Cybersecurity Best Practices: Staying Ahead of Threats

As cyber threats continue to evolve, adopting cybersecurity best practices is crucial for businesses of all sizes to stay protected. With cybercrime projected to cost the world over $1 trillion per month by 2031, organizations must proactively safeguard their data, operations, and reputation.

A 2023 KPMG survey of 73 small and medium-sized businesses in metro Vancouver and Vancouver Island found that 55% experienced a cyberattack in the past year, and 54% paid a ransom within the past three years to unlock their systems. National and global trends reinforce this growing concern, with Canadian business leaders ranking cybersecurity as the number one threat to their growth.

“If it were measured as a country, then cybercrime would be the world’s third largest economy, behind the U.S. and China,” says Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief at Cybercrime Magazine.

To combat this ever-growing risk, businesses must take a proactive approach by strengthening their IT systems and mitigating financial risk through cyber insurance.

Strengthen Your System

Cybersecurity is not just about reacting to attacks—it’s about proactively preventing them. The key to staying ahead of cyber threats is a strong defense strategy:

• Assign Clear Responsibilities: Every business should have a designated person responsible for cybersecurity, whether it’s an internal role or an outsourced IT partner. This ensures continuous monitoring and the implementation of best practices.
• Conduct Regular Security Assessments: Identifying vulnerabilities is the first step in strengthening your defenses. Resources like the Get Cyber Safe Guide offer a starting point for businesses without a dedicated IT team.
• Leverage Professional IT Services: Partnering with an experienced IT service provider ensures your business benefits from ongoing system upgrades, remote management, and advanced security protocols.
• Invest in Long-Term Cyber Resilience: Cybersecurity is not a one-time expense—it should be factored into annual budgets to support continuous improvements and adapt to emerging threats.

The National Cyber Security Centre in the UK describes the 2024 cyber landscape as “diffuse and dangerous,” with ongoing threats from both organized crime and hostile state actors. This makes professional IT oversight a valuable investment in operational security and business continuity.

Transfer Your Risk with Cyber Insurance

Even the most secure systems are not invulnerable, which is why cyber insurance is a critical safeguard. Like property insurance, cyber insurance helps businesses recover from attacks and minimize financial losses. However, securing the best coverage requires maintaining strong cybersecurity practices.

When applying for cyber insurance, businesses are typically asked about:

• Past cyber incidents and claims
• Encryption practices for devices and sensitive data
• Handling of payment card and personal information
• Use of multi-factor authentication (MFA)
• Regular offline backups of critical data
• Security measures for large financial transactions
• Policies on website content and intellectual property compliance

Your responses to these questions reflect your cyber-readiness. A well-secured IT system not only reduces the likelihood of an attack but also improves insurability, leading to better coverage and lower premiums.

This article is based on insights from Reliance and has been adapted to provide additional value for businesses looking to strengthen their cybersecurity posture. To learn more about how cyber insurance can protect your business, contact a Reliance cyber insurance specialist today.