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Privacy breaches and attacks that hold an organization’s information at ransom are a threat to businesses of all sizes. And these threats are on the rise.
Seventy-five percent of Canadian business leaders said they have seen an increase in disruptive cyber incidents in the past 12 months, according to a study by Ernst & Young.
Incidents can cause financial and reputational losses, as well as long-term damage. Yet many companies still are not sufficiently prepared to deal with these threats.
Why do businesses fail to act? Among the key reasons are the perceived cost of protection or a lack of internal IT know-how. A survey by the Insurance Bureau of Canada found that almost half of Canadian businesses (47 per cent) are not allocating a portion of their operating budget to cybersecurity.
In the age of cloud computing, companies do not need a large IT infrastructure to provide premium solutions for data security. All-in-one cloud-based data services that include cybersecurity are game-changing for any business, says Mark Ryland, a director with the Chief Information Security Office at Amazon Web Services (AWS).
Protect one of your biggest assets – trust
KOHO Financial is a case in point.
The upstart Toronto-based fintech company has made waves in an industry dominated by large financial institutions. They’ve carved out a niche in the market by leveraging cloud computing, to provide millions of Canadians with free or low-cost products and world-class cybersecurity.
KOHO Financial has also leveraged the cloud to deliver world-class cybersecurity, using a range of AWS solutions.
“We’re competing with big banks, and the most important element to be competitive is the trust of our customers. So, cybersecurity is critical to success. I’m always thinking about what we can do to reduce the risk of a breach,” says Jonathan Klein, chief technology officer at KOHO Financial.
For businesses of all types and sizes, AWS provides more than 200 affordable cloud solutions – everything from databases and analytics, to artificial intelligence and storage.
One example is Amazon Inspector. This security assessment service continually looks for software vulnerabilities and unintended network vulnerabilities that require action. It provides an automated solution to a complex problem.
“Having a place where you can audit your entire infrastructure is very convenient, saving time, people resources and money,” Mr. Klein says. “It means we don’t need to assign a team to constantly monitor emerging vulnerabilities.”
“It’s a huge cost advantage because these companies don’t need full-time cybersecurity experts on the payroll,” says Mr. Ryland.
The money saved can be allocated to business improvements and innovations. Enhanced cybersecurity supports business productivity, as well as protecting a company’s customers and strengthening the trust of all stakeholders