With all the headaches independent business owners have to deal with, a cyber attack is one they don't need.
However, the Canadian Federation of Independent Business says nearly half of all small businesses suffered one. It is offering cyber security education in a bid to prevent future attacks.
A new survey by CFIB said 45 per cent of small businesses experienced a random attack in the past year, and 27 per cent suffered targeted attacks.
For those in wholesale, the attacks were even more prevalent. Fifty-eight per cent suffered random attacks, while cyber criminals targeted 38 per cent.
Of those businesses targeted in 2022, 11 per cent experienced a whaling attempt by someone impersonating a leader, like the company's CEO.
Just as businesses are still recovering from pandemic losses and face the prospect of a recession next year, a cyber attack could be the final straw. Yet only 11 per cent offered mandatory cyber security training to their employees. Another eight per cent offered optional training.
"Cyber attacks are a growing threat to small business, but enhancing cyber security can be intimidating and accessing cybersecurity support can be costly," said Vice-President of Marketing Partnerships Mandy D'Autremont. "In the digital era, it's crucial to know how to protect your business and avoid losing valuable assets and time."
Vice-President of Digital Payments and Cyber Intelligence at Mastercard Canada Aviva Klein added cyber attacks threaten Canada's economy.
"Recent years have highlighted the importance of digitization in all areas, from shopping to accessing services like healthcare. A truly digital economy that works for everyone is critical," added Vice-President of Digital Payments and Cyber Intelligence at Mastercard Canada, Aviva Klein. "It's more important than ever that small businesses are able to protect themselves."
The online survey, conducted between October 6 and October 31, had 4,639 respondents across Canada. It has a margin of error of +/- 1.4 per cent, 19 times out of 20.
