Cyber Security and Business 2021 Survey

Last week, the results of the Canadian Centre for Cyber Security (Cyber Centre) and the National Chambers Insight Community (NCIC) Cyber Security and Business Survey were made public. The Survey is composed of questions that identify how prepared Canadian businesses are in the event of a cyber attack or threat, with 468 small and medium sized businesses (SMBs) participating in the Survey. This survey will help the Cyber Centre prepare educational resources, tools and programs to better support SMBs at a national level in their cyber security journey. Keep reading to find out the key takeaways from the Survey and how businesses have responded to the challenges the 2021 cyber landscape has brought.

SMBs and Cyber Incidents

The Cyber Security and Business Survey found that 61% of businesses have experienced a cyber security incident, but almost three quarters, or 74%, did not report the incident. As a result of similar findings, the CIRA suggests that this high number of unreported incidents could be the result of businesses’ fear that the incident will have a negative or detrimental impact on their public image. In fact, in a 2021 Cyber Security Survey conducted by CIRA, almost 70% of respondents reported that they would pay a ransom fee if it meant saving their business’ public image. However, less than a quarter of respondents cited reputational damages as a result of a cyber security incident, meaning that the fear of reputational damages is greater than the actual damages.

Are Canadian SMBs Prepared to Combat Cyber Threats?

Despite the high number of businesses that experienced a cyber security incident in the last 12 months, 72% of businesses that participated in the Cyber Centre and NCIC Survey reported having average, above average or expert cyber security knowledge. 88% of participants felt that they had “a good or strong sense of what items, assets or devices require protection in their organization” in the event of a cyber attack. While SMBs may be experiencing a high level of cyber incidents, according to the findings of the Cyber Centre and NCIC Survey, they are well prepared in the event of a cyber threat.

Top Cyber Security Threats and How Businesses Have Responded

According to the survey conducted by the Cyber Centre and NCIC, phishing and malware were the top cyber security incidents Canadian SMBs faced this year. The CIRA Survey also found that 1 in 5 SMBs have experienced a ransomware attack in the last 12 months.

Some of the cyber security measures businesses have adopted to combat cyber threats according to the Cyber Centre and NCIC Survey include password and account management policies, document security measures and physical access controls. The Survey also found that 75% of businesses are using cloud services to securely store their data.

A third of businesses also cited that cyber security incidents take up unnecessary employee time. Less than 50% of respondents reported that they had personnel responsible for IT security. However, 36% of respondents reported that the number of incidents has increased during the pandemic.

Resources for SMBs

The purpose of the Cyber Centre and NCIC Survey was to gage SMBs preparedness for cyber incidents, but it was also to see if businesses are aware of the cyber security resources available to them. The Survey found that two-thirds of participating businesses were not aware of the resources the government of Canada has available for their use. The Cyber Centre is committed to making cyber security resources available to SMBs. Sami Khoury, Head of the Cyber Centre explains that they “work with partners like the NCIC to better understand their members’ needs. By working together, these efforts help Canadian businesses stay online.”

To view the full Cyber Security and Business Survey by the Cyber Centre and NCIC, click here.

To access the resources provided by the Cyber Centre, click here.