Cybersecurity Best Practices for Canadian Businesses – Security

To print this article, all you need to do is be registered or log in to Mondaq.com.

Cybersecurity is a major concern for many organizations, especially in today’s digital world. As companies adapt to remote or hybrid work environments, the concern for data breaches and cyberattacks is greater. Data is used across all geographies of a business, as opposed to a single network in an office. This easy access to data across multiple networks is a concern for many organizations. In light of this new digital age, here are some of the best practices for cybersecurity in 2022:

UPDATE SECURITY POLICIES TO NEW REALITIES

As times evolve, digital practices also evolve at all levels. This allows an organization to evolve and rethink its security and compliance policies to adapt to new realities. According to EY’s 2021 Global Information Security Survey, “Half of Canadian executives say compliance in today’s regulatory landscape is the most stressful part of their job.”

In order to reduce this stress, it is essential to regularly review and update security policies and compliance. This helps IT teams be more proactive in implementing required changes in corporate cybersecurity practices. Because it’s an ongoing process that needs to be adaptive. Reviewing and updating these policies quarterly or monthly can be beneficial, especially in the unfortunate event of a cybersecurity threat.

MONITOR CYBER THREATS AND BE READY TO RESPOND QUICKLY

The best way to prepare for any cyber threat is to make a plan in advance. The common problem for many organizations is that they are not prepared for these attacks and any action is taken only after a cyberattack. All organizations should have an action plan for any cyber threat or data breach.

The first step is to identify the threat classification. These can be big data breaches or a lesser threat like a website going down for a few minutes.

Each company classifies these incidents differently. Therefore, all teams (board of directors, executives, IT team and legal counsel) should be on the same page as to the severity of each potential cyber threat incident identified.

Once the various scenarios have been identified, develop a detailed strategy to quickly respond to these potential incidents. Have a point of contact for each scenario, what would happen to fix the situation, and when it’s necessary to alert team members and departments. It can also be useful to test these strategies to make sure they are the best response to a situation and adapt them accordingly once the data and feedback is collected.

OUTSOURCING CYBERSECURITY PLANNING

Internal efforts are too often not sufficient protection. A company’s data security has many moving parts and the security of critical information is the top priority. Partnering with a company that can help you by providing threat intelligence, risk management, experimentation, and continuous learning is the smart move.

As part of responding to any cybersecurity threat, a crucial part of the plan should be finding an appropriate data security partner for the organization. According to the 2021 Global Information Security Survey, around 68% of CISOs say that management does not view cybersecurity as business. This mindset needs to change, because cybersecurity collaboration can help organizations focus more on business strategies and worry less about data breaches.

Globally and in Canada, many businesses are now at a critical point in digital transformation. Cybersecurity should be a real concern in hybrid and remote work situations, as companies are not internally prepared for the issues they might encounter. It is crucial to answer and not react.

Having a well-mapped plan for all anticipated scenarios is essential. Therefore, finding the right cybersecurity partner can help an organization put security and privacy at the forefront of innovation. This will help prioritize data security and privacy in every business process involving technology, allowing all teams and departments to focus on business-related strategies.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: Canada’s Technology

Considerations and Risks of AI in Employment Decisions

McCarthy Tétrault LLP

The global technology trend of artificial intelligence (“AI”) is becoming more prevalent in employment. For example, employers use AI to attract candidates, assess job performance…

Blockchain: opportunities and legal considerations

Torkin Manes LLP

Blockchain is a distributed ledger technology that is best known for its application with Bitcoin. Despite this fame, blockchain technology has potential far beyond Bitcoin or other cryptocurrencies.