You own a business. You use technology every day. Aside from routine operations, technology is also used in various forms to communicate with clients and with other team members. Not all communication happens within the office. You probably use a combination of computers, tablets, and smartphones to conduct day-to-day operations. Whatever your specific setup is, your company needs modern methods to safely share and store information across all users and devices.
With all the advancements in cyberthreats and technology every year, maintaining strong security measures can be challenging for the small business owner. At TUCU, our primary goal is to provide good information and network security services in Toronto for small business owners. It’s never a dull moment and here’s a glimpse into why. Let’s take a look at the cyberthreat landscape today.
Interpreting the Numbers: Recent Security Statistics
Cyber attacks hit Canadian businesses of every size, every year, and they cost Canada billions of dollars. These are the most recent Canadian numbers:
- 1 in 6 Canadian businesses (16%) were impacted by a cyber security incident in 2023. (Statistics Canada, 2024)
- Canadian businesses spent $1.2 billion to recover from cyber security incidents in 2023, double the $600 million they spent in 2021. Small businesses (10 to 49 employees) spent about $300 million of that. (Statistics Canada, 2024)
- Half (50%) of impacted businesses were hit by scams and fraud, and 13% were hit by ransomware. (Statistics Canada, 2024)
- Only 26% of Canadian businesses had written cyber security policies in 2023. (Statistics Canada, 2024)
- 43% of Canadian organizations were targeted by a cyber attack in the past year, and 24% were hit by ransomware. Of the ransomware victims, 74% paid the ransom. (CIRA, 2025)
- 61% of Canadian cybersecurity decision-makers worry about AI-improved phishing emails and texts. (CIRA, 2025)
- Ransomware incidents reported to the Canadian Centre for Cyber Security grew by 26% per year on average since 2021, and the Centre expects the threat to keep growing. (Canadian Centre for Cyber Security, 2024)
- Fraud losses reported in Canada rose from $383 million in 2021 to $567 million in 2023. (Canadian Centre for Cyber Security, 2024)
Small Business IT Security Breaches: What are the Consequences?
Big business hacks make headlines. No one really hears about the small business hit with $4,000 ransomware and 3 days of lost productivity. And it happens more often than you think.
Many hackers tend to target small companies first, because they know they are generally less protected. In an effort to cut costs, many small businesses allow employees to use their personal devices for company business (BYOD). However, this actually increases the chance for a breach exponentially. Because your employees personal devices are not managed and secured by you, according to best practices, they are prone to viruses, email hacking and can carry the risk or infection in to your business the next time they connect to the network or server. For this reason, we recommend a CYOD policy instead of a BYOD policy.
If a breach does indeed occur, the results could be devastating. Best case scenario, your programs and operations could be tampered with. Unfortunately, it usually doesn’t stop there. In many cases, your clients’ data could be held for ransom or stolen, leaving you liable for damages. Financial and health care offices are often targets due to the sensitive data they hold, but any business is at risk.
Your business could be compromised in an instant, costing you a significant amount of time, money, and your good reputation. For this reason, it’s important to implement and uphold IT Security best practices, which may include:
- a strong password policy
- the use of Active Directory to authenticate users who are or are not allowed to connect to your network
- user permissions to limit accidental infection or data theft by employees
- the use of a firewall
- IT Outsourcing for network management
Protect Your Business With An IT Security Services Provider: At TUCU, we offer small business owners peace of mind. By improving IT security standards and enhancing your network, you can shield your sensitive information from potential threats. Whether you need a network overhaul or routine maintenance, we can help you. To schedule a a free consultation, please call on us today.
