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Blakes: Cybersecurity Trends in Canada: A 2023 Perspective

Blakes | Jul 12, 2023

Blakes Canadian cybersecurity trends 2023 - Blakes:  Cybersecurity Trends in Canada: A 2023 Perspective

Blakes has launched its fourth annual Canadian Cybersecurity Trends Study, a comprehensive look at Canada's cybersecurity landscape.

The study is divided into four sections, each focusing on a different aspect of cybersecurity, including incident trends, mandatory breach reporting, cybersecurity litigation, and incident preparedness.

A few key takeaways from the report include:

  • Ransomware attacks remain the most common type of cybersecurity incident, representing nearly 70% of all incidents. These attacks are also often the costliest, both financially and operationally.
  • Two-thirds of organizations targeted by ransomware attacks ultimately paid a ransom, up from 56% the previous year. The median ransom paid was CAD 546,000, a 170% increase over the last two years.

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  • Software vulnerabilities were the root cause of 45% of observed incidents, underscoring the importance of promptly patching known vulnerabilities as a critical security measure.
  • Attackers were able to access data in 77% of cases, up from 69% the previous year, and exfiltrated data in 68% of cases, up from 51% the previous year.
  • Despite the increasing sophistication of attacks, if a ransom was paid, attackers followed through with their commitment to provide decryption or evidence of data deletion in 100% of cases.

View more and download the report --> here


NCFA Jan 2018 resize - Blakes:  Cybersecurity Trends in Canada: A 2023 PerspectiveThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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