The cannabis sector of Canada has recently blown up. This sector involves many companies that have large amounts of data. This data includes personal/patient data, intellectual property, and sensitive financial information.
That’s a lot of important data in the cannabis sector. So what does this say about the organizations that operate around the cannabis industry in Canada? It says that these companies are ideal targets for cyber criminals.
Security breaches involve nothing but trouble for companies working in the cannabis sector. A breach would disrupt operations and diminish the trust of an organization. Breaches are just bad news in general. We’ll be discussing ways that cannabis companies can manage cyber risk and protect the important data within the company.
Ways To Manage Cyber Risk
Here are some surprising statistics: 16% of Canadian executives believe that they have the resources needed to manage cyber risk. Nearly 90% of executives believe they need additional resources for protecting sensitive information. These numbers are alarming. Below are some ways that cannabis companies can manage cyber risk and protect the privacy of their data.
The overall functioning of a cyber-safe company involves proper governance, from top to bottom. All team members should understand cybersecurity and the risks involved. Companies should seek talented individuals who understand the overall importance of cybersecurity. Executives and directors need to establish cybersecurity programs that will integrate within the overall framework of the company.
Strategic Protection Of Intellectual Property
This involves investing in information security. Practice due diligence and assure that your company has the proper tools for preventing, detecting, and monitoring breaches. The company will need to constantly require annual spending and planning on proper security systems.
The cannabis industry is ever-changing as companies attempt to innovate their products and strategies. Always remember to take a risk-focused approach to your innovation. Any implementation of new technology will carry the threat of new security risks.
Identify & Manage Risk
Keep an eye on your third-party service providers. New service providers involve new risks. Invest in internal cybersecurity enablers and programs. These will help you identify and monitor any new threats that may pop up.
Business Continuity & Resiliency
Companies should be less reactionary to cybersecurity incidents. A proactive approach should be taken in order to defend against the risk of security breaches. This will help build the resiliency of a company.
Cannabis Organization Objectives & Outcomes
Every cannabis company should have a solid set of objectives. They should seek secure engagement with their customers. An agenda for robust growth should be set. Regulatory compliance will always be needed. Innovation should be highly sought after. And the company should seek to increase their brand protection and trust.
When these objectives are kept in mind, nothing but positive outcomes follow. These outcomes include increased shareholder value, effective risk management, enhanced branding, and improved regulatory alignment. This should be the goal of every organization.
The cannabis sector is growing in Canada. And with this growth comes the increased risk of cybersecurity breaches. All team members should have risk-focused mindsets.