scams, spread of malware and DDoS or denial of service and ransomware. Causing significant damage to operation and customer service as well as financial loss.  

There are a few good reasons for the lack of adequate cyber security protocols, especially for SMBs. However, the most common factors all boil down to cost. And while most executives already recognize that cybersecurity should be a priority, there are still older or less technical business executives that do not fully understand how the system works. Because of this, critical decisions such as an increase or diversion of security funds are not made. Cybersecurity, according to a Toronto IT support company, is then being regarded as an added expense and, as all expenses are, would prefer to be reduced rather than increased.

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Paradigm shifts required

First shift in focus when it comes to the cost of security should look into the current nature of threats. Businesses must acknowledge the fact that loss of assets from thievery and office break-ins are now minimized because of the change in office set-up as well as technology. Remote and hybrid work systems and the use of security cameras have decreased the need for physical security guards patrolling the office premises.

What has increased in concern, however, is how this thievery can happen through the office network. Therefore, would it not make sense to redirect funds into securing the network? If a business would hire a security guard to go around the office grounds, would it not make sense to also hire professional help from Toronto IT support and cybersecurity company who can go around to check your office network system? 

Complete cybersecurity, a.k.a. 100 percent protection, from cyber threats is not achievable. That fact has already been established by industry professionals. This is because of the evolving nature of technology and techniques used by threat actors. Now, if this is the case, why would a business spend money on something intangible and not guaranteed, right?

Here comes the second shift in focus. Instead of just keeping the crooks away, things would make better sense, if we shift the focus from protection to resiliency, in general. Cyber resilience is the ability of the company to recognize, respond and recover from a cyber-attack, should it happen. Cyber resilience strategy involves cybersecurity (protection), risk management, business continuity and disaster recovery.  

Cybersecurity 

This is the company’s protection against cyber-attacks. This includes tools and policies directed towards keeping the threat actors away. It includes keeping network, data and systems safe from possible attacks. Cybersecurity measures involve monitoring the network, detecting suspicious activities in it and combating threats attempting to breach. 

Risk Management 

This is the identification of possible attacks that the business is vulnerable to. It may include one or more of the following: hacking, data theft and cyber spying. Risks to business include the possibility of human error and system disruption from external technological or natural causes.

Business Continuity 

It is the business’ capacity to continue operation and provide services despite breach or disruptions. It also identifies limitations to the current system that lead to formulation of alternative set-up. This is not limited to cases of cyber-attack but also extends to instances of disruption from long power outages, natural calamities and even civic unrest.

Disaster Recovery 

It is the company’s system on how to come back from a breach or disruption. This includes protocols, policies, data and equipment used to get back on track. It is not just applicable to cyber-attacks but also during cases of prolonged power outage, natural disasters, insurgencies, among others. 

Simply put, this is the company’s ability to stay afloat and continue with their operation no matter what. This is done by knowing all possible risks, knowing what to do in case those risks happen and how to bounce back from them. Given this, when a Toronto IT support and cybersecurity company presents you with a system that ensures your business will thrive and grow, should you not be investing in it? This is the third shift in focus.

Cyber resilience is not and should not be considered as an expense but rather an asset. And because it is an asset to the business, adequate investment MUST be made to ensure that you get the most benefit from it.

Cyber Resilience as an Asset

By definition, an asset is a resource of economic value owned by a person or organization. It is expected to provide benefits in the future. This is acquired or made to increase the company’s value. An asset generates cash flow and sales or, on the other side, decreases expenses eventually. Having a strong cyber resiliency posture, a company is expected to achieve various benefits with the help, of course of a Toronto IT support and cybersecurity company. This includes:

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Prevention or minimizing financial loss 

 We know that most phishing schemes are directed at acquiring your business data. This would include financial information. To add to this, recently, the use of generative AI (Artificial Intelligence) and deep fakes have made phishing scams even more sophisticated. In one instance alone, one company suffered a loss of $25 million because of deep fake-instrumented fraud. Similarly, sensitive business data that may contain your company’s operation details, resource and even system should be safeguarded. Nobody wants their competitors gaining access to recipes, designs, even investment plans, etc. that you and your team worked hard to create. Having a multi-layered cyber resiliency plan in place can minimize, if not totally prevent, financial loss for your business. This would also keep unwanted hands and prying eyes from your hard work.  

Increased customer trust and brand loyalty 

Customers’ return to a business if they are happy with your services. They become loyal to you once they realize that the company is reliable and trustworthy as well. Now more than ever, customers are conscious about their data privacy and the security of their transactions. They would trust a brand better knowing that adequate and multi-layered cyber resilience steps are being taken to keep their data confidential. Similarly, having a company who can continue providing services despite disruption and can bounce back immediately, should it happen, would strengthen your reliability as a service provider. Being up to standard with the Government requirements when it comes to cyber resilience gives them peace of mind and makes them confident about dealing with your company.

Advantage over business competition

Companies are always trying to become better than their competitors. Adapting to new innovations and taking new risks are a big part of this. Having a secure cyber resilience strategy allows for management and executives to be able to do so safely, albeit boldly. With best practices applied and an effective operational system, the company’s morale is heighten. They can launch better campaigns, new products and expand their services knowing that they can deliver these things to customers with ease. It also comes with peace of mind that there is only a minor chance that hackers can get their hands on these new innovations before they can be presented to the public.

Increased in business value and investability

Picture this. You have $100 to bet on a boat or its crew reaching the finish line. Boat-A is a motorized boat with 2 crew members who are excellent swimmers. Boat-B is the same boat but with an inflatable raft, a lifesaver ring, and the 2 crew members who are good swimmers with a life vest on. It would be a no-brainer that you would put your money on Boat-B, right? That is what cyber resilience is to your business: your inflatable raft, lifesaver ring and life vest. It is a multi-layered safety net. Now with that in place, anyone who would like to invest their money will go to you instead of your competitor. This is because even in the worst-case scenario, your business will stay afloat.

In fact, it was predicted that by next year, 2025, most investors would now look into cybersecurity before investing. This will become one of the determining factors for venture capitalists in any business deals whether acquisitions or mergers. Afterall, why would you put money on a boat with a safety net in place? 

The threat of cyber-attacks will not be going away soon. Realistically speaking, it would only be a matter of time before a threat actor tries and breach your company’s system, if they haven’t yet. And while you can try and test out the amount of damage and loss that your business can sustain, it would be wiser to prepare instead. 

How to build your asset and how Toronto IT Support Company can help 

Cyber resilience is more than just subscribing to antivirus and anti-malware software. It goes beyond simply downloading a VPN. And although these tools are used by Toronto IT support and cybersecurity company in building your company’s cyber resilience, knowing what kind tools are needed is a key factor. You would not want to spend on an obsolete system or a vulnerable tool. Studying all of this can get confusing and overwhelming.  That is why businesses come to us. We, a Toronto IT support and cybersecurity company, are helping numerous businesses set-up and maintain their cyber resilience. We can help your company too! Talk to us. We would love to know more about you, your business and how we can assist you in achieving a very good cyber resilience posture.  

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