Here’s Why You Should Care About Cybersecurity Awareness Month
October marks Cybersecurity Awareness Month, a global initiative aimed at raising awareness about protecting ourselves online.
Why Should You Care About Cybersecurity Awareness Month?
Because being online now presents more risks than ever before – and everyone is a potential target.
Cybercrime has evolved into a global crisis. It’s no longer limited to isolated hacking incidents or high-profile victims. Today, the frequency and severity of sophisticated cyberattacks like ransomware, data breaches, phishing and fraud, impact governments, businesses and individuals alike.
The financial toll of cybercrime is staggering.
In 2023, cybercrime cost Canadians US$3.8 billion, while in the US that number reached a historical peak of US$12.5 billion.
The problem will only get worse. Cybercrime is predicted to cost the world $10.5 trillion annually by 2025. This means cybercrime would represent the largest transfer of economic wealth ever, eclipse the annual damage caused by natural disasters, and become more profitable than the global trade of all major illegal drugs combined.
The concern isn’t just about the financial damage, warns Christyn Yoast, BOXX Insurance USA President. It’s about everyone’s digital safety.
“Today, we’re seeing a rise in sophisticated cyberattacks targeting not just big corporations but small businesses and ordinary individuals and families. In particular, ransomware, phishing attacks and identity fraud are significant concerns and people need to take proactive steps to protect themselves,” she says, adding that the importance of cybersecurity awareness can no longer be underestimated.
The attacks may be digital, but the dangers are very real.
Accenture reports 97% of organizations have seen an increase in cyber threats since the Russia-Ukraine war began. Add to this, a terrifying rise in sophisticated ransomware gangs – some holding entire companies hostage and demanding millions in ransom, leaving businesses with little choice but to pay or risk losing critical data.
And, as if it’s not enough that millions of people fear their identity will be stolen online, now scammers are using Artificial Intelligence (AI) to clone kids’ voices to call their parents for kidnap ransoms.
Cybercrime is Growing – That’s Why Cybersecurity Awareness Month is So Important
1. The Post-Pandemic Digital Shift
The way we live and work has changed dramatically since the pandemic, with remote work and cloud-based operations becoming the new normal. With these shifts came a cybercrime boom: cybercriminals were quick to exploit vulnerabilities in less secure networks and personal devices, leaving both businesses and individuals more exposed than ever before.
It’s not just companies at risk. More than half of Canadians over the age of 16 have experienced a data breach (not surprising since there are 75 data breaches a day in Canada) – with passwords being the most commonly compromised information. As our digital footprints grow, so does the challenge of keeping our personal data safe.
2. The Role of AI in Cybercrime
AI is transforming industries, but it’s also giving cybercriminals new tools to launch more targeted attacks – from deepfake impersonations to automated phishing. In 2023, the FBI reported USD $2.9 billion in losses from AI-fuelled Business Email Compromise (BEC) schemes.
Neal Jardine, BOXX’s Global Director of Cyber Risk Intelligence, says AI is already changing the cyber threat landscape. “It’s no longer about brute force hacking; AI allows attackers to be smarter and more targeted in their approach – making cybersecurity for everyone more important than ever.”
3. Lack of Awareness and Education
Despite the rise in cybercrime, many people are still unaware of the risks.
A concerning 65% of Canadian senior executives revealed they’ve been the target of at least one cyberattack in the past 18 months, while one in five Canadian companies admit they don’t know enough about cybersecurity to protect themselves.
Part of the problem is cyber fatigue, experienced by over 40% of companies, where businesses become desensitized to the constant warnings about cyber threats, making them less proactive to securing their systems.
On an individual level, it’s even more alarming. The majority of Americans don’t know what to do after a data breach – and most have never checked to see if their data has been compromised by one. In Canada, more than half of internet users don’t use privacy tools to safeguard their personal data. And even though cybercrimes targeting kids have surged by 20% in the last year, 30% of Canadian parents have never discussed cyber safety with their children.
This lack of cybersecurity awareness makes it easier for cybercriminals to succeed in their attacks – leaving both individuals and companies increasingly vulnerable.
4. Lack of Cyber Insurance
Despite rising cyber threats, many Canadian businesses hesitate to invest in cyber insurance, often assuming they won’t be targeted. Over 40% of insurance brokers report clients refuse coverage, believing their data isn’t valuable or that small businesses aren’t appealing to cybercriminals.
“But that mindset leaves them exposed to significant financial losses,” says BOXX CEO & Co-Founder Vishal Kundi. “Most hacks target small businesses, and 80% of victims could have financially survived the attack with better preparation.”
How to Stay Safe Online: Cybersecurity and Insurance
As cyber threats evolve, so must our cyber awareness, preparedness and defences. Taking cybersecurity measures and getting the right cyber insurance are your best bet against growing cyber threats. Here are some best practices to safeguard yourself, your family and your business:
- Training and Awareness: Educate employees and family members on the latest cyber threats, including how to spot and report phishing. Consider prioritizing BOXX’s 10 online safety tips and cyber safety resources, including how to deal with cyberbullies and how to avoid romance scams.
- Strong Password Policies: Over 24 billion passwords were exposed by hackers in 2022 and the average smart home could be at risk of more than 12,000 hacker attacks in one week. Implement strong password hygiene, use multi-factor authentication, and change passwords regularly, using a password manager.
- Cybersecurity Tools: Invest in cybersecurity tools like VPNs, firewalls, and antivirus software to secure both your personal and business networks and devices, and regularly keep software updated.
- Cyber Insurance: Cyber insurance is no longer just an option; it’s a necessity. Whether you’re insuring your home or protecting your business, policies designed to protect against cyber risks can offer a critical safety net. In addition, BOXX helps businesses and individuals prevent, prepare and recover from cyber incidents. BOXX’s virtual Chief Information Security Officer (CISO) can provide an extra layer of protection for small businesses, acting as your personal cybersecurity team with a policy or Cyberboxx Assist.
Make Cybersecurity Awareness Month a Priority
There’s a lot to be anxious about in our digital world as we observe Cybersecurity Awareness Month in 2024. But consumers and businesses can fight back by making cybersecurity awareness and resilience a priority. Stay informed and invest in the right protection and insurance to keep your business, home and family safe.
Becoming cyber aware is your first step – for more insights on how to safeguard your digital world, check out BOXX’s cybersecurity resources.
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