Canadian Companies Poorly Prepared to Navigate Harsh Cybersecurity Landscape

A majority of Canadian companies consider themselves prepared for a cyber attack, yet barely one-third of businesses have effective procedures and technologies in place to protect critical assets.

According to a new report from Deloitte Canada, “Navigating a harsh cybersecurity landscape,” only one in 10 companies have a high level of preparedness in the face of cyber threats.

“This lack of preparedness and awareness is very concerning,” said Nick Galletto, Partner, Deloitte Cyber Risk Services Leader for the Americas and Canada.

“Companies that are not ready face numerous cyber risks including advanced persistent threats, where a system is secretly infiltrated by cyber entities that remain behind the company’s walls gathering information,” Galletto added. “This kind of attack can go on for months and years if a company is unsuspecting and result in significant, expensive, and brand-damaging data security and privacy breaches.”

While advanced persistent threats are difficult to discover they can be detected, yet only 43% of Canadian companies are performing even periodic vulnerability and compromise assessments to protect against these threats. If hit with an attack, only 22% would be able to rapidly recover.

“Cyber threats are becoming increasingly common as attackers fine-tune strategies and tactics to avoid detection. Yet many Canadian companies have not prepared for a cyber-attack—and they don’t even know it,” said Galletto.

Businesses need to understand the value of critical assets and interaction, according to the report, and proactively test their incident response processes and procedures through cyber-attack simulations to truly understand their capabilities.

“Organizations that make the right investment in people, technology and processes are much better positioned to not only identify a cyber threat, but recover from an attack,” noted Galletto. “These are the kinds of companies that show proactive threat management—they are vigilant, they learn from their experience, and the experience of others, so they can become more resilient.”