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Working in cold temperatures is a reality many Canadians face. But when the temperature drops, those working outside can be at risk of catching hypothermia, experiencing frostbite, or dealing with freezing of exposed extremities like fingers, toes, and ear lobes. That’s why necessary precautions must be taken against extreme weather, and if conditions are found […]
Counterfeiting of electrical products is a serious and growing issue in Canada and around the world. A counterfeit product is one that uses the trademark, service mark, or copyright of another product without authorization, and with the intention of deceiving prospective customers into believing the product is genuine. Counterfeit electrical products can present serious health […]
According to the government of Canada, small businesses account for almost 97.8% of total businesses throughout the country. Imagine if 97.8% of Canada’s businesses were to shut down. That would be a scary situation, which is why risk management and business continuity planning is very important as a small business owner. What is business continuity? Business continuity […]
There are many risks that come with working within the construction and contracting industry. Making safety a priority on a construction site is crucial, not only to protect the well-being of your workers, but also to maintain a productive and efficient environment. Many jobs call for special safety equipment that goes well beyond the hard […]
As a small business owner positioned for growth, you should be aware of the most common risks facing your business so that you can be better prepared when they come your way. Here are five risks that could harm your small business.
Small businesses face a number of risks, and they can vary based on the type of small business you operate. For contractors or skilled tradespeople, fire poses a significant risk. Working with heavy machinery, tools, and materials such as metal or wood can increase the chances of a fire breaking out in your workspace. Implementing strong […]
As a small business owner, you might not think about cyber attacks on a regular basis. However, they’re more common than you may think. According to a 2022 survey by the Canadian Federation of Independent Business (CFIB), 45% of small businesses experienced a random cyberattack in the past year, and 27% experienced a targeted attack.
A cyber breach is when an unauthorized individual or organization gains the ability to view, access, or retrieve data from another individual or organization. Cyber breaches typically involve stealing data to share with others, or stealing data and holding it for ransom.
Many small businesses believe that hackers are only interested in large corporations. IBC’s 2023 Cyber Security Survey found that more than 60% of small businesses think their business is too small to be targeted by cyber criminals. Unfortunately, this belief leaves many businesses vulnerable, with 69% of small businesses not considering cyber security a priority. The truth is small businesses have become prime targets as they typically have weaker security safeguards in place.
In the unfortunate scenario that your small business falls victim to a hack, there are specific steps that you can take to recover from the breach and minimize your losses.
We understand that your immediate reaction to a cyber breach might be to unplug devices and shut everything down. But shutting down a machine can delete valuable information on how the hack originated and the extent of the damage.
Bringing in someone who specializes in cyber attacks is a crucial next step after identifying a hack. They’ll be able to determine important details including the scope of the damage that’s been done, and identify how the breach occurred. Once all the important information has been pulled by a specialist, they can help contain the situation and prevent any further damage from occurring.
It’s not only best practice to communicate quickly if you’re hit by a cyber breach, it’s the law! Organizations are obligated to record and report any breaches of their security safeguards. Also, you must notify individuals affected by the breach if there is any chance it could cause them harm, such as identity theft or financial loss.
After a cyber breach, conducting a thorough investigation is crucial as it will shine light on any vulnerabilities in your security system. Identifying these weaknesses allows you to address and fix any holes, helping to prevent future hacks. Investing in firewall and intrusion prevention systems can give you another layer of security against the threat of cyber attacks. These technologies actively monitor and block unauthorized access, ensuring your sensitive data remains secure.
Many small businesses fall prey to a number of myths associated with cyber risks, which can cloud your judgment and leave you vulnerable. Speak to your insurance provider about revisiting your policy to ensure you’re covered for the damages that a cyber breach can cause.
In today’s digital landscape, knowing how to recover from a cyber breach is crucial, but having protective measures in place is equally important. Cyber risk insurance is designed to help protect your business from certain losses associated with cyber or privacy breaches. To learn more about how TruShield can help safeguard your business, visit our cyber insurance page today!
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.
There is a common misconception among business owners that shutting down a business can protect it from legal action. However, closing your business doesn’t necessarily shield you from liability. Courts generally do not consider whether a business is still operational when making a ruling. Regardless of whether you’re in business or not, you are still […]
The rise of home-based businesses has transformed the entrepreneurial landscape, offering flexibility and opportunities for innovation right from the comfort of one’s home. However, with this evolution comes the need for a solid foundation of protection – something that home-based business insurance provides. Often overlooked, home-based business insurance is a strategic investment that safeguards the […]
