You may have heard the phrase “forewarned is forearmed.” These words resonate perhaps more so these days with everything that’s going on. The definition of this phrase is even more interesting: “Prior knowledge of possible dangers or problems gives one a tactical advantage.”
Recent events in Canada and the U.S. have shown that fires devastate, floods decimate, economies fail, and politics polarize - and create unpleasant trade wars. Yesterday at work, I got another weather warning for a tornado alert (2nd one this summer). While advancements in communications offer improved warnings, we must also navigate misinformation and sensationalized media that play on our fears by presenting risk that may or may not exist. When to take action, who to listen to is increasingly difficult and with AI-generated fake video getting better by the day, one can only wonder how hackers and scammers will use this new tool to fool us. Amidst all this, you are navigating your business and managing people in this changing and challenging environment.
I recently read that Ontario has had more tornadoes than the Prairies (according to data from the Northern Tornadoes Project at Western University). I also get weekly emails from the Canadian Cyber Threat Exchange (CCTX) and headlines this week included: “Nova Scotia Power Hack, Iranian Cyber Threat to Canada from Israel-Iran Conflict, Millions of People Spied on by Malicious Browser Extensions in Chrome and Edge, SEO Poisoning Campaign,” the list goes on. Add the fires we saw in Manitoba in June, the flooding in Texas and it can all feel overwhelming. The good news is there’s more information to help you navigate through this. I see articles including: “What’s a Cash-Strapped Business Owner Supposed to Do About Fraud these Days? and “How to Get Rid of a Virus on Your Phone.”
You cannot control the origins of risk, but you can take steps to mitigate that protect your business operations and financials. A recent report published by MNP takes a dive into Risk Trends for 2026. It’s an excellent document that I highly recommend and can be found on MNP’s website at www.mnp.ca/en/insights/directory/risk-trends-2026.
It starts with identifying areas of risk, which include climate disasters, cyber threats and social pressures (a broad range) and offers specific strategies. The report acknowledges an uncertain future…
“Clearly, there are troubled waters ahead. But they are still navigable, provided your organization commits to abandoning reactive approaches in favour of continuous scenario planning and agile risk management.” MNP – Risk Trends 2026,
Forces of nature aren’t the only risk generator, humans are too and we’re getting really good at it. Cyber attacks and fraud are lucrative industries with hackers and scammers probably drooling over the possibilities with artificial intelligence. How this impacts business will be seen in the months and years ahead. Security systems will be pushed to stay one step ahead and we must increase our critical thinking skills to know the difference between real and fake. All industries are adopting more technology and with that comes an increase in cyber attacks. Our industry knows all about fire and safety hazards and we’ve had preventative measures in place for years, but the cyber world is a different beast.
We spoke with Connie Rowley, senior vice president, manufacturing wood products at Axis Insurance, who manages the Woodsure program, which CKCA has offered members for more than seven years. Connie has toured shops across the country conducting risk assessments. Insurance companies must keep up with the latest risk trends making them valuable sources for helpful information in risk prevention.
“Woodsure provides comprehensive insurance solutions to address today’s changing risk landscape, including operational, liability, cyber, contract exposure, crime, and director and officer exposures.
Cyber insurance protects against losses from digital incidents like data breaches, ransom ware, and network outages, often including response costs and liability.
We know the topic of insurance and risk management is dry, but it’s becoming more important to be aware and to take appropriate steps. Having insurance doesn’t stop risk. Business owners must take preventative measures and then have the right insurance to help mitigate the financial impact when something does happen. Sadly, we hear more stories every day about climate change and cyber attacks. Risk is changing and we have to keep up.
There is no perfect solution, but you can adopt a strategy that creates a tactical advantage for your business by being forewarned and forearmed.
