14B spent on cybersecurity in 2017

Firms spent 14B on cybersecurity in 2017, more than 20% Struck by cyberattack

Over one in five Canadian businesses say they were struck by a cyberattack this past year, with companies spending $14 billion on cybersecurity since they face larger dangers in the electronic world, according to a new Statistics Canada poll.

Theft of personal or financial advice was typical — significantly less than one-quarter of their cyberattacks — although it had been the most cited rationale for investing in cybersecurity, StatCan explained.

“Canadian companies continue to quickly embrace the Internet and digital technology, which expose them to better cybersecurity dangers and dangers,” the bureau stated in a release Monday.

“But, the effect of these dangers and dangers on the investment and daily decisions of companies aren’t readily known as cybersecurity incidents often go awry”

In Europe, a sweeping new privacy legislation introduced May enforced strict rules about data protection and personal privacy, impacting Canadian businesses offering services or products to European Union customers — which may face fines up to 20 million euros for offenses.

In 2017, Canadian companies shelled out $8 billion on cybersecurity contractors and staff, $4 billion on associated hardware and software and $2 billion on additional avoidance and restoration measures, the poll found. The overall represented less than one percent of the overall revenues.

Big businesses — people who have 250 or more workers — were twice as likely as little ones — between 10 and 49 workers — to be obvious objectives, according to the report.

Last week, Facebook stated an assault on its own computer systems declared two weeks before had impacted 30 million consumers.

In August, some 20,000 Air Canada customers heard their personal data might have been compromised after a breach at the airline mobile program.

“There is a whole lot more to come,” explained Amir Belkhelladi, that conducts cybersecurity for Deloitte in Eastern Canada. “Tech is becoming crucial in our own life, therefore cybercrime that leveraging that technologies is very likely to grow.”

Belkhelladi welcomed the StatCan poll — the first of its type in the nation — as a fundamental metric to position Canada contrary to other nations, but worried the concrete consequences of cybercrime.

“The reality for lots of the companies and organizations on the market, it has an effect on their company reputation. That is not as tangible, that is far more difficult to measure,” he explained.

While many big companies today have stricter safeguards — for example cyber-liability insurance — delicate points across the distribution chain can open the backdoor to a breach.

“Quite often you’ll find examples where the attack came via a provider of some type, or somebody who’s within their ecosystem who is trusted,” explained Belkhelladi.