Jocelyn Rhindress
Director of Business Resources Initiatives, CFIB
The amount of sensitive data being stored digitally, including customer records, employee files, and financial information, continues to grow. Just like physical documents once kept under lock and key, business owners must safeguard their digital data with strong protections.
Over the past three years, 38% of small businesses invested in cybersecurity, but only a quarter (25%) plan to do so in the next three years, according to research by the Canadian Federation of Independent Business.
Here are some ways to boost your cyber protection.
- Establish a team responsible for information security and privacy. If you run a small company, you may think you do not need a dedicated individual for information security; however, smaller companies are just as vulnerable to security breaches as larger ones. A dedicated individual or team can support all staff and raise awareness on data protection throughout your company.
- Complete an inventory of your systems. Knowing what your business houses for equipment as well as the software and systems your employees use can help you determine the safeguards needed to protect your company’s data. Use a Cybersecurity Inventory tracker which can be regularly updated and reviewed for planning on when equipment might need updating or replacing.
- Conduct Data Protection Impact Assessment (PIA). A PIA is a process used in identifying and mitigating any data protection-related risks which may affect your organization or clients you engage with and can help you implement solutions to overcome those risks. Since not all risks can be eliminated, start by asking yourself, “What would happen if?” Would your business be prepared for the outcome? This will allow you to be ready should a data breach occur.
- Assess your security position and keep software up to date. Get to know your vulnerabilities and use online tools to scan systems for threats and information related to browser versions. Complete any needed updates, known as patching, which often includes security updates which can help protect your system. Only collect and store data that is necessary for your operations—this is known as data minimization, and it limits exposure in the event of a breach.
- Develop security policies and procedures. It’s important to develop a company-wide policy on data security. Your policy and procedures can include such things as technology usage policy, cybersecurity Incidence Response Plan, and Cybersecurity Access Control Policy.
Maintaining cybersecurity isn’t a one-and-done task. It requires ongoing attention. Taking proactive steps to secure your information can help protect your business from cyber threats, maintain customer trust, and reduce legal and financial risks.
For more tips, visit cfib.ca
