A report by Statistics Canada, released Tuesday, indicates 18 per cent of Canadian businesses were impacted by cyber security incidents in 2021 and Canadian businesses spent about $9.7 billion to detect or prevent cyber security issues.
“A cyber security incident can impact businesses in different ways, such as by threatening the privacy and security of their customers’ information, monetary losses, reputational damages, etc. . . . The most common types of cyber security incidents identified by business in 2021 were incidents to steal money or demand ransom payments (7 per cent) and incidents to steal personal or financial data (6 per cent). More than one-third (39 per cent) of Canadian businesses impacted by cyber security incidents indicated that there was no clear motive,” said the federal agency.
“While most impacted businesses identified external parties (61 per cent) as the perpetrator of cyber security incidents, 38 per cnet of impacted businesses could not identify the perpetrator. Other perpetrators identified were internal parties (5 per cent) and known third parties (6 per cent), like a supplier or customer.
“The percentage of businesses that reported spending some money to detect or prevent cyber security incidents remained relatively the same in 2021 (61 per cent) compared with 2019 (62 per cent). However, the amount of money Canadian businesses spent to detect or prevent cyber security incidents increased by roughly $2.8 billion in 2021 to $9.7 billion when compared with 2019. Large businesses contributed to just under half of the total ($4.4 billion), followed by small businesses ($2.9 billion) and medium businesses ($2.4 billion).”
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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