Last updated: Apr. 8, 2025 

Cybersecurity for Businesses: Protecting Your (and Your Customers’) Financial Data 

Running a business means handling more than just your own finances—you’re also responsible for your customers’ and clients’ sensitive data. Damage from a data breach goes beyond just you, potentially eroding the trust of the people who rely on you.  

The good news? You don’t need to be a tech expert to keep everything safe. With a few smart habits, you can protect your business, your customers, and your bottom line. 

Why Cybersecurity Matters For You and Your Clients 

According to the Government of Canada, cyber attackers “are getting bolder and more aggressive,” using new business models and AI to enhance their capabilities. These kinds of scenarios are becoming more and more common: 

• A hacker steals customer credit card details from your system.
• A phishing scam tricks your team into revealing client tax or payroll info.
• Ransomware locks up both your financial records and sensitive customer files. 

The fallout? Lost trust, legal headaches, and costly recovery—not just for you, but for the businesses you serve. 

Example: Indigo Loses $50 Million Due to Cybersecurity Incident 

A February 2023 cyberattack left Indigo stores unable to accept card payments for days, while online sales were down for almost a month—showing how quickly cyberattacks can disrupt business. It’s estimated that they lost $50 million due to the attack, underperforming in what should have otherwise been a strong financial year due to the loss of e-commerce sales. 

Protecting All the Financial Data You Handle 

Whether it’s your books or your clients’, these steps help keep everything secure: 

1. Lock Down Customer Data (Not Just Yours) 

• Do: Encrypt sensitive client files (like payment info) before storing or emailing.
• Don’t: Keep unsecured spreadsheets of customer credit cards or banking details. 

2. Train Your Team on “Double Protection” 

• Do: Teach staff to verify B2B payment requests (fake vendor invoices are a top scam). 
• Don’t: Assume an email from “accounting@client.com” is real—hackers love impersonating business partners and customers. 

3. Secure Your Payment Systems 

• Do: Use Payment Card Industry-compliant tools for processing customer payments. See examples below: 
  • Online Payments: Stripe, Square, PayPal, Helcium 
  • In-Person Payments: Square terminal, Moneris, SumUp 
  • B2B/Invoicing: Bill.com, Melio, Plooto 
• Don’t: Use “DIY” methods (e.g., spreadsheets for card numbers) or email unprotected banking details (even to trusted clients) 

4. Use Strong, Unique Passwords & Multi-Factor Authentication (MFA) 

• Do: Use a password manager (like Bitwarden or 1Password) to generate and store complex passwords. 
• Don’t: Reuse passwords across accounts (yes, that includes your Netflix login). 

5. Keep Software Updated 

• Do: Enable automatic updates for operating systems, antivirus, and apps. 
• Don’t: Ignore update notifications—many patches fix critical security flaws. 

6. Secure Your Wi-Fi & Devices 

• Do: Use a Virtual Private Network (VPN) for all remote work and encrypt your Wi-Fi with WPA3 (the most secure Wi-Fi option). 
• Don’t: Let employees use personal devices for work without security checks. 

7. Backup Your Data Regularly 

• Do: Follow the 3-2-1 rule (3 backups, 2 different formats, 1 off-site). 
• Don’t: Assume “it won’t happen to me”—ransomware doesn’t discriminate. 

8. Follow Canadian Data Privacy Rules 

• Do: Choose tools with Canadian data storage or ones that follow Canada’s privacy law PIPEDA, like Microsoft 365 or Shopify. 
• Don’t: Assume cloud apps (Google Drive, Zoom, etc.) automatically store data in Canada or follow Canada’s privacy laws—most don’t by default. 

9. Get Expert Help When Needed 

• Do: Consult an IT security specialist (or managed security provider) for: 
  • Setting up secure networks 
  • Regular security audits 
  • Employee training 
• Don’t: Assume you have to figure it all out alone—even basic pro advice can prevent costly mistakes. 

Helpful Resources 

• Canadian Centre for Cyber Security – Free guides and alerts. 
• Get Cyber Safe – Tips for businesses and individuals. 

Your Finances Deserve a Trusted Guardian 

We know your business’s data is priceless—and just like we’ve protected the financial health of Canadian farmers and small business owners for 70+ years, we believe what’s yours should stay yours. 

At FBC, we’re your year-round partners for: 

• Tax strategies that uncover hidden savings 
• Financial roadmaps tailored to your growth 
• Trusted advice to keep your business resilient 

Because your success deserves protection—from your bottom line to your peace of mind. 

Get Expert Tax and Financial Guidance Today 

Note: Any software or tools mentioned are for illustrative purposes only, not endorsements.