A Cybersecurity Assessment Can Help You Prevent Costly Disasters

Let's be honest: cybersecurity might not be the most exciting topic on your to-do list. If you’re growing your company you're probably more interested in solving immediate problems than worrying about hackers. But here’s the deal—cybersecurity isn’t just about keeping the bad guys out; it’s about ensuring your business keeps running smoothly, no matter what.

Keeping your systems safe from hackers will often involve spending money on IT security platforms, backup solutions and managed service providers. The problem is that this can quickly become very expensive. You can write a blank check and spend a bazillion dollars on this stuff. But the truth is, you don’t need to break the bank to protect your business—you just need to be smart about it. And that’s where a good cyber security assessment comes in.

Cybersecurity is increasingly about aligning with standards. You will likely be familiar with the ISO 9001 standard for manufacturing companies. Well, cybersecurity is moving towards having those standards as well, and they are becoming essential, especially as regulatory bodies and insurance companies start asking more about your security testing and protocols.

IT Security Assessments are crucial to keep your company safe

Let’s cut to the chase—cyber-attacks are on the rise. They were up 400% before the Colonial Pipeline attack, and it’s only gotten worse. Imagine your business as a house. The house hasn’t changed, but now there are more tornadoes—cyber tornadoes—swirling around, looking for any crack to slip through.

What’s really alarming is that this isn’t just a problem for large corporations. In fact, small to medium-sized businesses (SMBs) are often prime targets. The danger of cybersecurity threats now is way higher than it used to be... It's become a question of when you will get hacked, not if. In Canada, 39% of companies have been hit by ransomware, and a significant portion of attacks target SMBs because they are often seen as easier targets. Staying ahead of these cyberattacks is not just a good idea but a critical part of your business strategy.

What does an IT Security Risk Assessment involve?

Here’s where the rubber meets the road. An IT security assessment isn’t just a fancy term for “look at my tech stuff.” It’s about risk assessment, taking a hard look at your business, and figuring out where the potential vulnerabilities are—before someone else finds them.

Identifying vulnerabilities

The first step is figuring out where you’re vulnerable. Hackers have to find only one tiny little crack, and it’s our job to secure everything... every little password, every little login.” In my experience, this is where most businesses get their first big wake-up call. You’d be surprised how many security threats there are once you start looking.

During the cybersecurity risk assessments, you might discover that your biggest vulnerabilities aren’t the obvious ones. For instance, one of our clients had a strong firewall but weak passwords.

Evaluating current security measures

So you’ve got some security in place—great! But is it actually working? You could have the most sophisticated security system in the world, and if you hand the keys over to someone else, tell them what the code is, and walk them in... it’s not worth anything. The key here is vulnerability assessment – making sure your defences are up to date and actually doing their job.

I have to emphasize that you don’t have to be perfect—just better than the next guy. You don't have to outrun the bear. You just have to outrun the other people being chased by the bear. Your goal isn’t to be invincible; it’s to be a harder target than the business next door.

Assessing compliance with standards

It’s very important to align your company with cybersecurity standards like CIS and NIST. These standards aren’t just hoops to jump through, they give you a framework to ensure you’re protected against the latest threats. And being able to tell your clients that you’re aligned with security standards sounds pretty impressive too.

Compliance isn’t just about checking boxes; it’s about creating a culture of security within your organization. In the US, companies are increasingly being asked what security standard they are aligned to. Whether it’s for insurance purposes or regulatory compliance, having a standard in place can make a huge difference in how your business is perceived.

An IT security assessment will cover a lot of different areas, broadly grouped into the following categories:

Password security

If you take one thing away from this article, let it be this: passwords matter. 80% of breaches involve brute force or guessed passwords. Multi-factor authentication (MFA) is the single most important thing you can do to protect your business. MFA might seem like a hassle, but it’s worth every extra second it takes.

Here is why it is so important: cracking passwords is done by automated bots, not by the hacker personally. A bot will come along and it will try to brute force the password, but then it will hit a six-digit code for that multi-factor authentication. Since the bot is working on many other accounts at the same time, it’ll just go back and hack those instead. In other words, MFA is your first line of defence, and it can make all the difference in stopping a hacker in their tracks. So this says first line of defence and then in the next sentence below it also says first line of defence - we should reword one of them so they don’t conflict.

Employee training

Your employees are your first line of defence—or your weakest link. The human side of the equation is about risk mitigation–training your staff and making them aware of the risks they face every day. You could have the most secure system in the world, but if someone hands the keys over... it’s not worth anything, Even the best security measures can be undone by a single careless click. 

That’s why regular training of your employees isn’t just a nice-to-have—it’s a must. It should cover how to avoid potential threats such as phishing scams and how to recognize the signs. It’s also about practising the response plan. Let’s assume you got hacked, and the hacker just called you on the phone to ask for a ransom. What do you do? What’s your first move? Practise that. This kind of preparation can make all the difference when you’re in the middle of a crisis. It’s like a fire drill—better to have a security strategy and know what to do ahead of time than to be scrambling when the alarm goes off.

System and software updates

This one’s a no-brainer, but it’s amazing how often it gets overlooked. Hackers often exploit known vulnerabilities to cyberattacks in outdated software, so do yourself a favour and make updates a priority. In most cases it’s as simple as making software updates automatic.

Let me also highlight the importance of reviewing access controls. Does everyone need access to everything, or can we divide it so that there are different departments? By limiting access, you can reduce the risk of a breach spreading across your entire organization.

Regular backups

Backups are your insurance policy against ransomware,cyber threats, and other identified risks. Yet there are still many companies that don’t have an adequate backup system in place. Sometimes it is because they are not aware of the need, which is why a cyber risk assessment is so important. Other times it’s because they want to save the cost. 

However, it’s far cheaper to have a solid backup system than to deal with the cost of a cyber security breach! It starts with an investigation that may cost you $30,000 right off the bat. And that’s before you even get to compensating customers or calculating the lost business.

Aside from the cost, the downtime resulting from a cybersecurity breach can be a killer for your business. The average downtime is 19 days - that’s a long time to not be operational. Imagine being out of commission for nearly three weeks, that’s a hit most businesses can’t afford to take. 

Regular backups ensure that even if you are hit, you can get back on your feet much faster.

Passing a Cybersecurity Risk Assessment is not enough

Here is an actual case we had to deal with. One of our client’s suppliers got hacked. The hackers impersonated them, and asked our clients to transfer money to a different bank account. So even if your business doesn’t get hacked you still are at risk from cyber-security attacks.

In this case, the supplier’s email had been hacked, and the hackers were able to intercept and manipulate communications. The hackers had put rules in the supplier’s email system to redirect certain messages, so the supplier never saw them. It wasn’t until two weeks later, when the supplier followed up on a payment, that our client realized something was wrong. By then, the money was long gone.

This story illustrates that having IT Security systems in place is not enough. Everyone in the company has to be aware of cybersecurity risks and be vigilant!

Expanding on cyber security standards

The big players in the field of cyber security standards are CIS and NIST. These two standards cater to different needs.

CIS is very practical, with straightforward yes or no questions. It is broken down into different implementation groups, with basic cyber hygiene as the first level.

The NIST cybersecurity framework offers more flexibility and is often favoured by financial institutions. It focuses more on identifying risks and establishing recovery plans, using common language that’s accessible even if you’re not a tech expert.

For business owners, the key takeaway is to pick a standard that fits your business and start aligning your security measures with it. Even if you don’t go all the way, having a framework in place is better than nothing. It shows that you’re serious about security policies, and it can protect your business in the long run.

Conclusion: protecting your business starts with awareness

Cybersecurity isn’t just for tech companies—it’s for every business, big or small. By taking the steps outlined in this article, you can make your business a less attractive target for hackers. Being proactive is the best way to protect what you’ve worked so hard to build against potential risk.

Taking these steps might seem overwhelming, but remember, you’re not alone. Leslie, Digital Fire, and professionals like me are here to guide you through the process, ensuring that your business remains secure, resilient, and ready for whatever comes next.