Cyber threats top concern for businesses
By Adam FreillConstruction Risk Management Software
Having the right cybersecurity controls in place is critical to the well-being of an organization; not all have implemented tools, however.
When it comes to topics that cause worry for decision-makers at Canada’s small and mid-sized companies, cyber threats top the list. The 2023 Travelers Canada Risk Index, a national survey of 500 small- and medium-sized business decision makers released in October, revealed that 61 per cent consider cyber threats their top overall concern, and 60 per cent also believe they will eventually be the victim of a cyberattack.
“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.”
More than four out of five respondents to the risk index survey said that having the right cybersecurity controls in place was critical to the well-being of their organization. Not all companies have implemented the tools needed to help mitigate associated risks, although many respondents have taken important steps.
Risk-reducing practices can include requiring computer password updates; conducting risk assessments to identify vulnerabilities; and implementing multifactor authentication to ensure authorized users have remote access.
Attacks are becoming more common for Canadian businesses, with a whopping 40 per cent of respondents stating they have experienced a data breach, many within the last two years. Of those, 70 per cent reported having more than one cyber event.
The most common types of cyberattacks experienced by respondents were unauthorized access to computer systems, unauthorized access to technology networks or industrial control systems, phishing emails and ransomware attacks.
More information about the survey and ways to protect against a cyber event can be found on the Travelers Canada website. Travelers Companies, Inc. provides property casualty insurance for auto, home and business.