In the cybersecurity battlefield where size matters, small and medium businesses (SMBs) are taking the brunt of relentless ransomware assaults. Shockingly, these nimble enterprises are three times more likely to be in the crosshairs of cybercriminals compared to their larger counterparts. The toll? A staggering $2.4 billion in losses was incurred by SMBs in 2021 alone. The fight against cybercrime has never been more urgent as businesses of all sizes grapple with the looming threat of financial ruin.
In this reality, TruShield Insurance, a pioneering small business insurance provider in Canada, has unveiled a strategic collaboration with Visa to fortify cybersecurity defenses for small enterprises. This alliance offers eligible Visa business cardholders access to TruShield’s commercial insurance policies, underscoring a shared commitment to raising awareness and safeguarding businesses against evolving cyber threats.
Security Misconceptions
A recent study by TruShield Insurance in partnership with Leger in November 2022 revealed alarming statistics. 46% of surveyed small businesses believed they faced minimal cybersecurity risks. The rationale behind this perception varied. Of those surveyed, 48% cited their small size, and 32% claimed no prior cyber-attacks as reasons for underestimating the threat.
Despite prevailing misconceptions, the reality remains stark. Every business, no matter the size, is vulnerable to cyber threats. Inadequate protection not only exposes businesses to financial peril but also jeopardizes their viability. Potentially leading to bankruptcy in the wake of a significant breach.
Craig Hopkinson, Vice President of TruShield Insurance, expressed enthusiasm about the collaboration with Visa. “Having comprehensive business insurance with adequate cyber coverage can provide entrepreneurs with some much-needed peace of mind,” said Hopkinson.
Sarah Steele, Senior Director at Visa Commercial Solutions, echoed this sentiment. She underscored Visa’s commitment to helping small businesses by furnishing them with essential tools and resources to navigate the complexities of cybersecurity and thrive in their endeavors. “We look forward to working with TruShield to provide owners with expanded services and resources that enable them to protect their business and thrive,” said Steele.
TruShield Insurance specializes in tailored coverage solutions designed to shield small businesses from cyber-attacks, property damage, legal liabilities, and risks. More on their products here.
Other News: Got Cyber Insurance for Yourself? (Opens in a new browser tab)