In 2016, 28 percent of Canadian businesses reported being subjected to a cyber-attack. But even without these numbers, many businesses today rely on a combination of email, online payment processors, and cloud databases to stay operational.

We’re about to cover some of the most common ways that hacks have been known to occur. And then, we’ll give you our top tips for protecting your data.

Keep reading to find out more.

How Do Cyber-Attacks Happen?

There are a few common methods that hackers use to gain unauthorized access to data:

  • Phishing Emails: These are fake emails that look like they come from a trusted source. Bad actors then use pages and forms to reach your login credentials.
  • Weak Passwords: Although “123” might be simple to remember, cyber attackers can often guess easy passwords.
  • Old Software: Older versions of software often have bugs and vulnerabilities. Hackers will exploit this information to access your data.
  • Malware: If someone accidentally visits an infected site or downloads a virus, your passwords and your data could be exposed.

Here’s How You Can Protect Your Company From Cyber-Attacks

We’ve talked about the methods that are commonly used for executing hacks. But that doesn’t explain how you can protect your business. Here are some strategies you can use to make your business a tougher target for hackers:

  1. Have Employees Use Password Managers

Password managers allow your company to generate strong passwords while also storing them in a single and accessible place. When everyone has strong passwords, your data is better protected.

  1. Use Two-Factor Authentication As Much As Possible

If you’ve ever had a pin sent to your phone, then you’ve already seen two-factor authentication in action. This extra layer of security can do a lot to help you keep your data secure.

  1. Have Company-Wide Security Standards

When employees understand how to protect their passwords and how to avoid malware, you’re less likely to see people falling for phishing schemes. With this approach, you can make cybersecurity a part of your onboarding process.

Protect Your Business by Getting Cyber Insurance Through Oracle RMS

Alongside your other contingency plans, it may be a good idea to talk to an Oracle RMS broker about how you can use cyber insurance to manage the aftermath of a cyber-attack. If clients lose critical information or your company is required to make payments due to a data breach, this coverage option can help you protect your bottom line. Get your free cyber insurance quote today.