Businesses need to do more to stay cyber-safe

IBC calls for continued vigilance as Cyber Awareness Month concludes

Toronto, ON (Nov. 1, 2022) – Cyber Awareness Month may be over, but the need for vigilance to guard against cyber attacks is greater than ever. IBC’s research shows that many businesses need to do more to prevent cyber attacks, particularly when it comes to educating employees about the risks.

According to IBC’s August 2022 survey of 1,500 employees at small and medium-sized businesses:

Only a third of surveyed employees (34%) report that their company provides mandatory cyber security awareness training.
Only half of employees surveyed (50%) report that their organization has introduced multi-factor authentication, a critical cyber security defence that requires a user to provide two or more verification factors to access a corporate network or application.
Only a quarter of employees surveyed (24%) report that their employer conducts phishing email simulations to help promote cyber vigilance.
21% of surveyed employees believe that most cyber breaches are minor and easy to resolve, while the reality is that these breaches can have a devastating financial impact.

To increase education and awareness, in October IBC launched cybersavvycanada.ca, an online information portal that links to resources and information about the measures that businesses can take to help reduce their cyber risk.

IBC also launched the Cyber Savvy Challenge, which allows Canadians to test their cyber security knowledge through a quiz. By October 31, the website saw more than 628,218 visits. Of those visitors who have so far taken the quiz, only 14% were able to score a passing grade, further underscoring the need for greater cyber awareness efforts.

“As cyber attacks become more common, it’s important for businesses of all sizes to take action to reduce their risk,” said Celyeste Power, Executive Vice-President, Strategic Initiatives and Advocacy, IBC. “Educating employees to be cyber savvy is a critical element of good cyber hygiene.”

Additional resources for small and medium-sized businesses

Further, IBC is sponsoring the cyber education efforts of the Canadian Federation of Independent Business (CFIB), through financial support of CFIB’s Business Advisor helpline. CFIB’s advisors will answer basic questions on cyber security, or refer the caller to trusted, third-party resources on topics ranging from best practices in cyber risk mitigation to information on the latest cyber threats facing small businesses. IBC’s funding also expands access to CFIB’s helpline to all small business owners in Canada who have cybersecurity questions.

Businesses with questions about insurance, including cyber insurance, can speak with experts by contacting IBC’s Business Insurance Helpline (1-844-2ask-IBC). Through this helpline, businesses and organizations can also access free risk management services that help them find a path to available and affordable insurance.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For more information, visit www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

Source: Insurance Bureau of Canada (IBC)

Tags: cyber attacks, cyber risk, cyber security, Insurance Bureau of Canada (IBC), small business