Cybercrime and Its Effects on Your Business

Of all the risks there are in this world, greatly underestimated is that of cybercrime. Many people – business owners, CEOs, presidents, and employees – gloss over the threat of cybercrime as something which only happens to others. “Oh hackers just want bank account information, no one will hack me.” This tends to be a phrase uttered more often than not. However safe and unscathed you may have been in the past, does not lend promise to the future of your safety.

The Costs of Cybercrime

According to a report released in 2017 by the Canadian Chamber of Commerce, Canadian businesses are losing $3 billion a year to cybercrime. Small to medium sized businesses make up 98% of the Canadian economy, and almost half have already been the victim of cybercrime. In fact, cybercrime is becoming such a major problem in Canada that in the 2018 budget, the Government has laid out $155.2 million over five years for a new Canadian Centre for Cyber Security and $116 million over five years for the RCMP to create a National Cybercrime Co-ordination Unit.

According to another study conducted a few years ago, the average cost of a cyberattack on a small or medium sized business was over $54,000. The cost to protect your business and reduce your risk of cybercrime doesn’t start to look so bad when your alternative is 50 grand.

What You Can Do

There are a number of precautions one can take to help ensure you’re risk is minimized. These can range from tasks as seemingly simple as not clicking on suspicious email links, all the way to high end measures such as installing business-class firewalls. One of the most important steps to take, is the first step. A meeting with MicroAge can help you determine where your risks lie, where you’re protected, and what needs to be addressed immediately.

Don’t Risk Another Day

Every day that you go without proper protection, is another day you’re putting yourself, and your entire business at risk. Unless you can afford to lose $54,000 to some thugs on the internet (which I assume you can’t – or at the very least don’t want to), then cybersecurity should be very high on your list of priorities. Every business in every vertical is at risk. Talk to me today for some tips on how you can minimize your risk, and maximize your wallet!