House of Commons: Large firms are well-defended from attacks — smaller firms are vulnerable

House of Commons: Large firms are well-defended from attacks — smaller firms are vulnerable

— Written by Lela Draganic


The Canadian House of Commons Committee on public safety issued a report earlier in June, confirming what cyber security and data experts have been saying for a while: large companies are not those we should be worried about. It’s the small and medium sized businesses and startups that are easy targets for hackers and often suffer data leaks.

“Banks and other financial institutions are expanding and digitizing their service offerings, often partnering with financial technology (fintech) start-ups to do so,” the committee wrote. “As small businesses, these fintech start-ups may not be in a position to fully protect themselves against cyber threats. Liberal MP John McKay said hacking attacks against small financial sector firms are virtually guaranteed. I think what gave us comfort was that the larger institutions in Canada are at the high end of the security spectrum,” he said. “The middle and lower financial institutions, not quite so much.”

This isn’t just the case for Canadian businesses, but a global trend. For a lot of companies cyber security and data privacy is the last issue they worry about and consider it almost a luxury, something to be handled after they settle everything else about their business.

Larger companies have the resources to invest in a robust cyber security program and have in-house IT teams and experts, and they are not as likely to close their doors when they do experience an attack or data breach. A huge number of small and medium size enterprises, around 60% of those who experience an attack, cannot recover and repair the damage done to them through intrusions and have to shut down. Big companies have the resources to weather both the PR and recovery storms that follow.

The only solution to preventing this sort of outcome is to build cyber security into every aspect of a business and take it as seriously as physical security. Maintaining the trust of customers and clients should be the number one goal for any company, no matter its size.


(Source: CBC)

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