BDC Offers Six Tips for Canadian Businesses to Protect Data

The Business Development Bank of Canada (BDC) has issued guidance for Canadian small businesses on protecting company data from escalating cyber threats. The advice emphasizes that data leaks frequently originate from internal sources, such as employee negligence or deliberate theft.

Ryan Duquette, founder of Hexigent Consulting, notes that a significant portion of his firm's cybersecurity work addresses internal threats, including the misappropriation of intellectual property by former employees. He stresses that cybersecurity is a responsibility for all staff, not solely the IT department.

BDC encourages businesses to identify their vulnerabilities by assessing what data needs protection, who has access, and what controls are in place. Companies should also evaluate the potential consequences of a data breach.

Sem Ponnambalam, CEO of Xahive, recommends periodic cybersecurity checks to identify weaknesses. Additionally, businesses must establish protocols for data breaches, including informing clients and authorities. Daily data backups, both cloud and local, along with regular software updates, are essential practices.

BDC reminds businesses that small enterprises are increasingly targeted by cybercriminals due to their possession of valuable client and intellectual property information. Companies must also ensure that former employees lose access to sensitive data.