Do you consider artificial intelligence (AI) an asset or a threat to your small business? If the thought of cyber criminals using advanced technology is keeping you up at night, you’re not alone. According to a new survey1 conducted by Insurance Bureau of Canada (IBC), two-thirds (65%) of surveyed small and medium-sized business owners and decision-makers in Canada are concerned that AI/new technology will make it harder for businesses to protect against cyber risks.
AI has some advantages, such as making certain writing and data analytics tasks easier, but it also has the ability to make cyber crime more efficient and harder to detect. For example, writing tools such as ChatGPT make social engineering plots more convincing by reducing the grammar and spelling mistakes that were once telltale signs of phishing. Machine learning may be capable of adapting to cyber security defences in real time, while automation means criminals can target more victims.
Despite this emerging risk, IBC’s survey results suggest that business owners could improve their preparation and investment in cyber resilience.
Some of the survey’s findings include:
Nearly half (45%) of survey respondents believe there is a chance their business is currently vulnerable to a cyber attack or data breach; however, 62% do not consider cyber security a financial priority.
45% of survey respondents have implemented defences against cyber attacks, while 31% increased their cyber security protocols in the last year.
An even smaller number (18%) said they are insured against a cyber attack.
As cyber criminals are quick to leverage AI and other new technologies, business owners need to stay one step ahead to safeguard their businesses, employees and customers. There are many low-cost and simple ways to build resilience against cyber threats. IBC has several free resources to help business owners better understand cyber risk and steps they can take to improve their resilience.
The first step to better understanding your risk is completing IBC’s Cyber Insurance Assessment, available at www.cybersavvycanada.ca. The free, 10-question self-test takes you through the cyber security protocols that most cyber insurers want or require you to implement and highlights ways to reduce your business’ risk. This assessment also includes some questions that cyber insurers might ask. Once you’ve learned more about your risk level and areas that need attention, you can download information on creating a cyber security plan that details suggested actions you can take to help improve your security. Another helpful resource is IBC’s Cyber Savvy Checklist, which helps indicate you’re on the right path to help safeguard your business.
Cyber insurance is another crucial tool in managing your cyber risk. Cyber insurance is a specialty insurance product intended to help protect businesses from loss resulting from digital risks such as data confidentiality breaches, technology disruptions and cyber extortion. If you are considering purchasing a cyber insurance policy, download IBC’s Cyber Insurance Checklist, which can help you learn more about the application process.
Despite the additional challenges that AI and new technology have created for small business owners, learning how to be cyber savvy can help you stay one step ahead of cyber criminals. Business owners with questions about how to protect their business from cyber risks, including cyber insurance, can visit ibc.ca or call IBC’s Business Helpline at 1-844-2ask-IBC.
1 For more details about IBC’s 2024 Cyber Security Survey, visit www.cybersavvycanada.ca.
