Cybersecurity for business
Learn how cyberattacks can affect your business and how you can keep your and your clients' data safe.
What is cybersecurity and why is it important?
The goal of cybersecurity is to protect IT systems against cyberattacks including fraud, ransom, industrial espionage and data theft.
Here in the digital age where most transactions are done online, small businesses are especially at risk. More than 50% of small businesses claimed to be victims of cybercrime in 2022,
What are the top cybersecurity risks for businesses?
Don't underestimate the number of cyber threats your business is exposed to and the impacts they can have on your finances and reputation.
Say one of your employees clicks a link in a phishing email that appears legitimate. That link installs malware on their computer, and suddenly all your company's data is stolen and held for ransom. This is a common tactic of cyber criminals.
Financial risks
In addition to lost productivity, a cyberattack can have other costly consequences:
Improving cybersecurity devices and upgrading computer systems to make them compliant (in almost all cases, at least part of the IT infrastructure needs to be rebuilt)
Securing client data if it's been compromised and making sure access to data is protected
Paying legal fees and managing public relations, depending on how well-known your business is
Getting back to business as usual, which can take about a month for small businesses, though many cases end in bankruptcy
Reputational and strategic risks
Cyberattacks can also have more indirect impacts over time, such as:
Damage to your brand image and erosion of public trust in your company
Loss of clients and business partners, who may be afraid to share data with your company
Intellectual property theft if trade secrets are made public or you fall victim to cyber espionage
What are some cybersecurity best practices?
The size and nature of your business and the way it uses and processes data are all factors when choosing what cybersecurity measures to take. Some simple practices all businesses and employees should do include keeping your software up to date, securing your Wi-Fi, using strong passwords and thinking twice before clicking links in texts and emails. Here are a few more things you can do to keep your business safe.
Test your IT systems
First and foremost, you need to know how protected your systems are and if there are any security vulnerabilities you need to address.
You can assess your business's current level of risk using the CyberDiagnostic tool from our partner Cybereco. Just answer a few questions to get a security status report and tips for improvement.
Train your employees
Most successful cyberattacks are due to human error. For example, someone could set a password that's too simple, impulsively click a link or provide sensitive information to someone posing as a technician.
That's why one of the best ways to prevent cyber incidents is to make sure your employees are aware of potential threats. The more they know, the less likely they'll be to make costly mistakes.
How to protect your business from cybercrime
There's a wide range of cyber threats out there, and they're constantly evolving. Staying up to date on the latest developments in cybersecurity requires ongoing efforts and investment. We have a variety of resources to help you, including security measures, financing solutions and insurance products.
Make a cybersecurity budget
To make cybersecurity a priority in your business, you need to budget for it. Investing in a cyber insurance policy and a cybersecurity strategy will allow you to react properly in the event of an attack. And setting aside funds to keep your security tools and employee training programs up to date will help you prevent incidents in the first place.
Our financing solutions
We can help you with the cost of cybersecurity, whether you need to develop a training program, modernize your IT equipment or implement security protocols.
Fundica
Use this free search platform to find government funding such as grants, loans and tax credits to help you develop your business.
Momentum Fund
Get up to $20,000 to strengthen your business's cybersecurity by installing a firewall or updating your software, for example.
Visa Business Freedom Solutions package
This 3-in-1 financing package includes a Visa* Business credit card, a line of credit and an Accord D financing credit limit and lets you access your funds at any time.
Term loans
Finance a cybersecurity project like upgrading your IT infrastructure with one of our term loans featuring competitive rates and flexible repayment terms.
Our business property and liability insurance
If your business falls victim to a cyberattack despite you taking precautions, insurance could help you limit your financial losses.
Our business protection plans can cover you for loss of income or for legal fees if your business is held liable for damages.
