March 17, 2017

50% of Canadian Firms Hacked Last Year, According to Ipsos

A recent survey by Ipsos Canada shows shocking numbers: 50% of Canadian businesses report being hacked last year. The survey was conducted this past January. Ipsos surveyed 1000 small business owners and 100 C-suite executives at businesses with over 100 employees.

Survey Results

Results show that almost 60% of Canadian executives either suspect or know they were hacked last year. 50% of executives know for certain that their firm experienced a breach. Furthermore, 3 in 10 executives believe that their firm was the victim of a data breach last year, but are not sure. Despite these alarming results, 8 out of 10 Canadian executives report they are confident in their company’s ability to prevent a hacking attack.

The Reality of Canada’s Business World

According to Greg Draper, MNP vice president of valuations, forensics and litigation support, Canadian enterprises are poorly equipped to address cyber attacks. He further states there is an increasing gap between the number of cyber attacks happening and the businesses’ readiness to face these data breaches.“ The number and sophistication of hackers is growing at light speed, but businesses are not evolving their prevention and detection strategies at the same rate.” Draper firmly believes that all businesses should use cyber security measures. However, survey results tell otherwise. Only 54% of Canadian business owners report using such security measures.

What are the Consequences?

With upcoming changes to privacy laws, Canadian companies will have to publicly disclose all breaches. This could cause negative repercussions for businesses, such as loss of customer confidence and potential lawsuits. If these breaches continue, these unprotected firms may soon face increasing breach-related costs. 

If you suspect that your business is at risk of data breach, don’t wait any longer. Don’t hesitate to contact us at 514-855-1223. We can help you prevent data breaches.

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