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Happy Holidays from your PracticeForSale team! 2021 has flown by and we can't believe we are already gearing up for our December year ends.

We've had some recent conversations with someone from interior BC. This practice has gross revenues of $1.3 million. As always, we will keep you posted as soon as we have more to share.

Our listing for a successful practice near Hamilton, Ontario is now under conditional sale.

Practice Tips

We recently had the pleasure of attending a cybersecurity webinar led by Erika Carrasco from Field Law and Catherine Vu from Pro-Active IT. As cybersecurity is an emerging field of concern for small businesses, it's great to hear perspectives from multiple industries. Small firms are increasingly at risk of being targeted for cyberattacks, since we tend to have the lowest security. Here are a few tips to keep your firm safe and secure:

1. Set up good processes within your firm. From the technical side, this may look like enforcing multi-factor authentication or ensuring all staff use a password manager. From the human side, a security awareness program will help you and your staff recognize both attempts and successful attacks. Consider using mock scenarios to train your brain to be on the alert.

2. Create an incident response plan. This plan should include your steps for responding to a cyberattack and who to contact. This list might include a lawyer as well as an external forensic IT team, both of which will help you handle a breach appropriately. Make sure to keep this plan on paper in a secure location, since your computer systems may be inaccessible after a cyberattack!

3. Check your insurance policy for cyber coverage. Some insurance policies have cyber coverage as an add-on, but it is important to ensure the policy is expansive to cover anything from a targeted ransomware attack to simply having your laptop stolen. You may also want to consider if your insurance will pay for costs up front or through reimbursement, as it can be very expensive to respond to an incident.

As practitioners, we also have to consider our specific set of clients - large or information-sensitive companies may have their own strict protocols regarding cybersecurity. Convenience and security tend to be on opposite ends of the scale, so every firm will need to find a balance that works best for them.