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Over 20% of Canadian business impacted by cyber security incidents

Toronto: More than 20% of Canadian businesses were impacted by cyber security incidents in 2019, Statistics Canada said in a report.

“Despite there being several high profile cyber security incidents disclosed publicly by Canadian businesses in 2019, about one-fifth (21%) of the overall Canadian business population reported being impacted by cyber security incidents, which was the same proportion as in 2017,” the report said on Tuesday.

Large and medium sized businesses were more likely to be victims of cyber incidents, according to the study, with 43% and 29% reporting impact, respectively. Most businesses – 88% – did not report the incidents to law enforcement, the report also said.

The report suggests that cyber criminals are interested in things other than money, with only 12% of targeted businesses reporting lost revenue resulting from the attacks.
Canadian businesses spent $5.33 billion on cyber security last year, according to the report.

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