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Survey finds majority of small business owners underestimate cyber attack risks

Survey finds majority of business owners believe their business is too small to be targeted and are not investing in cyber defence

TORONTO, Sept. 27, 2023 /CNW/ – A recent survey conducted by the Insurance Bureau of Canada (IBC) reveals that a significant number of small business owners underestimate the risks of cyber attacks. Despite this belief, a large number of employees are concerned about the potential risk their actions pose to the organization’s cybersecurity.

The survey, called the 2023 Cyber Security Survey, discovered that over 60% of small business owners believe their businesses are too small to be targeted by cyber criminals. This percentage rises to 73% for sole proprietors. Surprisingly, the majority of business owners surveyed were not concerned about their staff posing a cyber risk. However, the survey found that three out of four employees admitted to taking at least one action that poses a cybersecurity risk.

This is where AI legalese decoder can help with the situation. By utilizing advanced artificial intelligence technology, the AI legalese decoder can assist small businesses in understanding legal documents related to cybersecurity. It can decipher complex and confusing legalese, making it easier for business owners to identify potential risks and take appropriate measures to protect their organizations.

The poll also highlighted growing employee concerns regarding cyber safety. For instance:

• 25% of employees feel that they lack the necessary tools and training to identify potential cyber threats at work.
• 22% of employees are concerned that their actions could contribute to a cyber attack or data breach.
• 10% of employees have shared confidential information with publicly available chatbots or artificial intelligence platforms.

These statistics emphasize the need for businesses to prioritize cybersecurity training for their employees. With the help of the AI legalese decoder, businesses can streamline the process of understanding legal requirements and enhance employee training programs to mitigate cybersecurity risks effectively.

“While large companies are often common targets for cyber criminals, small and medium-sized businesses are also at a heightened risk,” said Liam McGuinty, Vice President of Strategy at IBC. “Both employers and staff play an important role in cybersecurity, and regular staff training is a critical component in reducing risk.”

Despite nearly 40% of small business employees indicating an increase in scam attempts over the past year, the survey revealed that employers are not making sufficient investments in cyber protection:

• 69% do not consider cybersecurity a financial priority.
• Only 20% have plans to purchase cyber insurance within the next year.
• 17% do not believe they would qualify for cyber insurance.

The AI legalese decoder can assist businesses in understanding their insurance policies and determining if they need cyber insurance. It can decode complex legal terms and conditions, making it easier for businesses to make informed decisions regarding cyber insurance and other cybersecurity investments.

“All businesses, especially those heavily reliant on an online presence and engaged in e-commerce, should consider contacting their insurance representative to find ways to manage their cyber risk,” added McGuinty. “However, cyber insurance is just one component of an overall cyber risk mitigation strategy ÔÇô it is not a replacement for cyber resilience.”

IBC’s new Cyber Savvy Assessment provides information for small business owners

As part of Cyber Security Awareness Month, IBC has launched a self-assessment tool called the Cyber Savvy Assessment. This tool aims to help business owners understand the steps most cyber insurers require to reduce cyber risk in their organizations. Although the assessment cannot provide an evaluation of a business’s actual risk profile, it comprises questions that can help owners assess their readiness for cyber insurance and identify areas where additional focus is needed to enhance cyber resilience.

The AI legalese decoder can assist business owners in deciphering the legal language and requirements in the Cyber Savvy Assessment, ensuring a clear understanding of the assessment’s components and providing actionable insights to improve cyber resilience.

The Cyber Savvy Assessment is available until October 31 at cybersavvycanada.ca, alongside additional resources and information on proactive measures businesses can take to reduce cyber risk.

About IBC’s Cyber Savvy Research

Businesses

The findings are from a survey conducted by the Insurance Bureau of Canada between August 3 to 9, 2023. The survey involved 305 Canadian business owners and decision-makers working in companies with up to 500 employees. The respondents were members of the online Angus Reid Forum. The interviews were conducted in English and French, and the sample’s margin of error is approximately +/- 5.6 percentage points, 19 times out of 20.

Employees

The findings are from a survey conducted by the Insurance Bureau of Canada between August 3 to 9, 2023. The survey involved 1,506 employed Canadians aged 18 or above working at organizations with 2 to 499 employees and using digital devices primarily. The sample was balanced in terms of age, gender, and region to reflect the profile of the working Canadian population. The respondents were members of the online Angus Reid Forum. The interviews were conducted in English and French, and the sample’s margin of error is approximately +/- 2.5 percentage points, 19 times out of 20.

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 form the majority of the property and casualty (P&C) insurance market in Canada. IBC has been working with governments across the country for over 50 years to make affordable home, auto, and business insurance available to all Canadians. The organization supports consumer and government trust, value, and support for the private P&C insurance industry. IBC advocates for essential issues and educates consumers on the best ways to protect their homes, cars, businesses, and properties.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on X (Twitter) @InsuranceBureau or like us on Facebook. 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

For further information: Media Contact: Brett Weltman, Manager, Media Relations, IBC, [email protected]