The Ontario Broker - Volume 24, Issue 5 - 36

WHAT'S NEW
A Whole New Digital World:
Mitigating Cyber Risk in 2024
Michael Trendler-Managing Director of Specialty Insurance, Travelers Canada
H
ow many of us check our phones first thing in the
morning and do a final social media or email scroll
at night? Our devices conveniently hold the things
we use most: contact information, communication
apps, payment methods, health data-and that just
scratches the surface.
As technology becomes increasingly sophisticated, so do cyber
criminals. Technology is effortlessly woven into our everyday
routines, and as such, our exposure to threats is greater than ever.
This heightened exposure has resulted in large-scale cyberattacks
around the globe. In 2024 alone, there have been several massive
breaches to companies affecting employees and customers alike.
Canadian businesses are taking notice. For the second
straight year, cyber threats are the top overall business concern
according to the 2024 Travelers Canada Risk Index. More than
80% of business insurance decision-makers said having the right
cybersecurity controls in place was critical to the well-being of
their organization.
Having a plan to mitigate damage in the event of a cyberattack is
extremely important, but taking security measures before an event
can make the difference between a successful or unsuccessful hack
attempt. Companies should have the proper security measures and
resiliency programs in place to protect their data and digital files.
They should also equip their employees with the knowledge and
tools to identify bad actors and breach attempts.
Employees can be considered the first line of defense when it comes to
cybersecurity. Employers should provide them with proper training and
resources to help identify fraudulent requests from bad actors. Employees
can help spot suspicious email activity by asking a few basic questions:
* Did the message come from a known contact?
* Is there a sense of urgency to respond or an unusual
request demanding your attention?
* Are there grammatical errors throughout?
For the second straight
year, cyber threats are
the top overall business
concern according
to the 2024 Travelers
Canada Risk Index.
Beyond training, employers need to consider who has access
to files and systems. Not everyone will require the same level of
administrative access, so limiting access to core individuals can help
further minimize the risk of information landing in the wrong hands.
As part of a strong risk mitigation program, there are preventive
measures companies should consider implementing to further
protect against threats:
* Use endpoint detection and response
* Use multifactor authentication for remote and
administrative access
* Create an incident response plan
* Create a cyber assessment for vendors
* Have a dedicated team in place to respond immediately to
attacks
Cybersecurity is a shared responsibility. While threats might always be
around, the more prepared companies and individuals are, the easier it
will be to sleep at night-after shutting down social media, of course.
36
The Ontario Broker
The Ontario Broker - Volume 24, Issue 5

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