Cybercrime Is Targeting Small Businesses — Are You Ready?
Over the past year, more than half of small businesses across Canada have been hit by digital fraud attempts. Of those impacted, over one-third suffered financial losses, according to recent insights from the Canadian Federation of Independent Business (CFIB). The average cost? Roughly $7,800 — not to mention the toll it takes on employee morale, productivity, and leadership stress levels.
Email (phishing), text (smishing), and phone (vishing) scams remain the most common threats. But voice-based scams are evolving fast, especially with the rise of artificial intelligence. New AI-powered tools now allow scammers to convincingly impersonate trusted voices — making these scams more effective and dangerous than ever before.
What Is Vishing, and Why Is It So Effective?
Vishing — short for “voice phishing” — is a manipulation tactic where scammers use phone calls — often with fake caller IDs and voice-altering software — to gain sensitive business or personal information. Fraudsters may claim to be from your bank, an insurer, the government, or even pose as a company executive to exploit trust and urgency.
These attacks are often enabled by Voice over Internet Protocol (VoIP) systems, which allow scammers to spoof caller IDs and launch large volumes of calls quickly, making it challenging to trace the source
How AI Is Supercharging Vishing
A growing concern among business owners is the rise of AI-fueled fraud. In fact, 90% report fears that AI is making cybercrime more sophisticated and harder to detect.
One of the most alarming developments is voice cloning — the ability to replicate someone’s voice with startling accuracy. Criminals are now using this technology to imitate the voices of CEOs, directors, and other high-profile individuals to make their scams sound completely legitimate.
Why Cyber Insurance is No Longer Optional
Many small business owners mistakenly believe they’re “too small” to be on a hacker’s radar — yet more than 60% have still been targeted. According to the Insurance Bureau of Canada, only about 22% currently carry cyber insurance coverage.
Relying solely on a general liability policy could leave your business dangerously exposed — especially since standard policies typically don’t cover cyber-related incidents like data breaches, business interruption, or reputational damage.
At McLean & Dickey, we view cyber insurance as an essential safeguard — not just for covering losses, but for helping you recover quickly. A strong cyber policy can include breach response services, dark web monitoring, and ongoing threat detection — giving you more than just coverage. It gives you peace of mind.
Smart Steps to Lower Your Risk
Here’s how your business can proactively guard against vishing attacks and other digital threats:
- Train Your Team: Hold regular cybersecurity awareness sessions to help staff recognize scam tactics.
- Verify Everything: Always confirm sensitive requests — like financial transfers — through a trusted, alternate method such as a callback to a known number.
- Use Technology Wisely: Install robocall filters, spam detection, and spoof-blocking tools to identify threats before they reach your team.
- Test with Simulations: Run fake vishing scenarios (even using AI-generated voices) to measure staff awareness and reaction time.
- Prepare an Incident Response Plan: Ensure everyone knows how to report an incident, reset compromised credentials, and alert IT swiftly.
- Use Government Resources: Use tools like Canada’s National Do Not Call List and report scams to the Canadian Anti-Fraud Centre.
- Talk to Your Broker: Work with an insurance professional who understands your digital risk profile and can help you choose the right cyber coverage for your business.
Protect What You've Built
Cybercrime isn’t going away — but that doesn’t mean you have to face it alone. Let McLean & Dickey help you take proactive steps to protect your business, your data, and your people. Talk to us today to assess your cyber risk and explore the coverage options that offer real protection in a digital-first world.
Connect with one of our brokers today to learn how cyber insurance and smarter risk management can help you move forward with confidence.
This article is provided courtesy of The Canadian Broker Network
