Myth: Cyber attacks won’t happen to me.
Reality: In 2022, 63% of Canadian SMEs experienced cyber attacks. On average, it took these companies 160 days to realize they had been targeted. All sectors are vulnerable to cyber threats.

Myth: Cyber attacks come from outside.
Reality: Many attacks result from collaboration—sometimes unwitting—between internal and external parties.

Myth: There’s nothing you can do to prevent cyber attacks.
Reality: A systematic approach to cybersecurity can effectively protect your business, significantly reducing the risk of attacks and their impact.

Myth: Installing antivirus software is enough.
Reality: While antivirus software is a valuable first step in securing your systems, it is insufficient on its own. Additional security measures are essential for comprehensive protection. Technology is a vital tool, but vigilance is equally important.

Why invest in cybersecurity?

While investing in cybersecurity might not always offer the highest immediate return on investment, it provides numerous long-term advantages. By setting clear priorities, understanding your risks, and establishing proper monitoring, you can:

Benefits of Investing in Cybersecurity

• Reduce the likelihood and impact of a cyber-attack.
• Enable faster recovery of operations after an incident.
• Strengthen customer trust and enhance your business reputation.
• Gain a competitive edge by meeting industry standards and certifications.

Consequences of Neglecting Cybersecurity

• Prolonged financial losses due to breaches.
• Damage to customer trust and brand reputation.
• Potential legal liabilities and costly fines.

Improving data confidentiality

What is Data?

Data is any information that can be collected, stored, categorized, processed, analyzed, interpreted, or presented. For instance, by filling out the form to download this guide, you provided BDC with data.

Here are key categories of data SMEs may collect:

• Personal Data and Personally Identifiable Information (PII):
  Personal data refers to information related to an individual, while PII can be used to identify a person, either alone or in combination.
  Examples: Social insurance numbers, names, addresses, and driver’s licenses.
• Sensitive and/or Strategic Data:
  This includes information that requires special handling by businesses.
  Examples: Trade secrets, intellectual property, banking info, research, and loyalty program data.
• Protected Health Information (PHI):
  Data related to an individual’s health or medical history.
  Examples: Vaccination records, biometric data, medical exam results.
• Shared Data:
  Information is shared with suppliers or partners as part of delivering a product or service.
  Examples: Credit files, contracts, and trade agreements.

Are you aware of the types of data your business collects? Do you ensure its confidentiality? Data confidentiality involves understanding and controlling:

• What data is collected
• Who has access to it, and for what purpose
• How long the data is retained
• Whether and how data is disposed of
• How data is protected
• Whether data is transferred or sold to third parties.