Insights from the 2023 Travelers Canada Risk Index with Michael Trendler

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This is another episode of the CanadianSME Small Business Podcast. As we move past the Cyber Security Awareness Month, this segment dives deep into the revealing findings of the 2023 Travelers Canada Risk Index. With cybersecurity becoming the central concern for Canadian business magnates, we are fortunate to have with us Michael Trendler, the Managing Director of Specialty Insurance at Travelers Canada. Together, we will navigate the current cybersecurity landscape.

Key Highlight Points:

  • Insights from the 2023 Travelers Canada Risk Index depicting the state of cybersecurity awareness and preparedness among Canadian SMEs.
  • The notable revelation that 40% of SMEs in Canada have faced a cyber breach in the recent past, along with the challenges these businesses encounter.
  • The significant financial concerns that underpin cyber threats, especially given that 60% of business owners are apprehensive about the loss of income due to cyber incidents.
  • Unpacking the sentiment of 35% of respondents who believe there’s an increased risk in business operations and the elements influencing this perception.
  • A look at common cybersecurity threats, including unauthorized access and phishing emails, and the defense strategies businesses can adopt.
  • The overarching importance of solid cybersecurity controls, as echoed by 83% of surveyed companies, and best practices to enhance cyber readiness.

We extend our heartfelt appreciation to Michael Trendler for his invaluable insights on cybersecurity and the profound revelations of the 2023 Travelers Canada Risk Index. This episode offers a deeper understanding of the challenges and solutions in our intricate digital age. We also express our gratitude to our steadfast partners: RBC, UPS, and our accounting software ally, Xero.

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