January 29, 2023

Internet hacking or cybercrime is becoming very common in Canada. It is no secret that anyone with a computer or a smart device is at risk of getting hacked.

‘’I opened my small antique business in 2019, and all our transactions were done online. Within five months of opening the company, my website was hacked, and I suffered a huge loss,’’ said Jack Brian, owner of K& K Company.

Nowadays, people prefer to use online features for banking transactions and data input. Due to online transactions, the risk of cybercrime increases. Small businesses are often hit particularly hard by the crimes, since they try to keep up with consumer demand but invest less in cyber security features.

“It is essential to invest in cyber security within the organization to protect the customer’s trust, company’s assets, and reputation. Small businesses shut down easily due to cyber threats,”’ said Lucy Liu, a cyber crime and IT specialist.

CYBER CRIME CHART OF ALL COUNTRIES (REFERENCE – https://reviewlution.ca/resources/cyber-crime-statistics/

A recent report from Statistics Canada found that just under one-fifth (18%) of Canadian businesses were impacted by cybersecurity incidents, compared with 21% of Canadian companies in 2019 and 2017. One interesting point was that 16% of small businesses were affected, and the most common incidents were stealing money or financial or personal data.

‘’I had one IT specialist in my company, and due to the budget constraints, I did not invest well enough in cyber security, and that was the biggest mistake I made in my initial days. It took me months to gain customer’s trust again,’’ said Brian.

Internet hacking affects businesses to such a level that they suffer a bad reputation, loss of data, and loss in financial condition. People lose trust in business, and business sales are impacted to a large extent.

‘’Very few businesses report to police or cyber cell. Organizations should understand that reporting crime at the right time is very important,’’ said Liu.

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