In the wake of growing cybersecurity threats and the sophistication of attackers, as seen in the recent major cyber incident at London Drugs, where a cyber attack led to the closure of all 80 western Canadian stores for eight days, resulting in multimillion-dollar losses and damage to customer, employee, and business reputation, Superion is advocating for small and medium-sized enterprises (SMEs) to prioritize comprehensive cyber insurance and enhanced IT security measures. Large enterprises may be able to weather the financial impact of such interruptions, but SMEs face harsher consequences. A single cyber incident can cause significant financial harm to an SME, leading to unrecoverable losses, including legal costs, lost revenue from downtime, and challenges in meeting payroll.

Large companies have more capacity to handle cybersecurity internally and manage disruptions more effectively. They usually have multiple revenue streams and financial reserves that provide resilience against attacks. In contrast, SMEs typically operate with slimmer profit margins and limited cash reserves, making them more vulnerable to financial turmoil following a cyber event.

"SMEs are crucial to our economy, yet their exposure to cyber threats is often underestimated," states Mike Burton, Owner of Superion. He notes that despite not being seen as primary targets, SMEs are increasingly preyed upon by cybercriminals employing AI to find and exploit vulnerabilities. Investing in cyber insurance and robust IT security practices can shield SMEs from severe losses.

Burton highlights the importance of enhancing IT infrastructure to mitigate risks. Steps such as security training for employees, implementing multi-factor authentication, and using endpoint detection are critical. Yet, since no measure guarantees total security, comprehensive cyber insurance remains vital. It covers various costs including data breach responses, compensation for revenue lost during operational downtimes, legal fees from potential lawsuits or inquiries, and assistance with payroll during recovery periods.

As cyber threats evolve, so must the cybersecurity strategies of all businesses. With Superion’s expertise in managing IT and cybersecurity needs, SMEs can secure the stability needed to focus on growth and prepare for future challenges.

𝗔𝗯𝗼𝘂𝘁 𝗦𝘂𝗽𝗲𝗿𝗶𝗼𝗻
Superion Inc. is a Canadian IT service provider committed to supporting businesses through expert management and security of their IT infrastructures. We offer a broad range of managed IT and cybersecurity solutions, from proactive planning and monitoring to swift incident response, all supported by a strong commitment to customer relationships.

For additional details on our IT security and support services, visit www.superion.ca.