Zensurance Study Reveals Over 50% of Canadian Small Businesses Have Faced Cyberattacks, Showing No Company Is Too Small to Be Targeted

October marks Cybersecurity Awareness Month 2025, a crucial reminder for every business to strengthen its digital defences. As cyber threats become more frequent and costly, companies must focus on building strong preventive measures and maintaining cyber resilience. In today’s digital-first world, cyberattacks, data breaches, and phishing scams are not limited to big corporations; small and medium businesses are equally, if not more, vulnerable to these growing online risks.

According to a recent Pollfish survey by Zensurance, Canada's leading small business insurance provider, more than half of all Canadian small businesses had experienced a cyber incident. These include 46% phishing attacks, 23% malware infections, 19% fraudulent fund transfers, and 6% ransomware attacks. Many of these companies lacked even the most basic cybersecurity protection, leaving them vulnerable to significant financial damage. 

Danish Yusuf, Founder and CEO of Zensurance, underlined that cybercrime is a constant threat, stating that hackers are more concerned with a company's weaknesses than its size. A single incorrect click on a fake email or an unpatched software update might result in severe damage. Without proper cyber insurance or proactive defense, many small firms may be unable to recover from a major cyberattack.

Cyberattacks have a concerning economic impact. CloudSecureTech research reveals that Canadian small and medium-sized enterprises lose an average of $89,000 per phishing attack, $118,000 through fraudulent fund transfers, and $330,000 every ransomware incident.These figures show that the cost of preventive and insurance is much lower than that of recovery.

Many business owners still assume that their businesses are "too small to be targeted" by hackers. However, the Zensurance Small Business Confidence Index shows that more than 60% of small businesses and 73% of independent entrepreneurs believe cybercriminals will not target them. In truth, their presumption of security leaves them even more susceptible. Hackers frequently target small firms because their security measures are typically weaker and easier to breach. As AI-driven cybercrime advances, these threats increase faster than many firms can handle, making awareness and prevention more vital than ever.

This Cybersecurity Awareness Month, businesses must treat cybersecurity as an ongoing responsibility, not a one-time task. Simple actions like keeping software updated, training employees, using strong passwords, and enabling multi-factor authentication can greatly reduce risks. At the same time, cybersecurity insurance adds an extra layer of protection by covering financial losses and providing expert support for recovery and legal issues. In today’s digital world, cybersecurity is essential for survival, whether you’re a startup or a small local business. Building awareness, preventing threats, and securing the right insurance can be the difference between recovery and closure after a cyberattack.

Information referenced in this article is from Yahoo Finance