Small businesses are increasingly at risk of cyber crime, especially during the pandemic, according to research from the Insurance Bureau of Canada.

Analyst Jordan Brennan says as more businesses pivot to e-commerce, they can become potential targets for cyber attacks.

During the pandemic, 41 per cent of small businesses reported suffering a cyber attack, costing them at least $100,000.

This has added up, with insurers paying out over $106 million in cyber liability claims during the first half of 2021. A report by law firm McCarthy Tétrault found that ransomware attacks cost Canadian organizations an estimated $5.1 billion in 2020.

Despite this, 47 per cent of small business owners say they don’t spend anything on cybersecurity, according to an online survey of 300 small businesses conducted by market research firm Leger between July and August 2021.

Worries about cyber security have been looming for B.C. businesses and governments in recent months. Molson Coors hired outside investigators to look into an attack that happened back in March of this year, with unknown impacts to the Chilliwack brewery operation.

The auditor general called out the Provincial Health Services Authority for not doing enough to protect against cyber attacks that could impact medical devices in February, while Langford city council said they are struggling to attract enough IT professionals to help run their cyber security efforts, according to a report presented to council in July.

ALSO READ: Molson Coors hires IT investigators after cyber attack takes systems offline

Brennan said businesses who want to protect against cyber attacks should add multi-factor authentication for logins on their site, add attachment scanning software for emails and train staff on what links to avoid clicking and regularly back up their data.

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