Cybersecurity investments lagging in Canadian companies: survey

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A survey found that 76 per cent of Canadian executives believe the number of data breach attempts will increase in a year, yet fewer than half say their organization’s investments in cybersecurity will increase in that same period.

The survey, conducted by FICO and Ovum, reveals Canadian companies lack essential planning and investments into cybersecurity threats.

Just over a third of Canadian executives believe their companies’ cybersecurity will improve over the next 12 months.

“It is surprising to hear that few firms plan to make additional investments in cybersecurity when there seems to be a clear understanding that the risks are continuously rising,” said Kevin Deveau, the vice president of FICO Canada.

“The stakes are higher now – with Canada’s Digital Privacy Act requiring companies to soon start reporting their breaches to regulators and customers, by not taking steps to ensure they are protected, organizations risking not only their data, but their reputations as well.”

Of the respondents, 68 per cent surveyed reported that their organizations’ volume of attempted data breaches have increased over the past year, and just 36 per cent feel that an assessment of their organizations’ cybersecurity in a year’s time would show improvement.

Read more at News Wire

This article is summarized by Canadian Fraud News Inc.