Why Are SMBs the Next Target for Cyber-Attacks and How Can You Protect Your Business in Canada?

Cybersecurity threats are no longer an issue exclusive to big businesses and corporations. In fact, cybercriminals have come to target small and medium-sized businesses (SMBs) in Canada in recent years. But why are SMBs the next target for cyber-attacks and how can you protect your business in Canada? To answer briefly, this is because these organizations are easier to attack. This comes from having limited funds, smaller IT teams, and less security awareness, and they are more lucrative to attackers. However, there are ways that SMBs can fight back. 

Why Are SMBs the Next Target for Cyber-Attacks and How Can You Protect Your Business in Canada?

We at EB Solution have seen and experienced this increasing but unfortunate trend. A contributing factor to this is that the majority does not take cybersecurity for SMBs Canada into consideration until it is too late. This article will discuss: Why are SMBs the next target for cyber-attacks and how can you protect your business in Canada?  

Why Cybercriminals Target Small and Medium Businesses 

Hackers target the weakest points of the defenses. Unfortunately for them, big companies possess strong cybersecurity departments, technologies, and policies. Cybersecurity for SMBs Canada, however, do not have the same robust system as corporations do. That is precisely why they have become the new target of choice. Knowing why they are targeted and how they can prevent this from happening will boost data leak prevention Canada-based businesses. 

Weak security infrastructure 

Lots of SMBs lack specific security staff or business-level security. 

High-value data 

Small companies have valuable information. This includes contact information on customers and statements of payment. Having strong protection ensures data leak prevention Canada. 

Lack of employee awareness 

Phishing and social engineering are effective in cases where employees are not trained appropriately. That is why employee phishing training SMB is also an important part of cybersecurity. 

Third-party access 

A significant number of SMBs become vendors to bigger companies, which provide access points to attackers indirectly. This causes SMBs to not meet Canadian data breach regulations. 

One of the goals of the Canadian data breach regulations is data leak prevention Canada-based businesses. This indicates that SMBs today represent a large portion of all cyber incidents, with recovery expenses frequently exceeding their size. 

The Real Cost of a Data Breach in Canada 

A cyber-attack is disastrous, not only financially but also operationally and reputationally. Other than direct recovery costs, outage and reputation loss can suffocate growth. In Canada, there is an added complexity of compliance to Canadian data breach regulations. This means companies are required to comply with the stringent data leak prevention Canada regulations which include the Personal Information Protection and Electronic Documents Act (PIPEDA). Lack of reporting or ensuring the security of data breaches may result in severe fines. That is why proactive cybersecurity for SMBs Canada is not a choice, but a necessity to thrive. 

Threats to Canadian SMBs at the Present

To answer why are SMBs the next target for cyber-attacks and how can you protect your business in Canada? We must know how SMBs are exposed to both old and new cyber threats. Some of the most common include: 

Phishing attacks 

There are counterfeit emails that lure employees into providing their credentials or malicious software. Hence, making employee phishing training SMB an essential part of your cybersecurity protocols. 

Ransomware attacks 

Cybercriminals encrypt business data and ask to pay to release the information. 

Insider threats 

Confidential data can be exposed by dissatisfied employees or irresponsible behavior. In some cases, sheer ignorance or negligence can open portals for cyber criminals to take advantage of. 

Dark web exposure 

Stolen business information usually finds its way to the dark web. Therefore, dark web monitoring SMB should also be included in your provider’s cybersecurity plan of action.  

Here at EB Solution, we assist our clients in remaining ahead of these threats. This is done through active monitoring, real-time identification of these threats, dark web monitoring, SMB, and employee phishing training SMB.  

How to Protect Your Business from Cyber-Attacks 

Enterprise-level resources are not required to create strong defenses. Some of these measures will go a long way in enhancing your security posture. 

Train Your Team 

The highest cause of breaches is still human error. Hence, periodic staff phishing training can assist employees in being aware of pitfalls. You also become aware of your team and turn them into your business’ first line of defense. 

Enable Multi-Factor Authentication (MFA) 

As an added layer of protection to having a strong password, MFA does not allow unauthorized logins even in the case of a stolen login credential. It is among the best and most basic safeguards available today. 

Use Endpoint Protection and Firewalls 

Any device that will be connected to your network is a possible point of entry. As such, having an endpoint security helps to secure laptops, mobile devices, and workstations. 

Back Up Your Data Regularly 

Ransomware can put your processes on hold, and frequent data backup minimizes the harm. Store duplicates of these documents offline or in cloud storage. They must have strong cybersecurity for data leak prevention, Canada. 

Monitor the Dark Web 

Dark web monitoring SMB allows businesses to be notified in case company credentials or data are being sold in the cyber market. Early warning makes it possible to respond faster and to control the damage. 

Partner with a Managed Cybersecurity Provider 

Now that you know why are SMBs the next target for cyber-attacks and how can you protect your business in Canada? It is also important to get an IT managed service provider to help you with this. A large number of SMBs in Canada can use our collaboration services in regard to cybersecurity. Here at EB Solution, we have 24/7 monitoring, data leak prevention, and incident response- based on your business size and industry. Your systems are always secure, healthy, and up to date with the changing cyber threats. 

Call us today and start securing your business!