Over the course of 2020, as Canadian businesses have transitioned to working remotely; moving many aspects of their operations online, there has been an increased frequency of website exploitation attempts. The need for cyber security is greater than ever, as many cyber criminals are exploiting the confusion and alarm of this global pandemic for personal gain.
Businesses rely on technology to create efficiency, improve productivity, remain competitive and increase profit margins. An increased reliance on technology can render any operation vulnerable to Cyber Crime. The number of Cyber attacks has been steadily increasing over the past few years with reported cases showing 18% of SME business, with costs exceeding $100,000. This statistic does not consider the number of breaches that have not been reported, which are estimated to be over 3 times the reported number. This will allow you to maintain fluidity between your daily tasks while creating a routine that is cohesive, not jumbled.
Bill S-4 (PIPEDA) requires Canadian business to follow specific guidelines to protect sensitive personal information and report data breaches to the Privacy Commissioner. Cyber risk is not specific to technology operations. Any business that retains customer or client information is at risk of a Cyber Breach, whether traditional brick and mortar operations or Online operations.
GroupOne’s Cyber product is a robust offering which incorporates a superior claims facility, 24/7 client to breach response service. Coverage includes and is not limited to:
- Reputational Damage Repair
- Business Interruption
- Repair & Replacement of Lost Data
- Third Party Coverage
- Regulatory Fines and Penalties
Any business can be vulnerable to cyber-attacksEvery business that is connected to the internet can be a target for costly cyber-attacks. According to Statistics Canada, about 92% of Canadian businesses reported using one or more digital technologies or services in 20171.
Attacks are prevalentAccording to a 2019 cybersecurity survey conducted by the non-profit Canadian Internet Registration Authority (CIRA) “71% of organizations reported experiencing at least on cyber-attack that impacted the organization in some way, including time and resources, out of pocket expenses, and paying ransom2.
Attacks can be costlyAccording to a 2019 poll commissioned by the Insurance Bureau of Canada 37% of businesses in Canada estimated the cost of a data breach was over $100,000, while 20% had no idea of the cost of the breach3. Additionally, according to a survey held by CIRA, only 19% of Canadians polled indicated that they would continue to do business with an organization if their personal data was exposed in a cyber-attack1.
- Bilodeau H, Lari M, Uhrbach M. Cyber security and cybercrime challenges of Canadian businesses, 2017. Statistics Canada. https://www150.statcan.gc.ca/n1/pub/85-002-x/2019001/article/00006-eng.htm. Published March 28, 2019. Accessed March 31, 2020.
- 2019 CIRA Cybersecurity Survey. CIRA. https://www.cira.ca/resources/cybersecurity/report/2019-cira-cybersecurity-survey. Published 2019. Accessed March 31, 2020.
- Barrasa V. Small Businesses in Canada Vulnerable to Cyber Attacks. Insurance Bureau of Canada. http://www.ibc.ca/on/resources/media-centre/media-releases/small-businesses-in-canada-vulnerable-to-cyber-attacks. Published September 25, 2019. Accessed March 31, 2020.