Canadian small and medium-sized businesses might want to take this threat more seriously.
Cybercrime is surging globally, and Canadian small and medium-sized businesses (SMBs) are increasingly in the crosshairs. Yet many business owners still believe they’re too small to be targeted — a dangerous assumption, according to cybersecurity experts.
Canada’s national cybersecurity agency warns that threats are no longer limited to governments or large corporations. SMBs are now frequent targets, often because they’re part of larger supply chains. This makes them attractive entry points for hackers aiming to reach bigger organizations.
Recent data from the Business Development Bank of Canada shows that 73% of small businesses have already experienced a cybersecurity incident. Despite this, a survey by the Insurance Bureau of Canada (IBC) found that only 6% of SMB owners believe a cyberattack will happen to them, even though nearly half acknowledge they’re vulnerable.
This disconnect suggests many businesses underestimate both the likelihood and the impact of a cyberattack — which can be devastating. Beyond financial loss, owners risk losing their entire livelihood.
Cybercriminals aren’t choosing victims based on size or reputation — they’re looking for easy wins. Many SMBs lack basic cybersecurity measures like real-time monitoring or incident response systems. By the time a breach is discovered, sensitive data may already be stolen and ransomware deployed.
Experts say the cost of prevention is often just a fraction of the cost of recovery. Legal liabilities, customer notifications, and reputational damage can quickly add up.
According to the Canadian Federation of Independent Business, 95% of cyberattacks stem from human error. The most common issues include:
- Weak passwords
- Falling for phishing emails
- Outdated software
- Malware infections
Addressing these four areas can significantly reduce risk.
Artificial intelligence is making cyber threats more sophisticated. Yet only 45% of businesses have policies to detect AI-driven scams. Additionally, as more companies rely on third-party vendors and cloud services, concerns about legal exposure from breaches are growing.
Original article courtesy of BNNBloomberg.ca
Enhance Your Business Security with Expert Cybersecurity Solutions. Click here to learn more and download shawcsIT’s free services overview catalogue.