May 1, 2022
Learn where to with start cybersecurity insurance for your business
With the average cost of a data breach in Canada during 2021 exceeding $6 million, it’s safe to say that establishing a baseline for your business’s cybersecurity tactics should be a top priority.
From email phishing to malware, ransomware attacks and more, there are various ways cybercriminals can breach a business’s network. Not sure where to begin? Keep reading to uncover where to start when it comes to establishing a cybersecurity starting point for your organization.
Why does my business need cybersecurity?
When we talk about the average cost of a data breach, this is not solely the ransom requested by the hacker or the cost of damaged data. These costs relate to system downtime, halted business operations, data recovery and more. In addition to hefty costs, businesses also fall victim to bruising their company’s reputation with clients, partners and their internal teams.
Establish a clear baseline
To get an idea of where your business currently stands when it comes to cybersecurity, you can get started with a cyber insurance risk assessment. ALPHA has helped various organizations on Vancouver Island ranging from government to healthcare, remote First Nations communities and more determine their current level of cybersecurity and establish enterprise-level cybersecurity solutions.
By undergoing a cybersecurity risk assessment, your IT provider can help pinpoint any security gaps and identify areas to improve. After receiving your risk assessment, you and your IT provider can formulate a strategic plan that includes regular assessments, testing, employee training, detection and response.
Understand your industry’s compliance requirements
Beyond costly third-party damage and a tarnished reputation, businesses are required to meet industry-specific requirements. For instance, private sector organizations dealing with personal information during business activity must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA).
Governance Risk and Compliance (GRC) encompasses financial, legal and cybersecurity risks and helps organizations to mitigate potential damage caused by a security breach or a hardware failure. Public organizations in B.C. must comply with Freedom of Information and Protection of Privacy Act (FOIPPA). This act protects public sector information from unauthorized access and allows employees, students and the general public to request access.
Aknowledge that cybersecurity is constantly changing
Following your cybersecurity assessment, consider the options and IT provider that best suits your business needs. However, with compliance requirements, tech landscape and hacking constantly evolving, it’s important to continuously monitor, update and improve your cybersecurity measures.
Are you ready to lock your virtual doors, plan ahead and mitigate the damage associated with third-party cyberattacks? If so, visit ALPHA’s cybersecurity page to learn more and contact an IT expert today to schedule your cybersecurity risk assessment.
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