As Cybersecurity Awareness Month begins, Zensurance, a leading provider of small business insurance in Canada, is urging entrepreneurs to prioritize cyber resilience throughout the year. With cyber-attacks becoming increasingly sophisticated, frequent, and costly, many small businesses remain vulnerable due to insufficient cybersecurity measures.

A recent survey conducted by Pollfish, which polled 1,000 Canadian entrepreneurs, revealed that more than 50% of small businesses in the country have experienced a cyber incident. The reported attacks included:

  • Phishing attempts: 46%
  • Malware infections: 23%
  • Fraudulent financial transfers: 19%
  • Ransomware attacks: 6%
  • Distributed denial-of-service (DDoS) disruptions: 6%

Cyber Technology Insights : Morgan Stanley’s Rachel Wilson and Axonius CEO Dean Sysman to Headline CTRL/ACT on AI Cybersecurity

“For small businesses, cyber threats are not hypothetical—they are imminent dangers,” said Danish Yusuf, Founder and CEO of Zensurance. “Cybercriminals don’t discriminate based on size; they exploit weaknesses. A single fraudulent email or an outdated system can have devastating consequences. Without proactive cybersecurity measures and insurance, many small businesses risk shutting down after one significant attack.”

The rise of AI-driven cybercrime is adding another layer of concern. The Pollfish survey showed a divided perception among respondents regarding AI-related attacks: 34% consider them a significant threat, 40% see them as an emerging risk, 16% believe only larger enterprises are at risk, and 10% are unconcerned.

The Financial Toll of Cybercrime

Beyond operational disruption, cyber-attacks can impose severe financial losses. According to CloudSecureTech, Canadian small and medium-sized enterprises face average losses of:

  • $89,000 per phishing attack
  • $118,000 per fraudulent transfer
  • $330,000 per ransomware incident

Cyber Technology Insights : Cyberstarts Closes Second $380 Million Opportunity Fund to Back the Next Stage of Cybersecurity Breakouts

The economic impact is substantial, with 40% of small businesses reporting losses exceeding $100,000 and average data breach costs reaching $220,000—far exceeding the cost of preventive measures.

Zensurance offers cyber insurance plans for small businesses starting at $31 per month, covering financial losses, legal expenses, breach notifications, IT recovery, and employee overtime related to remediation.

The Myth of “Too Small to Be a Target”

Despite clear evidence of risk, many small business owners underestimate their exposure. The Zensurance Small Business Confidence Index highlights:

  • 23% feel unprepared for cyber-attacks
  • 33% are only somewhat prepared
  • 18% believe cyber threats do not apply to their business
  • 25% do not carry cyber liability insurance
  • Over 60% of small businesses and 73% of sole proprietors think they are “too small” to attract cybercriminals

“Small businesses are prime targets precisely because their defenses are often limited,” said Graeme Barrie, cybersecurity consultant and President of NetMechanics.ca. “Implementing basic preventive measures and having the right insurance coverage can drastically reduce risk. All businesses, regardless of size, need to treat cybersecurity as a priority.”

Cyber Technology Insights : BlueVoyant Partners with Axio to Modernize Cybersecurity Vendor Selection

To participate in our interviews, please write to our CyberTech Media Room at sudipto@intentamplify.com