Cyber Threats in Canada: A Growing Concern

Last Updated:
October 22, 2020
Ole Jensen
Time to Read:

Protecting your company from cyber threats is an ongoing, demanding task. Often, business owners feel overwhelmed because the language used to describe cyber operations and threats is very different from the language of the business world.

Unlike physical threats that prompt immediate action—like stopping, dropping and rolling if you catch on fire—cyber threats are often difficult to identify and understand. They can include dangers such as viruses erasing entire systems, intruders breaking into systems and altering files, intruders using your computer or device to attack others and intruders stealing confidential information. The spectrum of cyber threats is limitless; threats, some more serious and sophisticated than others, can have wide-ranging effects on the individual, community, organizational and national levels.

What are the targets of cyber threats?

  • Customer records (including contact information, sales history, and passwords)
  • Contact lists
  • Employee information (including email addresses and passwords)
  • Company banking information
  • Credit card numbers
  • Access to your system

Common Types of Cyber Threats

  • Viruses, works, trojan horses, malware, botnets, and web-based attacks
  • Stolen devices
  • Malicious code
  • Malicious insiders and rogue employees
  • Phishing and social engineering scams

Why You Need Cyber Liability Insurance

  • Firewalls, anti-virus software, and cloud computing providers NEVER guarantee 100% protection
  • The biggest risk concern of IT professionals is the unauthorized access of cloud computing
  • In 2012, 31% of all attacks targeted businesses with fewer than 250 employees
  • Cover your loss of income resulting from the fall out of a cyber attack
  • 69% of Canadian businesses reported some form of cyber attack, costing them a total of $5.3 million with an average of $15,000 per attack
  • Includes cost to notify your clients of a breach - don't let them hear about it from someone else first! (Typical costs average $200-300 per client record)
  • Legal defence costs for covered lawsuits can be provided

The Best Time To Take Action: NOW!

  • Educate your employees on cyber safety
  • Keep your software and operating systems up-to-date
  • Install the right security software and set up firewall security
  • Secure your wireless networks
  • Decide who has administrative privileges
  • Change passwords often
  • Back up your important data
  • Consider encrypting your computers, laptops, and USB keys

Scrivens Can Help You Stay Protected

Cyber liability insurance is specifically designed to address the c that come with using modern technology - risks that other types of business liability coverage simply won't cover. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposures. It is important to work with a Scrivens cyber expert who can identify your areas of risk so a policy can be tailored to fit your situation. Call us at 613-236-9101 to begin your Cyber Planning today!