The financial impact of cyber attacks is increasing. For example, the average monetary demand of a ransomware attack increased by 33% in the short duration between Q4 of 2019 and Q1 of 2020 up to an average of $148,700 CAD,1 and Canada currently loses $3.12 billion per year to cybercrime overall.2
Cyber attacks are also increasing in frequency and sophistication. In many cases, the attacks are not perpetrated by individuals, but are complex, organized attacks orchestrated by highly successful cybercrime syndicates, some of which may be state sponsored. These threat actors will spend weeks or months planning the attack and gathering information about employees and companies.
Examples of cybercrime were all too common in the past year. From the Colonial Pipeline attack, which temporarily interrupted the supply of oil products on the East Coast of the United States, to the attack on the JBS Foods that affected meat supplies in North American and Australia, attacks were rampant across critical infrastructure sectors and businesses.
Cyber security cannot be an afterthought. It is a vital component of daily business operations and risk management. It must be an integrated element of budgetary planning and emphasized in employee training.
Despite the increasing frequency of cyber attacks, there are ways to keep your organization safe. By participating in Cyber Security Awareness Month, you will learn more about what cyber security means, why it is important, and what steps you can take to help keep your information, and the information of your organization, safe.