More small business owners concerned about
cyber security threats in increasingly digitized
economy
TORONTO, Oct. 18, 2021 /CNW/ - As the economy becomes
increasingly digitized, cyber security concerns are rising to the
top of business risks as ranked by Canadian small business owners
– and for good reason. In a recent survey commissioned by
RBC1, nearly half of Canada's small business owners report that
they anticipate becoming a victim of a cybercrime in the next
12 months – a percentage significantly higher than seen among
the general population (34%). Forty per cent of small
businesses identified that having devices infected by a virus or
malware is now perceived as their biggest threat, ranking higher
than falling victim to an online scam or fraud (24%), or property
damage (24%).
"Faced with a fast-changing landscape, small businesses are
adapting by adopting more technology and adopting it faster than
ever before," says Adam Evans, RBC
Chief Information Security Officer, RBC. "Though the increasingly
digital economy has brought new challenges for Canada's small businesses, our poll reveals
that the risks are accompanied by a growing awareness of these
hazards, indicating that small business owners are responding to
these risks with the resilience and determination we've come to
expect of them."
Minding the gap: Room for improvement remains for
those without previous experience of a cyber security
incident
While cyber security concerns are on their radar,
the poll reveals that only a small number of small business owners
(24%) feel 'very' knowledgeable in regard to cyber security
threats. That number rises slightly to 27% among those who have
experienced a previous cyber security incident. When asked if they
feel prepared for a potential cyber-attack, only 16 per cent feel
very prepared with 19 per cent of those who have experienced a
previous incident feeling very prepared.
The poll revealed that the majority of small business owners are
responding to cyber security risks by handling cyber security risks
themselves (57%), rather than relying on in-house IT teams (25%) or
outsourced IT consultants. In particular, those who haven't
previously experienced a cyber security incident (62%) are
significantly more likely to take a do-it-yourself approach
compared to past victims of cyber security incidents (51%).
The most common preventative measures small businesses have
taken are: installing updated anti-virus software (60%),
implementing firewall security for internet connections (56%) and
encrypting and hiding all Wi-Fi networks (43%).
RBC website provides tools to help small businesses protect
their data
"While large organizations are able to maintain
robust cyber security protocols, many smaller businesses have
difficulty implementing or maintaining cyber security practices,
leaving them vulnerable to cyber-attacks," adds Evans.
To address this gap, RBC created the Cyber Security Awareness
and Education Website, which is designed to help business owners
and the community with the latest in cyber security insights, best
practices, tips, and guidelines.
To develop their cyber security mitigation and crisis management
plans, small businesses can consider:
- Prioritizing measures including multi-factor
authentication, mandatory employee training and limited authority
to install software.
- Thinking through risks and create a prioritized list of
possible cyber events unique to the organization.
- Identifying key stakeholders and putting together a list of key
contact information, both technical and non-technical persons in
the event their services or contact is needed.
- Outlining an engagement procedure, which will guide the
organization's plan in response to a cyber event, detailing how
events will be handled and communicated.
- Creating a communications template used to address impacted
parties in the event of a cyber security incident.
More information on how to adequately prepare and protect your
small business against cyber security incidents can be found at
https://www.rbc.com/cyber-security/.
1About the Survey
The RBC 2021 Cyber
Security Poll was conducted by Ipsos Canada from August 24-27, 2021. More than 3,000 surveys were
completed online by Canadian adults, represented in six different
regions (British Columbia,
Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic
Canada). Representative sample results are weighted to
reflect the Canadian population. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ± 1.8 percentage points had all Canadian
adults been polled. The credibility interval will be wider among
subsets of the population represented. All sample surveys and polls
may be subject to other sources of error, including, but not
limited to, coverage error, and measurement error.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 88,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at
rbc.com/community-social-impact.
SOURCE RBC