A recent post from All Newfoundland & Labrador has flagged that Atlantic Canada is falling behind when it comes to embracing cyber security practices. According to a new analysis from the Atlantic Provinces Economic Council (APEC), as the online shift continues, a process exacerbated by COVID-19, more sensitive data is stored online, raising the danger of cyber-attacks. According to the Halifax-based group, many firms do not have data security processes or training in place.
Atlantic Canadian Breaches
In today’s connected business climate, cyber-attacks are no longer a question of if, but when. We’ve seen it countless times already, whether as focussed as the hijacking individual Instagram accounts or as broad and severe as the Newfoundland & Labrador healthcare system hack.
Cyber security firm CyberCatch took a random sample of 1850 small and medium-sized businesses (SMBs) in Canada from ten different industries. According to CyberCatch, the top three vulnerabilities for SMBs in their website, software, or web applications are spoofing (84.3%), clickjacking (73.3%), and sniffer (26.8%), as noted in a post from Canadian Underwriter.
As reported in All Newfoundland & Labrador, cyber-attacks have impacted two-thirds of big Canadian companies, while over 40% of small organizations have reported costs surpassing $100,000 as a result of recent attacks. “That’s a big, impactful number for a lot of small businesses and it can be mitigated,” said Srirag Babu of HuMetis Technologies.
Cyber Security & Risk Mitigation
As technology develops, cyber threats will continue to evolve and become more advanced. When cyberattacks (such as data breaches and hacks) occur, they can result in devastating damage. The costs associated with business disruptions, revenue loss, legal fees, and customer or employee notifications caused by a cyber-attack can cripple even financially sound organizations. It is important to remember that no organization is immune to the impact of cybercrime. As a result, cyber liability insurance has become an essential component of any risk management program. To mitigate the cyber risk, CyberCatch recommends SMBs scan their websites, software, and web applications facing the internet to ensure no vulnerabilities such as spoofing, clickjacking, and sniffing.
According to the APEC research, before the pandemic, Atlantic Canada firms were lagging behind the rest of Canada in terms of cyber security adoption, with only 11.4% reporting security in 2019, compared to a national average of 13.5%
The Importance of Cyber Liability Insurance
Cyber exposures are vast and include the content you put on your website and stored customer data. Awareness of the potential cyber liabilities your company faces is essential to managing risk through proper coverage, specifically cyber liability insurance.
Cyber liability insurance is specifically designed to address the risks 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 exposure.
Expert Advice from Wedgwood Insurance
There’s more to insurance than the price of the policy and Wedgwood goes above and beyond for our clients with expert advice you can trust, but don’t take our word for it. There’s a reason we’re Newfoundland & Labrador’s most trusted insurance broker.
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