Cyber is top concern for Canadian businesses – survey

Cyber is top concern for Canadian businesses – survey | Insurance Business Canada

Insurance News

Cyber is top concern for Canadian businesses – survey

Small- and medium-sized business decision makers tapped on trends

Insurance News

By
Mika Pangilinan

Canadian businesses are experiencing a growing sense of unease brought on by the threat of cyber attacks, according to a recent survey from Travelers Canada.

In a study involving 500 small- and medium-sized business decision-makers, the insurer found that 61% of respondents consider cyber threats their top worry, while 60% believe they will eventually fall victim to a cyber attack.

Forty percent of respondents admitted to experiencing a data breach, with many occurring within the last two years. Additionally, 70% of those affected reported enduring multiple cyber events.

The 2023 Travelers Canada Risk Index also delved deeper into the specific types of cyber attacks experienced by respondents. Some of the most common incidents are unauthorized access to computer systems (38%), unauthorized access to technology networks or industrial control systems (31%), phishing emails (29%), and ransomware attacks (27%).

Additionally, decision-makers identified different types of cyber-specific risks, including operational failure, loss of income, security breaches, and others.

Considering the prevalence of cyber attacks, 83% of those surveyed said having proper cybersecurity controls is crucial to their organization’s well-being. Many companies have taken proactive steps to mitigate associated risks, namely requiring regular computer password updates (69%), conducting risk assessments to identify vulnerabilities (69%), and implementing multifactor authentication (66%).

“The cyber landscape continues to evolve, with threats becoming more sophisticated and frequent,” said Michael Trendler, managing director of specialty insurance at Travelers Canada.

“Cyber events can have devastating and lasting effects, from reputational damage to loss of income, which is why it’s important that business owners understand the risks and take the necessary steps to address vulnerabilities.”

In another survey released last April, Travelers Canada highlighted the prevalence of distracted driving across the country, with 30% of respondents admitting that being involved in a car accident due to their distraction.

What are your thoughts on this story? Feel free to comment below.