CALGARY — Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report.
According to IBM, it takes companies an average of 215 days to identify and contain a data breach. That means many corporations spend a good part of a year dealing with the fallout after a successful cyberattack. 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. and Toronto's Hospital for Sick Children have all publicly admitted to being victims of cybercrime over the past year.
High-profile incidents that make the news — such as the 2021 ransomware attack against Colonial Pipeline in the U.S., which forced a temporary shutdown of pipeline operations — have raised the level of public awareness about the cybersecurity threat that exists.“Not everyone’s disclosing that they’ve had a cyber incident or that they’ve been compromised. And that’s part of the problem," he said.
"They have the same access to technology that we do. It's just that they're using it for evil instead of for good," he said.
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