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High-profile cyber attacks and data breaches at Sony, Honda Canada and Target have raised awareness of the growing threat of cyber crime—yet surveys conducted by Symantec suggest that many small business owners are still operating under a false sense of cyber security.
The majority of Canadian small businesses lack a formal Internet security policy for their employees and less than 50 percent have cyber security measures in place. This disconnect is largely due to the widespread, albeit mistaken belief, that small businesses are unlikely targets for cyber attacks. In reality, data thieves are simply looking for the path of least resistance. Symantec’s study found that 40 per cent of attacks are against organizations with fewer than 500 employees.
Large companies are devoting more resources towards data security, making small businesses increasingly attractive targets. The results can be devastating for small business owners.
According to Symantec, the average cost of a cyber attack on a small or medium-sized business is nearly $200,000. As a result, nearly 60 per cent of the small businesses victimized by a cyber attack permanently close their doors within six months. Many of these businesses put off making necessary improvements to their cyber security protocols until it was too late because they feared the costs would be prohibitive.
We can develop a risk management plan that identifies your company’s cyber liability exposures. Once we identify your cyber liability exposures we can determine if buying cyber insurance, building a cyber liability prevention plan or a combination of both is the best way to address the risk. We’re always here when you need us.
Feel free to download any of the risk management resources below. They’ll help you identify and avoid risks to your business. If you prefer to chat, please get in touch. We’re always here when you need us.
Cyber Liability – Cyber Security Glossary
Four Components of Cyber Risk Management
Developing a Social Media Plan
The Globe and Mail – Cyberattacks an ongoing threat to Canadian small businesses
Forbes – Are You Prepared? Record Number Of Cyber Attacks Target Small Business
CTV News- Nearly 70% of Canadian businesses hit by cyber attacks, says year-long survey