Are You Spending Enough On Cybersecurity?

According to a report published by the Canadian Federation of Independent Businesses (CFIB), two-thirds of small-to-medium-sized businesses in Canada are unable to spend any money on cybersecurity infrastructure because of the pandemic.

The remaining one-third of organizations spent an average of $6,700 on cybersecurity.

"At the beginning of the pandemic in March, 80 percent of small businesses were partially or fully shut down. Now it's only 47 percent of businesses that are fully open and those businesses just don't have the financial means at the moment to invest," said the Vice-President of National Affairs at the CFIB.

He said that organizations that cannot afford to spend on cybersecurity must train staff on fraud and cyberattacks and have at least one or two "fire drills" so staff knows what to do if a cyberattack occurs.

According to the Director of Communications and Knowledge Mobilization at Ryerson University's Cybersecure Catalyst, many organizations rely on service providers to assist their digital transformation, but these providers are not prioritizing security. He said some organizations want to invest in cybersecurity, but do not know where to start. He added that there are many free tools available to understand cyber fraud, but small businesses must be made aware of these resources.

The report stated that almost 25 percent of Canadian businesses—around 61,000 small businesses—experienced a cyberattack since the start of the pandemic in March 2020. Five percent of all organizations reported that a cyberattack against them was successful. Shruti Shekar "Two-thirds of small businesses can't spend on cybersecurity: study" (Feb. 12, 2021).

So, the question for our readers is:

Have you spent enough on cybersecurity since the pandemic began?

Please take the poll. Here is the opinion of one of the McCalmon editorial staff:

Jack McCalmon, Esq.

We have spent, and continue to spend, on cybersecurity. The most important thing we have done is to make certain we do not collect the type of information that criminals desire like social security and credit card numbers. I was at a doctor's office recently, and they were still requiring social security and driver license numbers on new patient forms, creating a huge risk in case of breach.

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