Security & Privacy

Cybercrime cost Canadian businesses $12.4 million in the last year

Man in hood cybercrime

Malware and people-based cyberattacks cost Canadian companies an average of approximately $12.4 million CAD (roughly 9.2 million USD) last year, according to a recent report from Accenture.

People-based cyberattacks can include phishing and social engineering.

Canadian companies faced an average of 75 cyberattacks, according to a 2018 survey. This number averages about 1.5 attacks a week.

The cost to companies due to malware increased 11 percent globally. Additionally, the cost as a result of malicious insiders jumped by 15 percent. Malicious insiders are employees, temporary staff, contractors and business partners.

“As business innovation propels forward, so too does the expanding threat landscape, leading to an increase in cyberattacks,” said Ahmed Etman, managing director of security at Accenture Canada in a press release.

New business models introduce technology vulnerabilities faster than they can be secured, according to 81 percent of business leaders.

“Canadian organizations must prioritize protecting people, take a data-centric approach to security to limit information loss and business disruption, and implement AI technology and analytics to reduce the rising cost of attacks,” Etman said.

The most expensive types of attacks are malicious insiders and malicious code. These types of attacks also take the longest to resolve.

The report found that automation, AI and machine-learning technologies provide the highest cost savings.

Source: Accenture