Do cyberattacks only target large companies?
In a world where cyberattacks are multiplying, many businesses believe they are protected — but in reality, they are relying on misconceptions that can prove very costly. Let's break down five persistent myths that still hold back too many SMB owners and professional services leaders.
Myth 1: "Cyberattacks only target large companies"
False. Small and mid-sized businesses are actually a preferred target for cybercriminals. Why? Because they typically operate with more limited IT budgets and weaker defences. For an attacker, an SMB represents an easy entry point — and sometimes even a gateway to larger partners or clients.
According to the Canadian Centre for Cyber Security, small and mid-sized businesses are among the most vulnerable organizations in Canada. Being a small business is not a form of protection, in many cases, it is the opposite.
Myth 2: "My antivirus and firewall are enough"
Not quite. These tools are essential, but they only cover part of the risk. A cyberattack can also originate from a fraudulent email opened by an employee, a forgotten software update, or a simple laptop theft. Cyber insurance completes your technical defences by protecting your finances and your reputation when a breach occurs despite your best efforts.
Cybersecurity rests on two inseparable pillars: technical prevention and financial risk transfer. One without the other leaves your business exposed.
Myth 3: "I already have property insurance that surely covers cyber"
Be careful. The vast majority of traditional property and casualty insurance policies explicitly exclude incidents related to cyberattacks. Without specific cyber coverage, the costs associated with a data breach, an operational disruption, or a ransom payment will simply not be reimbursed.
This is one of the most costly gaps business owners discover, unfortunately, at the time of a claim.
Myth 4: "Cyberattacks are mainly a technical problem"
That view is too narrow. An attack doesn't just mean "fixing the computers." The impacts affect the entire organization: business interruption, reputational damage, legal liability toward third parties, and regulatory fines under PIPEDA or provincial privacy legislation. A cyberattack is an organizational crisis — not just a challenge for the IT department.
Myth 5: "Cyber insurance is too expensive"
A common misconception. Compared to the real cost of a cyberattack which can easily reach tens or even hundreds of thousands of dollars, cyber insurance represents a minimal investment. It also typically includes prevention, training, and incident response services that strengthen your business's resilience on an ongoing basis.
Conclusion
Relying on these myths can create a false sense of security and leave your business dangerously exposed to threats that evolve faster than ever. Cyber insurance is now a strategic risk management tool — as essential as insuring your property or your civil liability.
Wondering whether your business is truly insurable against cyber threats?
Request a cyber posture assessment today to identify your vulnerabilities and get recommendations tailored to your reality.
