Regularly reviewing your business's IT risks is an important step to protect your operations from unexpected problems like cyberattacks, data loss, or system downtime. A risk assessment helps you identify where your technology and processes might be vulnerable, so you can address these issues before they cause harm. This is especially important for Canadian small and mid-sized businesses, where even a short disruption can impact customer trust and revenue.
Why this matters for Canadian SMBs
For many small businesses in Canada, IT systems are the backbone of daily operations—from managing customer information to processing payments and supporting remote work. If these systems fail or are compromised, it can lead to costly downtime, lost data, or even regulatory penalties if personal information is exposed. Regular risk assessments help you stay ahead of these threats by uncovering weaknesses in your security, backup procedures, or user access controls.
A practical example
Consider a Toronto-based company with 50 employees that recently experienced a ransomware attack. They had basic antivirus software but had never conducted a formal risk assessment. After the attack, their IT partner performed a thorough review and found several issues: outdated software patches, weak password policies, and unmonitored access to sensitive files. By addressing these gaps, they reduced the chance of a repeat attack and improved overall system reliability.
What to check during a risk assessment
- Ask your IT provider: How often do you conduct risk assessments? What frameworks or standards do you follow (e.g., NIST, ISO)? Can you provide a summary of recent findings and remediation steps?
- Review access controls: Who has access to critical systems and data? Are permissions regularly reviewed and updated?
- Evaluate backup processes: Are backups performed regularly, stored securely offsite or in the cloud, and tested for recovery?
- Check software updates: Are all systems and applications patched promptly to fix security vulnerabilities?
- Assess user policies: Are employees trained on cybersecurity best practices? Are strong password and multi-factor authentication policies enforced?
- Identify compliance requirements: Does your business handle personal information subject to Canadian privacy laws? Are you documenting risk mitigation efforts accordingly?
Next steps
Risk assessments are not a one-time task but an ongoing process that helps your business adapt to evolving threats. If you haven't done one recently, consider reaching out to a trusted managed IT provider or IT advisor who understands the needs of Canadian SMBs. They can guide you through a practical, clear assessment and help prioritize actions that protect your business without disrupting daily operations.