The State of Cyber Security in Canada
In today’s hyper connected business climate, cyber attacks are no longer a question of if, but when. This is especially true in Canada, which remains one of the most wired countries in the world.
In fact, according to the most recent data from Statistics Canada, 89 per cent of Canadian businesses use the internet, while nearly 100 per cent utilize some form of information technology (IT) in their daily operations. It’s no surprise that cyber security was ranked the third most important issue facing the property and casualty insurance industry today.
As technology develops, cyber threats will continue to evolve and become more advanced. When cyber attacks (such as data breaches and hacks) occur, they can result in devastating damage. The costs associated with business disruptions, revenue loss, legal fees, and customer or employee notifications caused by a cyber attack can cripple even financially sound organizations. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.
In addition to arming yourself with adequate coverage, it’s critical to be aware of the cyber threat landscape, both on a global and national scale.
This report outlines the current state of cyber security in Canada by examining key indicators. If you would like to discuss cyber insurance for your organization, contact Megson FitzPatrick Insurance Services today.