How Small Businesses Can Stay Safe Against Cyberattacks + MORE Oct 19th

Car theft is a problem as old as the car itself. Unfortunately, in spite of keyless entry, tough locks and car alarms, Canada’s car theft problem isn’t just getting worse—it’s speeding off into the distance. 

Five years ago, auto insurance companies in Ontario, Quebec, Alberta and the Atlantic provinces paid out $400 million in theft claims. In 2022, that figure ballooned to $1.2 billion, the worst on record. Amanda Dean, interim vice president of Ontario region for the Insurance Bureau of Canada, says the situation isn’t likely to improve for 2023. 

“As theft rates increase, and along with it claims costs, insurers are certainly worried about what the future could hold,” she says. For drivers, even those with no history of theft or damage, auto insurance is likely to get more expensive so long as theft rates remain high. Fortunately, experts say there are some things drivers can do to minimize their chances of losing their ride. 

Compare personalized quotes from Canada’s top car insurance providers…

Today’s cyber thieves aren’t lone hackers working from their basements. Cybercrime increasingly has become full-fledged enterprises, complete with CFOs, HR teams and research and development budgets—and this “professionalization” of cybercrime presents a growing risk for small businesses, Microsoft Canada’s National Security Officer warns.

Data from the Insurance Bureau of Canada found that 41 per cent of small businesses that experienced a cyber attack had losses greater than $100,000. And Microsoft’s John Hewie says the target on smaller organizations is only getting bigger.

“Over the last few years, we’ve seen a whole new ecosystem of criminal players in this space,” says Hewie. “It’s become easier and more cost effective for attackers to target small businesses.”

Leaving the loot unguarded

Many small businesses really embraced digital during Covid to stay afloat, Hewie says, but they may not have considered how to do with security in mind. 

“Smaller organizations are typically focused on their core business which is their passion,” Hewie says…