Why Canada Needs to Pay More Attention to Cybersecurity Risks

Did you know that the average total cost of a data breach in Canada was USD 4.35 Million in 2022? This number shared in an IBM report points to why security vulnerability is a major issue for the country.

Cybersecurity has become increasingly important in today’s digital age and every business is gearing up to have a strong security system. Though, the main question that arises is whether Canada is truly prepared to enter this new era of technology while being able to deter cyberattacks.

Canada is counted among some of the most developed economies in the world and is now preparing to meet the complexities of the modern business world. With more and more personal information and sensitive data being stored online, it is crucial to ensure that our digital infrastructure is secure and protected from cyber threats.

The same IBM reports also showed that 83% of Canadian organizations underwent more than one data breach from 2021-2022. Out of this, only 17% reported this as their first data breach.

In short, cybersecurity in Canada has become a hot topic and while businesses prepare to deploy stringent security measures, professionals and aspiring students can find excellent job prospects in this sector.

Current State of Cybersecurity in Canada

The current state of cybersecurity in Canada leaves enormous room for development as the country is facing a growing number of cyber threats. In 2022, we witnessed several high-profile cyber-attacks that targeted Canadian institutions, healthcare organizations, and small and large-scale stores among others.

2023 has also begun with various cyber-attacks which is a cause for major concern. For instance, KonBriefing Research reported a website breach at Toronto-Dominion Bank, a cyber-attack on Ross Memorial Hospital, and a cyber-attack on the government-owned Liquor Control Board of Ontario (LCBO).

These cybersecurity threats have to be mitigated for the nation to maintain its growth streak in the business landscape.

Canada’s Focus on Improving Cybersecurity

The Canadian government and private sectors are working together to form a collaborative initiative to improve cybersecurity. The government has allocated significant funding towards cybersecurity research and its development and is also focused on attracting the right talent.

As the demand for cybersecurity professionals grows, students who focus on a career in this sector in Canada can expect a wide range of job opportunities and career advancement prospects.

Good job roles in cybersecurity require an excellent education and training. Aspiring cybersecurity professionals looking to take the next big step in this sector should check out the Cyber Security Analyst with Practicum offered by Canadian College of Technology and Business (CCTB).

The program is taught by an experienced faculty and has an updated curriculum that is based on current changes and challenges in the cybersecurity field. Most importantly, it comes with practical work experience which allows students to gain an edge when entering the workforce. 

By gaining real-world experience in the program, they can easily apply the knowledge and skills learned in the classroom to a practical setting. Click here to explore more about CCTB.

Importance of Robust Cybersecurity

A strong cybersecurity framework is an essential requirement to protect Canada’s critical infrastructure from cyber threats. Canada has many business hubs that are thriving and rely heavily on data and cloud technology. In fact, according to statistics collected by Reviewlution, 92% of all Canadian businesses use cloud technology.

This also increases the scope of cybersecurity threats that can potentially disrupt essential services, cause financial losses, and even bring down company value. Only through a robust cybersecurity strategy can Canadian organizations mitigate all such threats and continue to grow.

This not only helps create a secure ecosystem but also helps attract foreign investment and boost the country's economy, creating jobs and generating wealth.

Prioritizing Cybersecurity For All

Cybersecurity is an alarming problem in Canada not only for organizations but for the general public as well. Stringent security measures would help to safeguard Canadians' sensitive information, such as personal and financial data.

The infamous Yahoo attack is a good example of how the private information of customers is vulnerable to cyber threats and can fall into the wrong hands.

A strong cybersecurity strategy can help to mitigate the risk of cybercrime, which can have a devastating impact on individuals and businesses alike. It will also greatly foster trust among Canadians as well as enhance their confidence in the government and the private sector's ability to protect their privacy.

Additionally, during lockdown, a large number of businesses shifted to online and e-commerce platforms. Similarly, Canadians got accustomed to online shopping, bill payments, and transactions, which while necessary, made them vulnerable to malicious cyber threats.

By implementing strong cybersecurity measures in Canada, citizens and organizations can both be better protected against these malicious activities.

All in all, a strong cybersecurity system in place will not only safeguard sensitive information but will also help boost the economy, ensure continuous growth, and strengthen Canada’s place in the global market.

Sources: IBM , Kon Briefing, Reviewlution