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AI, Fintech

Small businesses are underestimating their cyber risk despite increased threats

TORONTO, Sept. 27, 2023 /CNW/ – Most small businesses don’t believe they will experience a cyber attack, yet many employees are concerned they are putting their organizations at risk, according to a recent poll by Insurance Bureau of Canada (IBC). IBC’s 2023 Cyber Security Survey found that more than 60% of small businesses believe their business is too small to be targeted by cyber criminals. This number rises to 73% for sole proprietors. The majority of business owners surveyed were not concerned about their staff posing a cyber risk, however, three out of four employees surveyed admit to having taken at least one action that poses a cyber security risk.The poll also showed growing employee concerns with cyber safety. For example: 25% of employees don’t feel they have the tools and training needed to identify potential cyber threats at work 22% of employees are concerned their actions could contribute to a cyber attack or data breach 10% of employees have shared confidential information with a publicly available chatbot or artificial intelligence (AI) platform. “While large companies are often common targets for cyber criminals, small and medium-sized businesses are also at a heightened risk,” said Liam McGuinty, Vice President of Strategy at IBC. “Both employers and staff play an important role in cyber security, and regular staff training is a critical component in reducing risk.” Despite nearly 40% of small business employees indicating that they had seen an increase in scam attempts over the last 12 months, employer responses showed that they may not be making enough investments in cyber protection: 69% do not consider cyber security a financial priority Only 20% have any intention of purchasing cyber insurance within the next year 17% don’t think they would qualify for cyber insurance. “All businesses, but especially those that rely heavily on an online presence and use e-commerce, should consider contacting their insurance representative to help find ways to manage their cyber risk,” added McGuinty. “However, cyber insurance is just one component of an overall cyber risk mitigation strategy – it is not a replacement for cyber resilience.” IBC’s new Cyber Savvy Assessment provides information for small business ownersAs part of Cyber Security Awareness Month, IBC is launching a self-assessment tool to help business owners understand the steps most cyber insurers want businesses to take to reduce their cyber risk. While this free tool cannot provide an assessment of a business’s actual risk profile, its questions can help business owners gauge their level of readiness for cyber insurance and help determine which areas they may need to focus on to bolster their cyber resilience. The Cyber Savvy Assessment is available until October 31 at cybersavvycanada.ca, along with resources and information about the proactive measures businesses can take to help reduce their cyber risk. About IBC’s Cyber Savvy ResearchBusinesses Findings are from a survey conducted by Insurance Bureau of Canada from August 3 to 9, 2023 among n=305 Canadian business owners and decision makers who work at companies with up to 500 employees. All respondents were members of the online Angus Reid Forum. Interviews were conducted in English and French. For comparison purposes only, a sample of this size would yield a margin of error of +/- 5.6 percentage points, 19 times out of 20. Employees Findings are from a survey conducted by Insurance Bureau of Canada from August 3 to 9, 2023 among n=1,506 employed Canadians aged 18+ who work at organizations with 2 to 499 employees and work primarily on a computer or other digital device. The sample was balanced on age, gender and region to the profile of the working Canadian population. All respondents were members of the online Angus Reid Forum. Interviews were conducted in English and French. For comparison purposes only, a sample of this size would yield a margin of error of +/-2.5 percentage points, 19 times out of 20. About Insurance Bureau of CanadaInsurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties. For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on X (Twitter) @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC. SOURCE Insurance Bureau of Canad

Featured, IOT, Security

Interac: Canadian entrepreneurs are embracing the nine-to-thrive

Business use of Interac e-Transfer climbs 25 per cent year over year as Canadians seek to turn their passion into profit TORONTO, Sept. 21, 2023 /CNW/ – As more Canadians take on side hustles to earn additional income, a recent survey from Interac Corp. reveals a ‘nine-to-thrive’ effect taking place. While the initial motivation to launch a side hustle is often financial, more than half (55 per cent) of those surveyed say that it turned out to be more fulfilling than expected, with three quarters (76 per cent) intending to continue their side hustle alongside their main job, and almost two in 10 (17 per cent) planning to go all in, turning their passion project into their career. The satisfaction entrepreneurs experience in their side hustles is linked to the achievement of key milestones. The Interac survey shows that some take pride in that memorable first sale (22 per cent), while for others it’s achieving their first profit (25 per cent) or paying a salary for the first time (23 per cent). Interac e-Transfer® plays an important role in supporting these milestones – nearly two thirds of these entrepreneurs polled (62 per cent) use the service for business-related payments, contributing to 25 per cent transaction volume growth year over year. “Entrepreneurs have long been, and will continue to be, a driving force of Canada’s economy, yet we are hearing that almost half of those polled say they have had challenges accessing financial tools, tracking finances, and generally finding the advice or information they need to start or grow their business,” said William Keliehor, Chief Commercial Officer, Interac Corp. “We launched the Interac ‘From Dollar One’ hub to help bridge this gap and provide the resources entrepreneurs are asking for from their first dollar and beyond.” The Interac survey extends beyond those with a side hustle to also include freelancers and small business owners with up to four employees. Key findings about these groups of entrepreneurs include: Startup surge: Nearly half of Canadian entrepreneurs (46 per cent) said an increasing number of people in their personal networks have started a side hustle in the past year, and four in 10 (40 per cent) are currently considering at least one other idea for a new venture. The means to succeed: New business owners feel they lack the financial confidence and knowledge necessary to successfully grow their business when first starting out. Only 15 per cent of Canadian entrepreneurs had high confidence in their abilities to manage their business finances from day one. Nearly half of entrepreneurs (49 per cent) had challenges in finding the right information or advice for growing their business, lacked financial confidence or access to financial tools, and had trouble tracking finances. “As more Canadians transform their passion into a small business either full time or alongside their day-to-day jobs, Interac e-Transfer has grown rapidly in lock step,” said Anurag Kar, AVP, Money Movement Products, Interac. “Since many entrepreneurs already have the confidence of using the service as a consumer, they have quickly recognized it as an easy, efficient way to pay and be paid. Interac e-Transfer has been a payment option that eases the pain points that they face.” The Interac From Dollar One hub includes tips on building financial confidence and how to avoid burnout alongside practical instructions on the role Interac products, like Interac e-Transfer, can play in meeting a business’ key milestones. Advice offered to business owners within the hub includes: Pay and get paid—fast: Whenever possible, streamline and simplify the payments process. Set up Interac e-Transfer Autodeposit, so when you get paid, funds are deposited quickly and securely into your account. Maximize your payment methods: Over a third of entrepreneurs (35 per cent) said being able to accept and use Interac e-Transfer helped boost their financial confidence in managing a growing business. Additionally, half of businesses polled that use Interac® Debit (52 per cent) said they prefer it as a payment method for their business because it is a convenient way to pay. Not far behind that, two in five (43 per cent) cited safety and security as a key reason for preferring Interac Debit to make business related payments. Stay in charge of your small business: Pay attention to agreements and payment terms to avoid late penalties that could hurt your bottom line. Tracking payments and using your own money with Interac Debit or Interac e-Transfer can help avoid surprises at the end of the month, from extra fees or forgotten purchases. For more key tips and advice, visit the From Dollar One Hub at interac.ca/dollarone About the Interac survey The Interac survey was conducted among 500 Canadians entrepreneurs, a sample comprised of 362 side hustlers (i.e., do work outside of their primary employment), 82 small business owners (with 0 to 4 employees), and 56 freelancers. The survey was fielded by CICIC Research from August 9th to 16th, 2023.  The length of the survey was 10 minutes. The final sample was a result from natural fallout of a general population sample of Canadian adults weighted on age, gender, and region according to 2021 census figures. An associated margin of error for a randomly selected sample of n=502 would be ±3.8%, 19 times out of 20. About Interac Corp. Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money and data in Canada, security is the core of everything we do. We help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture, community, and corporate citizenship. We are proud to be one of Canada’s leading and most trusted financial brands. For more information, visit our website. Interac is a registered trademark of Interac Corp. SOURCE Interac Corp.

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