Cybersecurity in 2025: A Business Imperative, Not Just an IT Concern

As cyber threats continue to escalate in scale, sophistication, and impact, organizations of all sizes are facing an urgent call to action. The evolving cybercrime landscape is no longer a distant concern reserved for large enterprises or IT departments—it is a pressing business risk that demands attention across every level of an organization

During a recent Cybersecurity Awareness Month session, industry leaders shared critical insights into the current threat environment, the psychology behind successful scams, and the practical steps businesses can take to protect themselves. The discussion underscored a central message: cybersecurity is everyone’s responsibility, and awareness is the first line of defense.

Cybercrime is no longer the domain of lone hackers in basements. It has evolved into a global, organized industry. In 2024, phishing and ransomware attacks surged, with phishing alone accounting for 75% of all cyberattacks¹. These attacks are increasingly sophisticated, leveraging generative AI tools to craft convincing emails that bypass traditional red flags like poor grammar or suspicious formatting.

The financial impact is staggering. Global cybercrime costs are projected to reach $23 trillion USD by 20272. In Canada alone, businesses spent over $1.2 billion on recovery in 2023, with small and medium-sized enterprises each absorbing approximately $300 million³. The Canadian Anti-Fraud Centre received nearly 100,000 fraud reports in 2024, representing over $638 million in reported losses⁴.

Cybercrime is driven by a range of actors, with organized crime responsible for most attacks5. These groups operate like businesses, complete with management structures, call centers, and playbooks. Other sources include disgruntled insiders, state-sponsored actors, and opportunistic hacktivists5. Understanding these motives is essential.

Social engineering remains one of the most effective tactics used by cybercriminals. Whether through phishing (email), vishing (voice), smishing (SMS), or quishing (QR codes), attackers manipulate human emotions—particularly fear, curiosity, and helpfulness—to trick individuals into revealing sensitive information or initiating unauthorized transactions.

These scams often appear legitimate, but subtle clues—like suspicious sender addresses or unusual URLs—can reveal their true nature. The key is to pause, verify, and never act under pressure.

Business Email Compromise (BEC) is one of the most prevalent and damaging scams facing organizations today. It typically begins with a phishing email that compromises an employee’s credentials. From there, attackers impersonate executives or vendors to initiate fraudulent wire transfers.

The success of these scams often hinges on urgency, secrecy, and a lack of verification protocols. Without dual authorization or segregation of duties, businesses are left vulnerable to unauthorized transactions that can be difficult to reverse.

Several misconceptions continue to hinder effective cybersecurity practices:

• Cybercrime is not just a big business problem. Small and mid-sized businesses are frequent targets.
• There is no “undo” button for wire transfers. Timing is critical in fraud recovery.
• Cyber insurance does not cover everything. Coverage varies by policy and often excludes third-party losses.
• Cybercrime is not shameful. Only 10% of incidents are reported, often due to embarrassment6. Open dialogue is essential for awareness and prevention.

Organizations can significantly reduce their risk exposure by implementing a few key practices:

• Update software and browsers regularly. Over 70% of companies still use outdated browsers1, leaving them vulnerable.
• Use dual authorization for financial transactions. Segregation of duties is a powerful deterrent.
• Bookmark critical websites. Avoid clicking on search engine ads, which can be spoofed.
• Train employees regularly. Cybersecurity awareness should be part of onboarding and ongoing education.
• Encourage a culture of skepticism. Urgency and secrecy are red flags. Always verify requests through known channels.

Creating a resilient organization requires more than just tools and policies—it requires a cultural shift. Cybersecurity must be embedded into the fabric of the business, with leadership setting the tone. Open communication, regular training, and recognition of vigilance are key components of this culture.

Employees should feel empowered to report suspicious activity without fear of blame. Incidents should be treated as learning opportunities, not failures. And most importantly, everyone—from the front line to the C-suite—must understand that cybersecurity is a shared responsibility.

Cybercrime is a growing threat, but it is not insurmountable. With the right mindset, tools, and processes, businesses can protect themselves and their clients. The most effective defense is a well-informed, vigilant workforce supported by strong leadership and clear protocols.

As the cyber threat landscape continues to evolve, so too must our approach to defending against it. Awareness, action, and accountability are the pillars of a secure future.

For more information on how Scotiabank can help you protect your business from cybercrimes, reach out to your Relationship Manager, get in touch with us today or explore our Cybersecurity and Fraud Awareness Hub.