Cyber Security Awareness Month: Safeguard Yourself and Your Business from Cyber Threats
October marks Cyber Security Awareness Month in Canada, a reminder that cyber threats continue to evolve and affect both individuals and businesses. From phishing scams to ransomware attacks, no one is immune.
For businesses in particular, the financial and reputational impact of a cyber incident can be devastating. That’s why proactive steps and proper protection—including Cyber Liability Insurance—are essential.
Everyday Cyber Security Tips
Whether you’re protecting personal information or sensitive business data, good cyber hygiene makes a difference:
Use Strong, Unique Passwords: Create complex passwords with a mix of letters, numbers, and symbols. Avoid using the same password across multiple accounts.
Enable Multi-Factor Authentication (MFA): Adding a second layer of verification, like a text code or authentication app, helps keep accounts secure.
Keep Software Updated: Regular updates patch security vulnerabilities in operating systems, browsers, and applications.
Be Wary of Suspicious Emails: Phishing attempts often mimic trusted organizations. Don’t click links or open attachments unless you’re certain of the source.
Secure Your Wi-Fi: Use strong encryption and avoid conducting sensitive transactions over public networks.
Back Up Your Data: Regularly back up files to a secure, offline location in case of ransomware or accidental loss.
Why Businesses Need Cyber Liability Insurance
Research done by the Insurance Bureau of Canada (IBC) indicates that 41% of small to medium-sized business (SMB) owners believe it's only a matter of time until a cyber-attack hits their business, and only 48% have implemented defences against a possible cyber-attack (CyberSavvy).
Even with strong security practices, no system is foolproof. Businesses of all sizes are increasingly targeted by cybercriminals, and the consequences can be severe:
Financial Losses: Costs of recovering from an attack, restoring systems, and managing business interruption.
Legal Liability: If customer or employee information is compromised, your business may face lawsuits or regulatory fines.
Reputation Damage: Loss of customer trust can have lasting effects.
Cyber Liability Insurance provides a critical safety net. Policies can cover expenses such as:
Data recovery and system repair
Business interruption costs
Notification and credit monitoring for affected customers
Legal fees and regulatory fines
Protecting What Matters
At E. Bollenbach Insurance Brokers, we understand the unique risks businesses face in today’s digital landscape. Cyber Liability Insurance, combined with proactive security measures, gives you peace of mind knowing your business is prepared if the unexpected happens.
This October, take time to review your cyber security practices and ensure your current coverage adequately protects you against cyber threats. For more resources, visit the Government of Canada’s official Cyber Security Awareness Month website. To learn more about protecting your business, explore the IBC’s Cyber Safety page, and consider completing the Cyber Savvy Assessment for Business Owners.
Contact our team today to learn more about Cyber Liability Insurance solutions tailored to your business. Email carla@bollenbachinsurance.com or call 519-743-6379. You can also visit our Commercial Insurance page for more details.