Cyber Insurance for Small Business: Zensurance Warns 53% of Canadian Firms Hit by Cyberattacks

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Estimated reading time: 3 minutes

The big fish get the headlines, such as MGM, Marks & Spencer, and Jaguar. But cybercriminals aren’t skipping the small fry and tools like Artificial Intelligence (AI) are just making their lives easier. Reviewing press releases, we noticed one from Zensurance that ties some eye-opening numbers to the risks that small businesses face online, raising the issue of cyber insurance for small businesses.

The company cites Pollfish survey data showing that more than half of Canadian small businesses have already been affected by cyber incidents. With Cybersecurity Awareness Month underway, Zensurance is urging business owners to take these findings seriously and strengthen their defenses.

Zensurance logo above a small-town main street lined with local businesses like a pizza shop, kids store, and housewares shop, symbolizing small businesses in Canada facing rising cyber threats such as ransomware, phishing, and AI-driven attacks. The digital overlay visualizes cybersecurity risks targeting entrepreneurs and highlights the importance of cyber insurance for small business owners during Cybersecurity Awareness Month.

Survey Shows 53% of Small Businesses Affected

According to the Pollfish survey of 1,000 Canadian entrepreneurs, 53% reported experiencing a cyberattack. The most common threats were phishing (46%), malware (23%), fraudulent transfers (19%), and ransomware (6%).

“Cybercriminals don’t care how small your business is,” said Zensurance CEO Danish Yusuf. “One click on a fraudulent email or one missed software update can cost you everything. Without cyber insurance and proactive defences, many small businesses are just one attack away from closing their doors for good.”

AI Threats Are Rising Fast

Artificial intelligence is fueling new forms of attack. Thirty-four percent of respondents view AI-driven threats as serious, while 40% see them as emerging risks. Yet many entrepreneurs still assume hackers only target big corporations.

One Minute Watch – Cyberattack on Small Business: How AI Supercharges Cyber Threats
The Case for Cyber Insurance for Small Businesses

The financial impact can be severe. CloudSecureTech reports phishing attacks cost small firms an average of $89,000, while ransomware losses reach $330,000. Despite the risk, 25% of small businesses do not have cyber liability coverage.

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Zensurance offers cyber insurance for small business policies starting at $31 per month. Plans cover financial losses, legal fees, and IT recovery.

“Small businesses underestimate their appeal to cybercriminals,” said cybersecurity expert Graeme Barrie of NetMechanics.ca. “But in many ways, they are the most attractive targets because their protections are often limited. The right mix of prevention and insurance is the only real safeguard.”

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Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

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