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Canadian Businesses Rank Cyber Threats as Top Concern, Reveals Travelers Survey

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Cyber Threats Identified as Top Concern for Canadian Businesses, Reveals Travelers Survey

A recent survey conducted by The Travelers Companies, Inc. has unveiled that cyber threats are the primary concern for Canadian businesses. The survey, which involved 500 small- and medium-sized business decision makers, found that 61% of respondents consider cyber threats as their top overall concern. Additionally, 60% believe that they will eventually fall victim to a cyberattack. The increasing sophistication and frequency of cyber threats have prompted the need for businesses to understand the risks and take necessary measures to address vulnerabilities.

Importance of Cybersecurity Controls

The Travelers Canada Risk Index survey revealed that 83% of respondents consider having the right cybersecurity controls in place as critical to their organization's well-being. While not all companies have implemented the necessary tools to mitigate associated risks, many have taken important steps such as requiring password updates, conducting risk assessments, and implementing multifactor authentication for remote access.

Rising Incidents of Cyberattacks

The survey highlighted that cyberattacks are becoming more prevalent among Canadian businesses, with 40% of respondents reporting experiencing a data breach, many within the last two years. Of those affected, 70% reported multiple cyber events. The most common types of cyberattacks experienced were unauthorized access to computer systems, technology networks, phishing emails, and ransomware attacks.
Protecting Against Cyber Events
To learn more about the survey and gain insights on protecting against cyber events, businesses are encouraged to visit TravelersCanada.ca. The Travelers Canada Risk Index provides a comprehensive snapshot of risk viewpoints from various industries, offering valuable information for organizations across sectors. In conclusion, the Travelers survey highlights the pressing need for Canadian businesses to prioritize cybersecurity measures and address the growing threat of cyberattacks. By implementing robust controls and staying vigilant, businesses can better protect themselves against potential cyber threats.

Implications of Rising Cyber Threats for New Businesses

The recent survey by The Travelers Companies, Inc., revealing cyber threats as the top concern for Canadian businesses, carries significant implications for new businesses. With 61% of respondents identifying cyber threats as their primary worry and 60% believing they will eventually fall victim to a cyberattack, it's clear that new businesses must prioritize cybersecurity from the outset.

Emphasizing Cybersecurity Controls

The survey's findings highlight the critical importance of implementing robust cybersecurity controls. With 83% of respondents considering these controls as crucial to their organization's well-being, new businesses should take note and invest in necessary tools such as password updates, risk assessments, and multifactor authentication for remote access.

Preparing for Rising Cyberattack Incidents

The survey also underscores the increasing prevalence of cyberattacks among Canadian businesses. New businesses must be prepared for this reality and have plans in place to respond to data breaches and other cyber events. This includes understanding common types of attacks such as unauthorized access, phishing emails, and ransomware attacks.
Learning from Others to Protect Against Cyber Events
New businesses can benefit from the insights provided by the Travelers Canada Risk Index and other resources. By learning from the experiences of other organizations, they can better protect themselves against potential cyber threats. In conclusion, the Travelers survey serves as a stark reminder of the cybersecurity challenges facing new businesses. By prioritizing cybersecurity measures and staying vigilant, they can better navigate the digital landscape and protect their operations.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/travelers-survey-finds-cyber-threats-are-the-top-concern-for-canadian-businesses
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