Shoring up your small business’s cybersecurity defences to protect yourself, your customers, and business partners demands strong passwords to safeguard your personal information and assets. According to a 2021 Verizon report, more than 80% of hacking-related data breaches are due to weak or stolen passwords.
Unfortunately, cybercrime is a fact of daily life. All small businesses and sole proprietors are at risk of a cyber-attack and can be exposed to one with an errant click on a hyperlink. Simply publishing information about your company online may expose it to a multitude of electronic security breaches.
The Royal Canadian Mounted Police (RCMP) defines cybercrime as any time when a cyber element (the internet and technologies such as computers, laptops, and smartphones) is used to commit a crime.
Of note, as of September 30, 2021, the Canadian Anti-Fraud Centre (CAFC) has received 56,577 reports of fraud year-to-date from Canadians, with an estimated $163 million lost to fraud. Moreover, 47% of Canadian small business owners admit they don’t allocate any portion of their operating budgets to implementing cybersecurity defences.