Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden ofThe average cost to companies of a cybersecurity breach in Canada as of 2023, according to an IBM survey of 26 victimized organizations, is $6.94 million – down slightly from last year’s $7.05 million but still the second-highest annual price tag in the study’s nine-year history.
“Once you are dealing with an attack, and you are working to contain that breach – even though it’s not in the news cycle anymore – there is an awful lot of investment and work that is required to make sure it never happens again.”The IBM report comes in the wake of a string of headline-grabbing incidents in Canada. Book retailer Indigo, grocer Sobeys, oil and gas producer Suncor Energy Inc.
Part of the reason the financial fallout from cybercrime continues to grow, Sicard said, is that cybercriminals are getting more sophisticated.