The average cost of a cyber incident for small businesses is $250,000.
A new report from the Information and Privacy Commissioner of Canada (IPC) found that cybercrime cost Canadian businesses an estimated $3.7 billion in 2021. The report, titled "Cybercrime in Canada: The Impact on Businesses," found that the average cost of a cyber incident for Canadian businesses was $1.2 million.
The report also found that cybercrime is becoming more sophisticated and targeted, with criminals increasingly using ransomware to extort money from businesses. Ransomware is a type of malware that encrypts a victim's data and demands a ransom payment in order to decrypt it.
The IPC report made many recommendations to help businesses protect themselves from cybercrime, including:
Investing in cybersecurity measures, such as firewalls and antivirus software.
Training employees on how to identify and report suspicious emails and websites.
Having a plan in place to respond to a cyber incident.
The report also called on the federal government to do more to address cybercrime, such as by providing financial assistance to businesses that are victims of cybercrime.
Here are some additional key points from the article:
The number of cyber incidents reported to the IPC increased by 30% in 2021.
The most common types of cyber incidents reported to the IPC were phishing attacks, data breaches, and ransomware attacks.
Small businesses are more likely to be victims of cybercrime than large businesses.
The average cost of a cyber incident for small businesses is $250,000.
The IPC report highlights the growing threat of cybercrime to Canadian businesses. Businesses of all sizes need to take steps to protect themselves from cybercrime, as the cost of a cyber incident can be significant.
Integrated Cyber is here to help.