Canadian Companies Vulnerable To Cyber Attacks

The COVID-19 pandemic prompted most Canadian companies to switch to remote work for a majority of their operations. While the switch to remote work ensured they remained in operation, it also presented major cybersecurity challenges, as highlighted by the stats below.

Canada Cyber Security Status at a glance

• Over 63 percent of Canadian companies reported a surge in cyber attacks over the last 18 months.
• The Canadian Federation of Independent Business reported that out of 3040 members, about a quarter had experienced cyber attacks since March 2020.

In this post, we highlight why Canadian companies are vulnerable to cyber attacks and why 365 Technologies’ cybersecurity solutions ensure your company’s networks are protected.

Why Canadian Companies Are Vulnerable to Cyber attacks

Use of Outdated Software 

Computer software has a limited life cycle, and you need to make regular upgrades and updates. Every new software version comes with some added security features that make it harder for cyber attackers to infiltrate your system. Notably, some Canadian businesses are still relying on old IT software, which puts them at a higher risk of hacking and malware. While these organizations may view it as a way to minimize running costs, they may lose more money through ransomware attacks.

An outdated software, such as Windows 7 Operating System, doesn’t have support from the vendor. Therefore, you won’t get any security updates, meaning that your data gateways are unprotected. Yet, about 30% of small businesses in Canada still use old operating systems, putting them at risk of WannaCry cyber attacks. A malicious code could easily bypass such software since updated patches to plug such vulnerabilities aren’t available. If cyber criminals notice that your system isn’t up to date, they will exploit the weaknesses of your organization’s IT infrastructure.

Employees Using Personal Digital Devices for Work Purposes

One of the weakest links to cybersecurity attacks in most businesses is their employees. About two-thirds of businesses in Canada allowed their employees to use personal devices for business-related purposes in 2017. The trend was consistent in all business sizes. Yet, these devices could be a doorway to the cybersecurity threats of your entire business’s network.

Small enterprises are at a higher risk of cyber breaches because their employees are unaware of the proper security measures to implement on their devices. On the other hand, most large enterprises take measures to train their employees on cyber threats, limiting the possibilities of a cyber attack. Still, small businesses are more vulnerable since they adopt emerging technologies and fail to implement adequate cybersecurity measures.

Social hacking and phishing are the leading forms of cyber attacks that hackers use to gain access to vital company files through employees. Laptops and mobile phones will continue to be a target for cyber criminals. Therefore, organizations must invest in their weakest link to help them identify and prevent future threats.

Lack of Preparedness to Prevent the Cyber Attacks

A considerable number of organizations in Canada are unprepared to tackle the rising threats from cyber criminals. A cybersecurity survey by Deloitte revealed that only nine of 103 enterprises were highly vigilant, resilient, and secure in case of any hacks on their system. Still, the majority of these organizations are not well-positioned to recover quickly if a cyber attack happened.

While many businesses may assume they are well-prepared, the reality is that they are several gaps within their system. On public consultation about cyber threats, the federal government found that up to 70% of businesses in Canada had experienced a cybersecurity breach. In these incidents, businesses underwent varying financial losses of an average of $15,000.

Employees remained a leading link to cyber attack, as spear-phishing emails were the most common tactics used in infiltrating company systems. Hackers use this method to send targeted messages to company employees. The emails contain personal details about an employee, usually gathered from online profiles like Facebook or Linkedln. A personalized email can easily convince an employee that the email is genuine, and upon opening it, they unknowingly release a virus. In worse cases, the hackers can use ransomware, an advanced method of hacking essential details and holding that data for a ransom. The Ottawa Hospital was a victim of ransomware attacks on four computers where employees unknowingly clicked on a malicious link.

Why You Need to Hire 365 Technologies to Protect Your Company’s Network

Technological advancement doesn’t seem to slow down anytime soon, and cyber attackers keep up with every development in this field. While you may think you have a stable network, the reality is that no business is immune to cybersecurity threats, whether big or small, in Canada. An assessment by Canadian Centre for Cyber Security in 2020 showed that cyber crimes are imminent on Canadian organizations and citizens. The report also stated that ransomware attacks would most certainly continue in all business sizes.

Fortunately, you can rely on 365 Technologies to safeguard your organization’s system against potential cyber attacks. You will get limited tech support all year round from a Worry-Free IT team. You or your employees can access the 365 Technologies help desk at any time. This way, you will have some peace of mind knowing that you will not have to deal with a ransomware attack that has taken some of your most critical company information.

You will also have access to a professional, knowledgeable, and certified team of tech gurus who can prevent intrusion, phishing, spyware, and more. If you have work-from-home employees, they will have VPN secure access to close any security gaps. You will also get hourly automated backups, company data stored securely in multiple locations, and monthly onsite visits to check on your network stability. You can get these services at a reasonable, fixed monthly rate, and there are no hidden charges. Also, you don’t have to worry about spending an extra penny in case of an emergency.

Reach out to 365 Technologies Today!

Don’t be the next culprit of a cyber attack that could end up crippling your organization for months or years to come. To prevent any forms of cyber attacks that could lead to significant losses, contact us today to do a complete review and audit of your system.