The costs associated with data breach or theft have increased significantly since the beginning of the pandemic and the resulting widespread teleworking. According to the annual report, the average cost per incident is 7.05 million Cost of a Data Breach by IBM. Last year it was 6.75 million.
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Reasons ? Forced telework on the eve of the pandemic. “An IT manager ensures that cybersecurity is effective with a single unified structure,” explains Nicolas Duguay, director of market development at In-Sec-M, the national cybersecurity industrial cluster. “Suddenly there were 50 structures with 50 employees who use modems that were already configured at home to exchange confidential information. We now see the result of this. In addition, companies today have an entire digital facade. »
“Unfortunately for Canadians, working from home puts security at risk,” said Evan O’Regan, Associate Partner, Cybersecurity and Digital Trust, IBM Canada, in a statement.
Whether it’s accessing corporate data from an unsecured network, using a weak password, or falling victim to a phishing scam, employees are unknowingly opening up their organizations to cybercriminals.
Evan O’Regan, Associate Partner, Cybersecurity at IBM Canada
Canada is the country with the third highest cost of data breach recovery. By industry, the financial sector is the hardest hit at $520 per file in terms of security breach costs. “This is the sector with the most sensitive data,” explains Nicolas Duguay.
However, due to their small size, SMBs are particularly vulnerable and can suffer irreparable damage after a data breach.
Additionally, the costs associated with cyberattacks result in additional costs for businesses and consumers. ” [Elles] contribute to higher costs for goods and services, which translates into a hidden cyber tax paid by consumers, the IBM report said. The burger you pay more for today can be linked to four or five different cyber incidents through its supply chain – from the manufacturer to logistics and transportation companies to the retailer that hands you the burger. »
“The vast majority of cyber attacks are not sophisticated,” laments Nicolas Duguay. They can appear after someone clicks on a cat photo… Business digital transformation has accelerated during the pandemic, but cybersecurity hasn’t kept pace. There is still a long way to go when it comes to digital competence. »
- Do not pay
- “Ransomware is not worth paying for. There is an impression that a company would save money, but the reality is that it pays higher costs – while positioning itself as a cooperative and lucrative target for the next attacker. Cyber criminals are returning to a target that has proven they are willing to pay. »
report Cost of a Data Breach by IBM