Cyber Attacks in Canada Surge Threefold in Two Years

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Cyber threats are escalating in Canada, and small businesses are feeling the impact. A recent report by QBE reveals that the number of significant cyber incidents has tripled in the past two years, with projections showing this trend will continue.

Rising Threats & Business Awareness

In 2023, Canada saw 10 major cyberattacks, which jumped to 18 in 2024. By the end of 2025, this number could reach 32. With evolving technology, geopolitical tensions, and economic shifts fueling cyber risks, awareness among businesses is growing—80% of companies believe threats have increased in the past year.

The Cost of Cyber Incidents

More than half of Canadian businesses (53%) faced a cyber event in the last 12 months. Nearly 20% experienced disruptions lasting at least one working day, while 35% dealt with shorter interruptions. Financial consequences were also significant—51% reported revenue loss due to cyberattacks, and 58% said supplier-related vulnerabilities played a role.

Strengthening Cyber Resilience

Businesses understand that cybersecurity isn’t just about internal protection—it extends to supply chains. Despite this, preparedness gaps persist:

  • 25% of businesses lack cyber insurance
  • 15% have no incident response plan
  • 78% remain concerned about future cyber threats
    To tackle risks, 28% of businesses plan to boost cybersecurity budgets beyond inflation this year, while 41% will increase spending at inflationary rates.

For small businesses in Canada, cybersecurity can no longer be an afterthought. Investing in prevention, securing supply chains, and planning for incidents will be crucial in staying resilient amid growing threats.

Original article courtesy of Insurancebusinessmag.com

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