Statistics Canada (StatsCan) published a very telling statistic yesterday, as shown in a Globe and Mail news item stating that more than 1 in 5 Canadian businesses were hit by cyberattacks last year. The survey went on to inform that businesses spent $14 Billion on cybersecurity as they confronted the growing risks in the digital world. The most common motive for cyberattacks was an attempt to steal money or to demand a ransom payment, with theft of personal or financial information being less typical. Although theft of information accounted for less than one quarter of cyberattacks, it was the most cited reason for investing in cybersecurity, StatsCan noted.
According to the agency, as Canadian businesses continue to embrace the internet and digital technologies, they are exposed to greater cybersecurity risks and threats; with the impact of these risks and threats on the investment and day-to-day decisions of the businesses not easily understood and often cybersecurity incidents are not reported. According to StatsCan, only 10% of businesses affected by cyberattacks reported it to law enforcement agencies!
This is all about to change for Canadian businesses as of November 1st, 2018, as key provisions of the federal Digital Privacy Act come into effect, requiring companies to tell Canadian consumers when their personal information has been breached. In addition, these companies could face steep fines for violations of these breaches. Although Canadian companies shelled out over $14 Billion in 2017 on cybersecurity staff and contractors, related software and hardware and prevention and recovery measures, this accounted for only one percent of their total revenues.
Based on the StatsCan findings, it is expected that spending will most likely increase as companies shore up their cybersecurity defences. Companies will be looking for something that can not only help defend against these growing attacks but will be needing tools that can garner them much more insight into what is going on in their networks. As we see more and more breaches being announced in the news that have affected larger corporations such as banks, airlines, service providers and other retailers (see such examples as CIBC, Equifax, British Airways, Deloitte, Uber, Walmart), companies of all sizes will be looking for tools that can provide them with absolute real-time prevention against the ever-changing Advanced Threats.
This is where Wedge can help. With its Wedge Absolute Real-time Prevention (WedgeARP) solution, it is able to help protect organizations of all sizes through the orchestration of best-of-breed security algorithms and intelligence, providing advanced cyber protection, in real-time, against new and unknown malware and APTs. All of this is provided in an easy-to-manage product package that can be managed by a corporate IT department or through an MSSP. Utilizing machine learning and advanced analytics, WedgeARP can offer the critical protection as well as network insight needed by organizations in the changing regulatory environment, providing the extra layer of “insurance” that Canadian businesses will need to prevent themselves from becoming one of the growing breach statistics tracked by StatsCan!
