22.3%
of businesses in Statistics Canada's 2023 survey carried cyber risk insurance, up from 16% in 2021. Adoption is rising fast, not saturated.
Market data
Cyber insurance adoption in Canada is still low. That changes what a renewal or first application looks like.
Statistics Canada's own numbers show most Canadian businesses still do not carry cyber insurance. Here is what the data means if you are deciding whether a readiness review is worth doing before your next renewal or first application.
What The Data Shows
C$4,424
average annual cost per business for cyber risk insurance or equivalent coverage across the full 2023 survey population, insured or not.
16%
of Canadian businesses reported being affected by a cybersecurity incident in 2023, the same year adoption was still under a quarter of the market.
19.1%–58.0%
adoption ranges from 19.1% for 10-49 employee businesses to 58.0% for businesses with 250 or more employees.
What This Means For You
The data changes what to expect from your next review, not whether to bother.
If you are 10-49 employees, you are in the segment least likely to already carry coverage and least likely to have gone through an underwriting review before. The first application usually asks for more evidence than owners expect.
If you already carry coverage, renewal questions are getting more specific as adoption rises and insurers see more claims data. A renewal that was straightforward two years ago may not be this year.
Average cost figures blend insured and uninsured businesses. What an individual business pays depends heavily on the control evidence it can show at underwriting, not just its size or industry.
Rising adoption also means more businesses in your industry can now describe their security posture in writing. That raises the bar for what a customer or partner expects from you, even outside a formal insurance review.
Next Step