Cyber Risks: An Increased Threat During COVID-19 Cyber criminals are attempting to take advantage of the upheaval caused by the COVID-19 pandemic Thanks to an almost-overnight increase in the number of Canadians working from home, and a dramatic surge in the volume of online business being conducted, organizations are contending with a highly elevated risk of cyber attack.Criminals are attempting to take advantage of the pandemic and aggressively targeting commercial enterprises. Small and medium-sized businesses need to be vigilant. It's more important than ever that businesses take steps to ensure they're protected from cyber crime. Study: Small Business Cyber Security SurveyReport: Insurance Fraud in Times of CrisisCyber attacks are on the rise in Canada. Small and medium-sized businesses are often targeted as entry points to gain access to larger businesses.*More Canadians working from home during the pandemic has increased opportunities for cyber criminals, as organizations worked to adopt proper cyber security protocols on a wide scale.**While businesses across the board are targets for cyber attacks, at this particular moment, organizations related to the health care industry are experiencing an elevated level of attacks.** Cyber criminals are becoming more savvy. They're targeting businesses using a variety of methods, with some of the following types of attacks becoming more prominent.*Losses due to cyber crime can be extremely costly and the COVID-19 pandemic has put Canadian businesses at even greater risk of an attack. Talk to your insurance provider about how you can better protect your business and customers.*With information from: https://www.canadiansecuritymag.com/99-per-cent-of-canadian-organizations-said-cyber-attacks-have-increased-in-past-12-months-survey/**With information from: https://www.pandasecurity.com/mediacenter/news/covid-cybersecurity-statistics/ Useful LinksMany small businesses vulnerable to cyber attacksOctober 5, 2021 (Toronto) – Despite the increased threat of cyber attacks during the pandemic, almost half (47%) of Canadian small businesses surveyed say they do not allocate any portion of their annual operating budget to cyber security. This marks an increase of 14% from 2019, when one-third (33%) said they do not allocate any budget to cyber security, according to a new Leger survey, commissioned by Insurance Bureau of Canada (IBC).Know Your Cyber RisksWhen insuring assets, many organizations still prioritize bricks and mortar over informational assets and data. Many medium and small businesses that protect their data with a cyber insurance policy are underinsured. Canadian Businesses Are at RiskMedia stories about cyber attacks on huge corporations and organizations often dominate the headlines when they happen, but smaller businesses are at risk too. Protect your organization from cyber crimeA cyber attack is not just inconvenient and expensive, it can be an existential threat to an organization. For companies that sell products through e-commerce or maintain electronic data on their customers, a systems breach involving this information can cripple or ruin a business.