Half Of All Canadian Businesses Hacked

A new survey has terrifying implications for Canadian businesses across the country.

Conducted by marketing research firm Ipsos Canada on behalf of Calgary-based accounting, tax and business consulting firm MNP LLP, the survey found that nearly 60 per cent of Canadian small business owners and C-suite executives either suspect or know for certain they were the victims of an external cyber-attack during the last year, with 50 per cent of C-suite executives indicating that they know for certain that their company experienced a breach.

An additional three in 10 suspected their company was the victim of a breach in the past year, but didn’t know for certain.

And despite the overwhelming evidence indicating otherwise, eight executives in 10 reported being confident in their business’s ability to prevent an external hacking attempt, while 93 per cent of survey respondents indicated confidence in their ability to protect customer data.

In a 7 statement, former Canadion National Police  investigator and current MNP vice president of valuations, forensics, and litigation support Greg Draper called cyberattacks “a reality of doing business,” but added that the survey underlined just how poorly Canadian businesses are equipped to address them.

“There is a significant gap between the perceived preparedness of businesses and the number of data breaches occurring,” Draper said. 

“The number and sophistication of hackers is growing at light speed, but businesses are not evolving their prevention and detection strategies at the same rate. Developing an effective defense against external fraud is an exercise in continuous improvement, not just set-it-and-forget-it. That’s the part that businesses are missing here.”

For example, Draper called it “startling” that only 54 per cent of C-suite executives and small business owners reported using cybersecurity measures such as firewalls.

The findings were especially surprising given that upcoming changes to Canadian privacy laws will require Canadian companies to log and disclose all breaches, Draper noted.

“Along with the costs of a potential business disruption or loss of confidential information, businesses will start to see the breach-related expenses climb sharply when they are forced to publically disclose them,” he said. 

“Loss of customer confidence and potential legal action, fines for non-compliance and the resources to ascertain exactly how hackers got in and then implementing new security measures – the proactive approach to mitigating external fraud risk is far more cost-effective.”

In conducting the online survey, Ipsos polled 1000 owners of small businesses with between five and 99 employees, and 100 C-suite executives at businesses with more than 100 employees, between Jan. 17 and Jan. 26, 2017.

IT World Canada

You Mighy Also Read

Four Steps To Managing Cyber Security Better:

Strategies To Prevent 85% Of Cyber Attacks:

Directors Report January 2017. Cyber Security Checklist For Management (£):

 

 

« Strategies To Prevent 85% Of Cyber Attacks
Insurers Get Much More Cautious About Cyber Risk »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

CHG-MERIDIAN

CHG-MERIDIAN

CHG-Meridian provide end-to-end technology management services covering everything from initial consultancy to certified data erasure at the end of the lifecyle.

CyberVista

CyberVista

CyberVista is a cybersecurity training education and workforce development company. Our mission is to eliminate the skills gap by creating job ready professionals.

Trapmine

Trapmine

TRAPMINE is an innovative cybersecurity products company mainly focusing on protecting organizations from Advanced Persistent Threat & Zero-Day attacks.

ByteLife Solutions

ByteLife Solutions

ByteLife Solutions specialises in the provision of IT infrastructure services and solutions, including cybersecurity.

u-blox

u-blox

u-blox deliver leading wireless technology to reliably and securely locate and connect people and devices.

Tehtris

Tehtris

TEHTRIS XDR Platform was developed to control and improve the IT security of private and public companies against advanced cyber threats such as cyber espionage or cyber sabotage activities.

24By7Security

24By7Security

24By7Security are Cybersecurity & Compliance Specialists with extensive hands on experience helping businesses build a defensive IT Infrastructure against all cyber security threats.

GuardSight

GuardSight

GuardSight is a provider of specialized cybersecurity services to safeguard businesses, government, and remote workers against sophisticated cyber threats.

WEBGAP

WEBGAP

We are the developer of the WEBGAP browser isolation platform and a global provider of fully managed and fully hosted remote browsers.

Association of anti Virus Asia Researchers (AVAR)

Association of anti Virus Asia Researchers (AVAR)

AVAR's mission is to prevent the spread of and damage caused by malicious software, and to develop cooperative relationships among anti-malware experts in Asia.

Atomic Data

Atomic Data

Atomic Data is an on-demand, always-on, pay-as-you-go expert extension of your enterprise IT team and infrastructure.