The news is peppered with stories about cyberattacks on large corporations and even large municipalities like Atlanta. These stories make it clear that although the digital age has made it easier than ever to transact business, it also comes with a new set of threats that businesses should prepare for.
But what isn’t immediately apparent from these stories is the extent to which small and medium sized businesses in Canada are increasingly the target of these attacks.
According to a report by Symantec, the United States currently holds the dubious distinction of being the country most affected by ransomware, but Canada is a close second.
Seventy-two percent of Canadian organizations that participated in a global ransomware survey reported being the victim of a cyberattack within the last year. Of those, 35% were identified as ransomware attacks.
An attack could mean the end of a business. With the average cost of a data breach for small business at $690,000 and mid-sized business at over $1 million, most companies don’t have the assets to remain solvent. That’s why 60% of small businesses that suffer a data breach fail within half a year.
The crime is the same no matter how big the business a cyber criminal targets. So why go after small and medium sized businesses? There are a few reasons.
But just because your company is vulnerable to cyberattack, doesn’t mean you’re helpless. There are a lot of things a small or medium sized business can do to protect itself, and cyber insurance is one of many risk management strategies a company can employ.