Ask a small business owner if they’d rather deal with a fire or a cyber attack, and the answer may surprise you. Over the last year, over half of the small businesses suffered a data breach. With recovery costs averaging at $200,000, most small companies aren’t financially equipped to deal with the rise in cybercrime.
With businesses becoming increasingly more digital, small business owners need to know that it isn’t a matter of if their business will be the target of cybercrime, but rather when.
Small business insurance in Canada is designed to protect small business owners from common risks, including cybercrime. It seems like a straightforward solution. If 43% of cyberattacks target small businesses, then owners would protect themselves with insurance.