While many small businesses use basic security measures, recent studies have found that more than 25 per cent of all enterprises still have not deployed core protections like anti-virus and email security.
Advanced measures like mobile security, data protection and endpoint prevention are used in less than half of all Canadian businesses. In a recent poll, one in five small businesses in Canada reported they had been targeted in a cyber attack. Of those, more than one in three estimated that the attack cost them more than $100,000 in damage.
Charlottetown business, A&S Scrap Metals, recently experienced a business email compromise scam (BEC). These types of cyber attacks involve the attacker guessing or using stolen credentials to brute force into an email account, and then using that email account to send out spam or malicious attachments to contacts, under the assumed identity.
“One minute you are going about your normal business, then the next we are hearing that our contacts, both customers and suppliers, are getting fake emails from us, and the emails have a suspicious attachment,” said Clinton Myers, owner of A&S Scrap Metals.
“It makes you wonder if they are still in your system and what they might try next. Not to mention that we don’t want to negatively affect our contacts.”
Meanwhile, the COVID-19 pandemic is aggravating cyber risk factors.
“Businesses who were able, scrambled to quickly sort out how to manage a sudden shift to remote work for an entire workforce in days or weeks, It’s obvious that is going to result in additional security risk and potential for lost productivity,” said Jeff Shaw, chief operating officer for Bulletproof, an Island security firm.
Bulletproof is one of several Island firms, along with Cyber Island, Cyber Force and Rogue Security, teaming up with P.E.I.'s Canadian Business Development Corporations to offer cybers ecurity programs for small- and medium-sized businesses.
“It’s huge that the CBDCs are showing leadership and actively supporting this initiative to help Island businesses secure and protect their client data, intellectual property, and revenue streams," said Shaw.
With the move to remote work, cyber security can leave employees with little cyber security training using phones and laptops that have not been prepared to defend against common attacks. Scammers are taking advantage of this uncertainty to develop COVID-19-related phishing emails as well as target health-care organizations across the world.
“Island businesses are already completely strained because of the pandemic,” said Martina MacDonald, executive director of CBDC Eastern P.E.I.
“I have seen many businesses adapt quickly to keep providing their products using online technology. It would be devastating to see all that hard work be wiped out due to a cyber security attack. This type of training right now is crucial.”
The $2,500 P.E.I. COVID-19 Business Adaptation Advice Program recently launched by Innovation P.E.I. can be used to cover the cost of this cyber security program. If interested business owners find they are unable to secure funding through the program, the CBDCs also have a consulting advisory services program, which can fund up to 75 per cent of the costs for eligible participants.
For more information, contact [email protected].
