Small businesses are the number one target for cyber criminals, with 60% of them closing within six months after an attack. Since February 2020, there has been a 600% increase in phishing. 67% of businesses have experienced an IoT security incident. In Canada, nearly a quarter of all small businesses have fallen victim to a cyber-attack since the pandemic began.
Now more than ever before, the small business sector is beginning to prioritize cybersecurity and cyber liability insurance to mitigate potential crippling financial risk, which is setting the stage for a major trend moving forward: the merging of cybersecurity technology and insurance to mitigate insurer’s risk and provide the best overall coverage for small businesses.
Also to add here, as the risk and financial impact of cyberattacks continue to rise, every small business owner can take proactive steps to understand the potential threats and to protect company data and assets. Cyber risk is not just a problem for the IT department; it must be regarded as one of the most destructive sources of risk for a small and medium size enterprises.
With this, we moved on to discuss the following:
1. In line with the podcast topic, what is meant by Cyber Protection, and why is it important for Small and Micro-sized Enterprises ("SME")?
2. Penning down some of the key Cyber Protection challenges faced by small and micro sized businesses.
3. From the solution front, what are some of the traditional insurance solutions that SME’s use to protect themselves against Cyber and how is technology improving these traditional solutions?
4. There is no magic formula towards countering Cyber Threats, and with this our speaker Sam Kramer has some advice for the industry people on how best they can protect their small businesses from possible Cyber attacks leveraging the benefit of technology.
Speaker Bio: Sam Kramer, is the Vice President of Reinsurance at Corvus Insurance. Corvus is reimagining commercial insurance for a digital world by making insurance smarter and policyholders safer. Corvus was Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries.
Sam's focus at Corvus is on the cyber protection solution targeted towards small and micro-sized businesses.
Prior to joining Corvus, Sam spent most of his career in the insurance industry, including at insurers, reinsurers and various insurance-focused financial services and advisory roles.