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Cybercrime: Is your small business protected?

Many small businesses have turned to online sales in recent years, even more so during the pandemic. While an online storefront can help you reach more customers, it can also leave your business vulnerable to cyberattacks. 

Cybercrime hits small businesses hard. CFIB research has found that between March and October 2020:

  • almost one sixth of small businesses reported having experienced attempted cyberfraud; and
  • one in twenty small businesses fell victim to cyberattacks

This translates to about 61,000 Canadian businesses who fell prey to cybercrime!

In 2018, Canadians made over to $57  billion worth of purchases over the Internet – up from just shy of $20 million in 2012. As online business continues to grow, the potential for being victimized by cyber-crime also increases.

What is CFIB doing?

The government is currently looking at new laws regarding how to manager private information online. CFIB is working to ensure that any new rules and regulations are not overly complex, not costly to implement in your business. 

We have a Savings Program Partnership with Northbridge Insurance, who offer cyber insurance as well as other insurance and legal support products. 

CFIB has partnered with Mastercard to build targeted, user-friendly training for small business owners and their employees regarding cybersecurity. Launching later this year, the new CFIB Cybersecurity Academy will deliver digital lessons on a mobile-first and gamified platform on topics including: preventing ransomware and cyberattacks, recognizing fraud, and identifying and preventing social engineering. 

Watch our member-exclusive webinar “Cybersecurity: How to Protect your business” presented by CFIB and Mastercard by visiting our member portal.



April 21, 2022

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