Statistics Canada has recently reported that Canadian companies are facing increasing financial burdens due to cyberattacks. The latest data reveals that companies spent a staggering $1.2 billion on recovery from cyberattacks last year, which is double the amount spent two years earlier.

Despite a slight decline in the proportion of businesses falling victim to cyberattacks – from 18 per cent in 2021 to 16 per cent in 2023 – the costs associated with recovery are on the rise. These costs include expenses such as hiring new staff, training employees, managing public relations, and investing in new hardware or software. Howard Bilodeau, unit head in Statscan’s Centre for Innovation, Technology and Enterprise Statistics, emphasized the escalating financial consequences of cyber breaches.

The upward trend in recovery spending signifies the real impact of cyber incidents on businesses. As cybercriminals become more sophisticated, organizations are increasingly vulnerable to costly breaches. Nick Galletto, cybersecurity leader at EY Canada, highlighted the evolving cyber threat landscape and the importance of investing in fortifying defenses and restoring trust.

In response to the growing threat, organizations are ramping up their investments in the prevention and detection of cyberattacks. Spending in this area rose to $11 billion in 2023, up from $9.7 billion in 2021. However, despite these efforts, several high-profile organizations were still targeted by cybercriminals last year.

Indigo Books & Music Inc., The Weather Network’s parent company Pelmorex Corp., Toronto Public Library, Barrick Gold Corp., Sun Life Financial, and others fell victim to cyber incidents. These organizations incurred significant costs as a result of data breaches and cyberattacks. Indigo, for example, reported $6.5 million in costs related to a cyberattack, excluding lost sales.

Moreover, the issue of ransom payments to hackers has come to the forefront. Many organizations, including Indigo, have chosen not to pay ransoms, citing concerns about supporting illegal activities. Statistics Canada’s survey revealed that the majority of ransomware victims in 2023 did not make payments to hackers. Those who did pay typically kept the amount below $10,000.

The survey conducted by Statistics Canada between January and March of 2024 collected data from 12,462 enterprises across various sectors. The responses shed light on the challenges businesses face in combating cyber threats and the increasing costs associated with cyberattacks. As companies strive to enhance their cybersecurity measures, the battle against cybercriminals continues to intensify.

Overall, the data underscores the critical importance of cybersecurity in today’s digital age and the significant financial repercussions of cyber incidents on businesses. As cyber threats evolve, organizations must remain vigilant and proactive in safeguarding their systems and data from malicious actors. The rising costs of cyber resilience serve as a stark reminder of the ongoing challenges posed by cybercrime in the modern business landscape.

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