14 DAY TRIAL // According to a study released by the International Cyber Security Protection Alliance (ICSPA), 69% of Canadian businesses have experienced some sort of cyberattack within a 12-month period. In total, over 5,800 attacks were reported.
The report, “Study of the impact of cybercrime on businesses in Canada,” shows that the type and the frequency of the attacks vary from one organization to another.
Malware and virus attacks seem to be the most prevalent, followed by phishing and social engineering attacks.
26% of those who took part in the study said the attacks resulted in both reputational damage and financial loss. The respondents named financial fraud as being the highest threat.
However, the losses are proportionate with the targeted company’s revenues.
It turns out that a majority of the managers of Canadian businesses (64%) take cybercrime threats seriously.
As in other parts of the world, large businesses are better prepared to handle cyberattacks compared to small and medium companies.
Only 44% of the subjects called in external agencies to help the investigation. On the other hand, the study reveals that government agencies are seldom called in to investigate. In fact, only 11% of organizations involved the Royal Canadian Mounted Police (RCMP).
So are Canadian businesses prepared for cyberattacks? According to the study, there are still multiple gaps in cybercrime preparedness.
That’s because the damage caused by cyberattacks hasn’t been great enough to motivate the companies. The lack of awareness and knowledge are also important factors.
“A widespread need for information and education on the subject is needed and Public Safety Canada and the RCMP are the appropriate organizations to fulfill this need by serving as the main sources of awareness, knowledge, and support in building awareness of cyber crime. Businesses expect these two organizations to be more visible in fulfilling these roles,” the study recommends.
The complete report from ICSPA is available here.