Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Blakes: Cybersecurity Trends in Canada: A 2023 Perspective
Blakes | Jul 12, 2023
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.
See: 10 Fintech Trends that Will Shape the Financial Industry in 2023
- 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
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