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Sep 22, 2022, 07:00 ET
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New IBC report card shows there is room for improvement in cyber security awareness
TORONTO, Sept. 22, 2022 /CNW/ – New Insurance Bureau of Canada (IBC) research has found that small and medium-sized Canadian businesses have been slow to adapt to increasingly frequent and sophisticated cyber attacks. The results are featured in IBC’s first Cyber Savvy Report Card, which assigned Canadians a “C” letter-grade for cyber safety actions and knowledge.
IBC’s report card is informed by the results of a survey of 1,525 Canadians that work at small and medium-sized businesses (defined as businesses with fewer than 500 employees). The survey revealed a number of startling findings:
“As cyber criminals get savvier, it’s our collective responsibility to stay one step ahead,” said Celyeste Power, Executive Vice-President, Strategic Initiatives and Advocacy, IBC. “That’s why IBC has launched cybersavvycanada.ca, a new cyber education initiative to help small business owners and their employees better understand the threat of cyber attacks and what they can do to reduce their risk.”
IBC’s survey also revealed that 7 in 10 employees of small and medium-sized businesses (72%) reported at least one behaviour that could allow a cyber criminal to gain access to their company’s computer systems. This strengthens the argument for more employers to take action to reduce cyber threats. According to survey respondents:
Hybrid/remote employees are even more likely (77% of respondents) to take actions that may compromise their employer’s cyber security or data.
Employees may also underestimate the role they play in their organization’s cyber defences, with 30% of respondents saying they don’t believe cyber criminals would target them at work, and 28% of respondents saying their employer is solely responsible for protecting their workplace from cyber threats.
The research also found that 21% of respondents believe that most cyber breaches are minor and easy to resolve, while the reality is that they can have a devastating financial impact. In 2021, the average total cost of a data breach to Canadian organizations was an estimated $7.3 million.1
“Everyone has a role to play in reducing cyber threats in the workplace. While cyber insurance is an important backstop for businesses in the event of a cyber breach, it should be thought of as one component within a complete cyber risk mitigation strategy aimed at reducing an organization’s vulnerability to online threats,” added Power.
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IBC has launched a website, cybersavvycanada.ca, that provides resources and information about the proactive measures businesses can take to help reduce their cyber risk.
During Cyber Security Awareness Month (October 1–31), IBC will encourage Canadians to test their knowledge by taking IBC’s Cyber Savvy Challenge at cybersavvycanada.ca.
Survey results are available at cybersavvycanada.ca.
The findings are from a survey that IBC conducted from August 17 to 19, 2022, among 1,525 Canadians aged 18 and over who work primarily on a computer or other digital device at an organization with 2 to 499 employees. The sample was balanced with respect to age, gender and region to match the profile of the working Canadian population. All respondents are members of the online Angus Reid Forum. Interviews were conducted in English and French. For comparison purposes only, a sample of this size would yield a margin of error of +/-2.5 percentage points 19 times out of 20.
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 media releases and more information about cyber insurance, visit IBC at www.ibc.ca. Follow us on 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]
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000…
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