What are the prerequisites for a small business to gain a firm foothold in a new market? A location that is accessible and safe is vital to attract customers. A brand image that invokes trust. Necessary licenses and permits that ensure your business complies with all safety regulations. Reliable equipment or machinery that has passed all security checks. A secure work environment that cultivates innovation and growth for your employees. Notice a pattern here? Safe, reliable, and secure – be it for your business, equipment, employees, or customers, security is paramount. But what about cybersecurity? Is all your business data safe?

The Good and Bad Side of Technology

Ever-evolving technology has its advantages, especially for small businesses. It has made routine and crucial tasks such as bookkeeping and accounting easier, quicker, and more affordable. But the tech boom has also increased the incidence of cyber scams and fraud. Corporate hacking is on the rise, and no business is immune to a cyber-attack.

But there is no need to panic. Caution is the keyword. This article will guide you on how you can fortify your data from cyber criminals to the best of your ability.

Types of Cybersecurity Risks

Cyber risks can breach a business firewall through many entry points. It is not just emails or web links – a cyberattack could be disguised as a social media account or target a specific device to gain access to your business database. Some of the types of cyber risks include:

• Phishing scams – Fake emails or messages trying to make you share sensitive personal information.
• Malware attack – Dangerous software designed to hack your computer systems and damage your database with viruses or spyware.
• Ransomware attack – A type of software that hacks and encrypts your data, which can then only be decrypted if you pay a certain ransom.
• Data Breach – Stealing sensitive business information, including customer details, business account details, and bank details.

How to Protect Your Small Business from Cybersecurity Threats

When it comes to cybersecurity for your small business, the age-old adage of “prevention is better than a cure” proves apt. Rather than thinking of ways to salvage a cyber-attack, having a reliable security system in place is always more cost-efficient and preferable. Here are some measures you can take to guard vital customer and business information from potential cyber threats:

1. Controlling Accessibility: Confidential data, such as customer and vendor contact and financial information, should be limited to a select few trusted individuals within the business. You can also grant some people only viewing access as opposed to editing access on documents or files of importance. This does not imply that your employees are not to be trusted, but any negligence in logging out or securing such data on their part could inadvertently give access to hackers. This is especially true for businesses with remote working employees. If possible, provide them with company laptops or computers with VPN access. Also, never forget to remove access to any employees who leave the company.The fewer people with access to sensitive data, the safer it is.
2. Updating Software: Technology is an ever-evolving field, and hackers and cybercriminals are constantly upgrading their tools using the latest technology. Hence, it is necessary not only to install a good cybersecurity system but also to update it regularly. As your business grows, you may need to upgrade to a more robust cybersecurity system. While it could be expensive, it is cheaper than compromising your business data to be held ransom by a fraudster. Imagine the business impact of losing customer trust when they discover that their confidential data has been compromised and leaked.   
3. Vigilance Training for Employees: Limiting access to sensitive information is one thing, but you cannot stop your employees from ever using the system. Thus, it is imperative to educate them about potential cybersecurity threats. You can reduce the risk to your business data by training your employees to identify phishing emails, practice safe cyber habits, and respond to potential cyberattacks.
4. Data Encryption and Backup: A great way to keep your business data safe from hackers is to encrypt it. This way, even if there is a data breach, chances are the scammers won’t be able to decrypt and retrieve any useful information from the stolen data. Some malicious software deletes all data from your systems, leaving you in a lurch. Keeping a safe backup, whether physical, digital, or both, is always a good idea.
5. Securing Payment Modes: In the event of a cybersecurity threat, not only is your business-related information at risk, but also the sensitive information of your customers. Ensure all your payment systems are recognized and compliant with the Canadian Centre for Cyber Security rules. If you have a POS (Point-Of-Sale) system, ensure a firewall protects it. If you are using online invoicing software to accept payments, use a trusted payment partner.
6. Performing Vulnerability Checks: Despite your many efforts, a situation may arise where your cybersecurity is compromised. What do you do then? It is precisely for this purpose that you should have a Disaster Recovery Plan in place. The plan will answer questions like, ‘How do you restore your security measures?’ Whom do you notify if a cybersecurity breach occurs? Many cybersecurity experts employ “ethical hacking” to identify vulnerabilities in your security system and suggest ways to address these gaps. These can prove to be very useful for designing a strong recovery plan.
7. Regular Monitoring: Even the strongest passwords are not impenetrable. And though quite hurtful to think of, cyber threats do not always come from outside. Some scams and cyberattacks can also go unnoticed for a long time. The best way to avoid falling prey to such silent attacks is to monitor your data personally, including its accessibility criteria and permissions, as well as your cybersecurity system. Consider hiring an independent auditor if you are doubtful of leaks. Any gaps or suspicious activity, no matter how small, should be addressed immediately to prevent more significant problems.

Although these tips cannot guarantee 100% safety from cyberattacks, they can help minimize the risk and damage if your business falls prey to one. While the Canadian Centre for Cyber Security provides an exhaustive guide on how to best protect against cyber threats, consulting and hiring an independent auditor to fortify your systems is the best approach. Remember, when it comes to cybercrime, prevention is better, cheaper, and much less stressful than a cure.

Contact Glenn Graydon Wright LLP in Oakville to Help You with Cybersecurity Needs

A professional accountant is trained in setting up software or processes that involve monetary transactions, such as payments, payroll, and invoicing. They can conduct an external audit of your system to identify gaps and anomalies that hint at a breach and help you strengthen the system. At Glenn Graydon Wright LLP, our accountants offer services including process setup and external audit services. To learn more about how Glenn Graydon Wright LLP can provide you with the best accounting expertise, contact us at 905-845-6633 or connect with us online to schedule your initial consultation.