Nearly two-thirds of Canadian small businesses say cybersecurity is a risk to their businesses

Running a small business can be tough right now; a cyberattack can make it even harder.  

Cybersecurity – referring to the tools and habits that protect your system – often falls to the bottom of the list of priorities for some business owners.   

A data poll by the Insurance Bureau of Canada (IBC) shows that 69 per cent don't see it as a financial priority, and only 20 per cent said they plan to buy coverage for it, believing they are too small to be targeted. 

However, a recent survey by the British Columbia Chamber of Commerce found that nearly two-thirds of Canadian companies have experienced a cybersecurity incident.  

Cyberattacks can disrupt your small business and lead to costly consequences; that's why it's essential to stay informed and take proactive steps to protect your data and customers.  

Cyber threat 

It starts with something as small as clicking a link hastily while sending an email or plugging in a USB stick without a second thought. For many small businesses, that's all it takes for a cyber threat to slip through the cracks.  

The Government of Canada's Get Cyber Safe guideline for small businesses lists the most common types of cyber threats a company might face.  

One of them is phishing, an email or text that appears routine but conceals a request for passwords, credit card numbers, or login details. There's also the classic hacking, in which an outsider breaks into your accounts or networks and steals or impersonates your brand.  

But it can get more complex than that.  

Ransomware, a cyberattack that locks your data and demands money before you can get it back, is the most dangerous one. This method of cyberattack affected an estimated 59 per cent of Canadian organizations in 2023, according to the cybersecurity provider Sophos. The average demand was $2 million, and 94 per cent of those affected paid the ransom. 

The increase in advanced technology also brings a greater risk in cybersecurity.  

Similar to how a company might explore how artificial intelligence (AI) can enhance its business journey, cybercriminals are also keen to use it to create more sophisticated attacks, increasing the risk of further cyberattacks.  

That's why it's key for your organization to invest time and money in various ways to protect your business from cyberattacks.  

Be cyber aware

Despite the threat of rising cyberattacks, there are still many ways to help combat and protect your business's cyber defence.  

A good tool is to have someone handle the organization's cybersecurity and provide training for other employees to practice identifying phishing emails and suspicious links. 

Other methods, such as creating a strong password, securing your Wi-Fi network, and backing up and encrypting your company's data, can help keep your business operating smoothly.  

The Baseline Cyber Security Controls for Small and Medium Organizations also list some lower-cost ways to secure your company's cyberspace, without burdening your company with more work.  

Ultimately, the best protection against cyberattacks is having the right coverage, and that's where CAA Business Insurance comes into play.  

Stay cyber secure with CAA

With CAA Business Insurance, you can get Cyber Liability Insurance, a specialized coverage that shields your business from cyberattacks, data breaches, and online threats. 

CAA Business Membership offers even more through their Commercial Roadside, Commercial Pit Crew, Group Benefits, and Employee Membership. 

Get a quote online today and learn more about CAA Business Membership.