At its core, a cybercrime or cyberattack is a breach of personal security and digital safety. Hackers aim to gain unauthorized access to confidential information, including customer names, addresses, Social Insurance Numbers, dates of birth, and credit card details. While no business is immune to cyber risk, a successful attack is not inevitable. There are 9 practical, cost-effective, and fast-acting steps businesses can take to reduce their exposure and strengthen their cyber defences significantly.
Cybercrime Is on the Rise
Cybercrime continues to grow in scale, frequency, and sophistication, impacting businesses of all sizes across every industry. In fact, global cybercrime is now projected to cost the world more than $10.5 trillion annually by 2025, making it one of the largest economic threats facing businesses today.
Canadian organizations are not immune. Small and mid-sized businesses remain especially vulnerable, as attackers increasingly target companies with limited cybersecurity resources. The rise of remote and hybrid work, cloud-based systems, and third-party vendors has expanded digital footprints and created new entry points for cyber criminals. As a result, more Canadian businesses are recognizing the need to strengthen cybersecurity measures — from VPNs and firewalls to employee training and incident response planning — to keep pace with an evolving threat landscape.
How to Protect Your Business From Cyber Attacks
Here are some practical steps businesses can take to reduce cyber risk and improve resilience.
1. Back Up Your Data Regularly
Data backup is one of the most cost-effective ways to protect your business in the event of a cyber incident, ransomware attack, or system failure.
Best practices include:
- Daily incremental backups
- Weekly, quarterly, and annual full backups
- Using a combination of cloud storage and physical devices
- Regularly testing backups to ensure data can be restored
DYK: The widely used 3-2-1 backup rule recommends keeping three copies of your data, stored on two different types of media, with one copy kept off-site.
2. Keep Systems and Software Up to Date
Outdated software is one of the most common entry points for cyber criminals.
- Enable automatic updates for operating systems and security software
- Install firewalls to monitor and control network traffic
- Activate spam filters to reduce phishing and malicious emails
Security updates patch known vulnerabilities — ignoring them leaves your systems exposed.
3. Encrypt Sensitive Data
Encryption converts data into unreadable code unless the correct key is used. This ensures that even if data is accessed without authorization, it cannot be read or misused.
Businesses should encrypt:
- Stored customer and employee data
- Data transmitted over networks
- Portable devices and cloud-based files
Some encryption tools also alert administrators if data is altered or tampered with.
Important: Free antivirus software often provides limited protection. Businesses should invest in reputable cybersecurity solutions and consider using a Virtual Private Network (VPN), especially for remote or hybrid workers.
4. Use Multi-Factor Authentication (MFA)
Multi-factor authentication adds an extra layer of security by requiring more than just a password to access accounts.
Many platforms — including email providers, financial institutions, and cloud services — support MFA. While it may add a small extra step for users, it dramatically reduces the risk of unauthorized access. Authentication apps such as Google Authenticator are widely used and easy to implement.
5. Replace Passwords With Pass Phrases
Weak or reused passwords remain a leading cause of data breaches.
A strong passphrase should:
- Be at least 14 characters long
- Include a mix of upper and lowercase letters, numbers, and symbols
- Avoid predictable patterns or reused phrases
Important: Based on the 2025 Cost of Insider Risks Global Report by the Ponemon Institute (sponsored by DTEX), the average annual cost of insider threats has risen to $17.4 million per organization, a 7.4% increase from $16.2 million in 2023. The average time to contain an incident is 81 days.
6. Maintain Comprehensive System Monitoring
Businesses should maintain an up-to-date inventory of all devices, software, and systems connected to their network.
Key actions include:
- Removing sensitive data from unused or outdated equipment
- Disconnecting obsolete devices from the network
- Revoking access for former employees or staff who no longer require it
Unused systems are often unpatched and can become easy entry points for attackers.
DYK: The ‘Man in the Middle’ attack has become increasingly more popular in cybercrime. By not turning off our WiFi or Bluetooth when we’re not connected to something, we are inviting intruders to take advantage. Attackers replicate a frequency that they think your device will recognize… and your device will connect without you knowing anything about it.
7. Implement Clear Cybersecurity Policies
Studies consistently show that phishing accounts for 90% of cyberattacks. Threat actors use deceptive emails, fake login pages, and social engineering tricks to lure employees into clicking malicious links, downloading malware, or handing over credentials and sensitive data. Employees need clear guidance on handling data, devices, and online activity.
Effective cybersecurity policies address:
- Acceptable use of company systems
- Email and attachment safety
- Remote work practices
- Data sharing and storage rules
Most cyber attacks begin with a phishing email. Improving email awareness alone can significantly reduce risk.
8. Educate Employees Regularly
Human error remains a leading cause of cyber incidents. Training employees to recognize suspicious emails, links, and requests is one of the most effective defences available. As HSBC has emphasized through its cyber resilience leadership, education and awareness are essential to balancing business growth with security. Your employees can be your strongest defence — or your weakest vulnerability.
DYK: Statistics show that over 3.4 billion phishing emails are sent globally. These emails contain malicious links that allow hackers to access user data, including login credentials.
9. Protect Customers and Manage Third-Party Risk
Many businesses rely on third-party vendors, suppliers, and service providers that have access to systems or sensitive data. This makes third-party risk management critical. Businesses should:
- Assess the cybersecurity practices of vendors
- Limit access to only what is necessary
- Ensure secure environments for customer transactions
Cyber liability insurance plays an important role here, helping businesses manage risks related to data breaches, vendor failures, and regulatory obligations.
Why Cyber Safety Matters for Your Business
A cyber incident can result in:
- Significant financial losses
- Operational downtime
- Reputational damage
- Loss of customer trust
In severe cases, businesses may struggle to recover at all. The good news is that proactive risk management — combined with the right cyber insurance coverage — can help protect your organization before an incident occurs.
Final Thoughts
Cyber safety is no longer optional. As cyber threats continue to evolve, businesses must take active steps to protect their systems, data, employees, and customers. If your business needs guidance on cybersecurity policies or cyber insurance coverage, speak with a knowledgeable isure broker who can help assess your risks and explain the benefits of available cyber insurance options to help you be proactive and protect your business from cyberattacks before it’s too late.
Online Risks Are Growing. Keep Your Business Data Safe.
Shield your operations today — get your free cyber insurance quote!
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