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Cyber Attacks Affecting Canadian Businesses

By February 24, 2022June 6th, 2023Commercial Insurance, Cyber Awareness
A Quarter of Canadian Companies Experienced a Cyber Attack in 2021
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A quarter of Canadian businesses say they experienced a cyber attack in 2021, according to a 2022 survey commissioned by technology firm NOVIPRO. Of those businesses, more than half (56 percent) paid the ransom demanded by hackers, a third hired a negotiator, and a quarter elected to handle the situation without using a third party.

Although the health and economic situations have improved over the past year, the study shows companies still face risks that originated from the COVID-19 pandemic. According to the report, companies are more vulnerable than ever to cyber attacks due to increased remote work. The widespread adoption of telecommuting has also increased the risk factors for computer network security. Since introducing a hybrid work model, nearly half of the respondents are more concerned about a data breach.

“Certain telecommuting behaviours can put an organization’s data at risk,” NOVIPRO President and Co-founder Yves Paquette said. “Maybe the computer was used to do a personal video conference at home. Maybe your teenager uses it to play online games. Your device is much more exposed to security breaches.”

Over the past two years, businesses have also started looking at IT differently. Before 2020, most companies viewed IT as a strategic partner, but now they are seen more as an investment and necessary protection. The main IT measures being implemented or considered are cloud-based solutions, security, and infrastructure.

Employees Are the Largest Source of Cyber Threats

The survey also reports that companies hit by cyber attacks in 2021 admit that internal resources were the most significant source of cyber threats (53 percent). Of these, 31 percent were motivated by malicious intent, and 22 percent were unintentional by clicking on a fraudulent link.

Despite employees representing the largest risks of cybersecurity threats, the percentage of companies that have provided training to their teams has been steadily declining for the past three years. This trend shows no sign of slowing, as only 40 percent of respondents plan to provide cybersecurity training to their teams on the topic next year. Additionally, less than half of companies claim to be very well protected against various types of cyber attacks.

“As technologies evolve and threats become more complex, it is highly recommended to provide cybersecurity training to employees at least once a year,” Chief Information Security Officer of NOVIPRO Dominique Derrier said.

Expert Advice on Cyber Attacks from Wedgwood Insurance

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Author Jamie Ross

Jamie Ross leads the Marketing and Communications team at Wedgwood Insurance, renowned as one of Atlantic Canada’s premier independent insurance brokers. Bringing a wealth of experience amassed over many years at some of Canada's most esteemed advertising agencies, Jamie transitioned to the insurance industry in 2017. This pivotal move has marked a period of significant professional growth and contribution to the field. A native Nova Scotian, Jamie has been a resident of St. John's, NL, since 2011, where he has become an integral part of the local community. Learn more about Jamie.

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