Study Shines Spotlight on Cybersecurity in Canadian Businesses

As reported by StartUp Here Toronto, based on a recent study, cybersecurity remains the “Achilles heel” of most Canadian businesses. The study, conducted by Canadian IT solutions firm NOVIPRO, surveyed 476 decision-makers in large to mid-size Canadian businesses The results of the survey demonstrated that, although the importance of cybersecurity has gained traction amongst Canadian business leaders, there is still a long way to go.

Nearly four in five businesses reported experiencing a cyberattack at some point and 28% of responding businesses reported experiencing a cyberattack in 2018. That being said, Ontario businesses have demonstrated notable improvement in this area, with only two percent falling victim to cyberattacks in 2018, as compared to 34% in 2017. Businesses from the Maritimes and Quebec suffered the most cyberattacks in 2018, accounting for 43% and 31%, respectively. The sectors that were reported to be most targeted by computer threats were construction and real estate (40%) as well as agriculture, trapping, forestry and fishing (50%).

As concerns surrounding cybersecurity rise, 34% of the business surveyed reported that they plan to invest in AI over the next two years, which is a notable improvement from 2017. Not surprisingly, the study also demonstrated that some industries value cybersecurity more than others with 52% of companies in the consumer goods sector reporting that AI was a top priority, as compared to 26% of companies in health care sector.

Although consumers may be comforted by the fact that cybersecurity has increased in importance for business leaders, they would likely be concerned to learn that less than half of the surveyed companies stated that they would communicate to their clients in writing if they were victims of a cyberattack. Given that 57% of the surveyed companies reported owning confidential client information, it is imperative that companies are aware of, and prioritize, new technologies to better protect against cybersecurity threats.