UMVA has learned that Toronto is bracing for a massive influx of visitors with the FIFA World Cup 2026 just around the corner, and residents and businesses are looking for ways to capitalize on the crowd and make some extra cash.
The city's bars, restaurants, and retailers are expecting a surge in foot traffic and demand, but with that comes a range of risks to consider. Commercially licensed brokers are playing a key role in helping small business owners put in place appropriate risk management strategies to mitigate potential losses.
One critical consideration for establishments selling or serving alcohol is host liquor liability. Businesses must also be mindful of everyday exposures such as slips, trips, and falls, ensuring their spaces remain safe for both customers and employees during what is likely to be a busy period.
Some people are considering renting out spaces, such as spare rooms or condos, but with that comes possible pitfalls, particularly for those who have never done anything like that before. It is essential to check municipal bylaws on running a short-term rental, as non-compliance can result in significant fines.
Homeowners must also consider the practicalities of hosting paying guests, including cleaning services and ensuring a positive guest experience. They need to think about how it will impact their own lives, including the routines they must shift to accommodate guests and the value of their time.
However, there are also those who will be working to cash in on the event in more unsavory ways. High-profile events like the FIFA World Cup create ideal conditions for familiar fraud and cybercrime, with a wide attack surface for threat groups with differing objectives.
Cyber threats include ransomware groups looking to monetize data and downtime, as well as nation-state and hacktivist groups seeking to create widespread disruption and political challenge. The tournament's reliance on digital ticketing, cloud infrastructure, and broadcasting systems creates high-value targets for cybercrime.
Toronto's BMO Field is set to host several high-stakes matches, including a round of 32 knockout game on June 12. The city's residents and businesses must be vigilant and prepared for the potential risks and opportunities that come with hosting such a massive event.
