Estimated reading time: 3 minutes

What is Cyber Security?

Cyber Security: In the most simplest of terms, it is the practice of protecting internet-connected systems such as hardware, software, and data from cyber threats.

First and foremost, know that basic security measures can prevent most cyber incidents. Many threats can be mitigated through cyber security, business continuity awareness, and best practices.

Cybercrime continues to remain the threat most likely to affect Canadians and Canadian organizations.

By the numbers (source: Statistics Canada)

In 2021:

• 18% of Canadian businesses were impacted by cybersecurity incidents
• 16% of these were small businesses                    
• 25% of these were medium businesses
• 7% of incidents were to steal money or demand ransom
• 6% of incidents were to steal personal or financial data
• 39% of businesses indicated no clear motive
• 40% experienced downtime because of the incident
• 36 Hours – Average downtime
• 14% of businesses that lost revenue
• 11% of Canadian businesses that were impacted by a security incident, report it as being ransomware

Additionally, according to Statista.com: A 2022 survey indicated that:

85% of Canadian leaders of Small to Medium Enterprises (SME)’s agreed that having a strong cyber security strategy is critical to building trust with stakeholders.

Greater than 70% feel well prepared for a cyber attack.

Cyber security is far more than building trust with stakeholders, it’s about protection from sources designed to undermine everything you do. It’s about criminals who don’t need to be overly sophisticated to access the means and tools to attack. With 24/7 access and support, cybercriminals can use Ransomware as a Service (RaaS) to launch attacks and receive a cut of the profits. As many business leaders embrace new cyber security measures, they should be aware that similar advancements, tools, and services are created and utilized by the criminal element. While seventy percent of SME leaders feel well prepared, they should not become complacent or feel overconfident.

By the numbers (source: Statistics Canada)

• 65% of businesses do not install updates frequently
• 17% of businesses regularly update software and operating systems
• 76% of businesses have implemented anti-malware software
• 73% of businesses have email security
• 69% of businesses have some sort of network security

These percentages should be attractive to cyber criminals. They need to be higher across the board.

While many businesses are becoming more aware and implementing better cyber security measures, the financial and operational impacts of cyber incidents are huge. Increased investment in cyber security and, at a minimum, regular updates are crucial to mitigating risk.