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According to a recent RBC survey, 44% of small business owners think their business might be a victim of cyber crime in the next 12 months, while 32% admit they're not prepared for a potential cyber attack.

Just because you run a small business doesn’t mean you’re beyond being targeted for a cyber attack. Small businesses often hold the same sensitive customer information as larger enterprises. That, combined with fewer resources to devote to cyber security knowledge and mitigation, makes them an attractive target to hackers.

RBC’s Chief Information Security Officer Adam Evans sat with Michael Argast, CEO of Kobalt.io, to discuss the small and medium-sized business landscape and the importance of cyber security.

Surprisingly, many small businesses still don’t take steps to protect themselves. A recent RBC survey revealed that only 1 in 4 small businesses have an in-house IT Team, and one in five hire an outsourced IT consultant and/or cloud service provider. But, effective cyber security practices set small and medium businesses on the path to business growth.

Adam explains that it’s “about aligning security priorities with your business priorities … the security priorities can align, and evolve and make the business priorities that you’ve set in the institution more successful because they’re more resilient to this digital threat landscape that you’re operating your business services in.”

Learn more about Kobalt.io offers and programs for small or medium-sized businesses.

How to improve your personal cyber security

Small businesses are comprised of individuals with personal cyber security concerns — protecting yourself from cyber crime or helping educate your children on the safe ways of interacting online. Michael points out a few things to keep in mind.

The first is to turn on 2-Step or multi-factor authentication (MFA) anywhere you can. As he explains, “It doesn’t cost a lot of money, and it might be a little bit of an inconvenience when you first set it up, but it gets easier. And it dramatically reduces the probability that one of your accounts — and all of the data behind it — is likely to be compromised.”

For example, RBC offers MFA at no cost to retail accounts. Click here for more details.

The second is ensuring your password is properly protected, and you’re running updates and anti-malware software from a reputable vendor.

For more information, visit RBC Cyber Security for Business.

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