Fewer than half of small and medium-sized business owners rate cybersecurity as an important priority, but the risk of cyberattack can be just as significant for SMEs as it is for large corporations, according to the 2018 Canadian SME Insurance Report from Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions. Released today, the Aon report also found that changes to Canadian and international privacy laws expose SMEs to potentially higher compliance costs and significant liabilities in the event of a data breach.
“It’s easy for SMEs to fall into the trap of thinking they are small enough to fly under the radar of cyber criminals, but this report makes the case that size – or lack of it – is no protection from attacks,” says Rohan Dixon, Executive Vice-President, Chief Broking Officer, Aon. “In fact, many SMEs fail to place a high enough priority on keeping data safe, and that can make them even more attractive targets for malicious attacks and data theft or even human errors. For a business segment that comprises such an important part of the Canadian economy, it’s imperative for SMEs to start paying serious attention to data security.”