It seems like every week we hear about organizations in Canada experiencing cyber breaches that impact a large amount of personal data. This shows that companies often mismanage security. According to the IBM® X-Force® Threat Intelligence Index 2024, 84% of cybersecurity incidents that have a critical impact on companies could have been avoided if better security practices were in place.
That's why we've put together this article to help you to debunk five (5) myths regarding cybersecurity:
- My company will never be targeted by a cyberattack
- My company is entirely protected against cyber threats
- My company does not consider compliance with current privacy regulations a priority
- My company only trusts my team to protect organizational data
- My company does not need any managed services to ensure our security
While you may not relate to all the statements above, you will gain a better understanding of why it is important to keep up with the latest cybersecurity advancements.
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1. My Company Will Never Be Targeted by a Cyberattack
According to NOVIPRO Group’s IT Trends market study, 21% of Canadian companies reported being targeted by a cyberattack this year. This figure is likely an underestimate as this poses a significant risk to their reputation. The frequency of cyber threats continues to increase and is becoming more advanced and complex.
Additionally, there is a concerning trend in cyber threats: an increasing number of them are originating from within organizations. While some are unintentional (24%), others are malicious (40%), often due to disgruntled employees or individuals looking to profit from selling data.
According to IT Trends, the average ransom cost of a cyberattack is $500,000, while IBM estimates the average total cost of a data breach at US$6.32 million. This encompasses not only the ransom but also the loss of deals, operational shutdowns, potential customer loss, intervention costs, regulatory fines, and the recruitment of additional resources to support the customer service help desk.
Nowadays, around 11 to 12% of an IT budget is allocated to cybersecurity. With cyber threats more prevalent, failing to implement security updates and restricting investments in cybersecurity can result in data breaches, increased recovery costs, and a loss of customer trust.
2. My Company is Entirely Protected Against Cyber Threats
It is not realistic to think that you are completely protected from cyber threats. Even though IT departments do their best with their budgets to safeguard their companies, attack methods are always evolving. Your IT team may struggle to stay updated on the latest threats and technologies for prevention. This is especially true given that cybercriminals now see emerging technologies such as AI as a new vector for cyberattack.
Yesterday, antivirus solutions were essential. Now, they have been overshadowed by Manage, Detect and Respond (MDR) solutions, which safeguard your endpoints from risks like Zero-day attacks.
You might be right in feeling fully protected today, but it's important to also prepare for tomorrow's potential threats and how to avoid them.
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3. My Company Does Not Consider Compliance with Current Privacy Regulations a Priority
Business compliance with Canada’s privacy laws [2011-present]
Source: 2023-24 Survey of Canadian businesses on privacy-related issues from the Office of the Privacy Commissioner of Canada published 2024-03-06.
The graphic provided in the 2023-2024 Survey of Canadian businesses on privacy-related matters depicts several key observations.
- A majority of small businesses (57%) found it easier to adhere to Canada's privacy laws compared to larger businesses
- The percentage of companies that found it very easy to align their practices of handling personal information with Canada's privacy laws has notably increased this year, reaching 56% (compared to 35% in 2022 and 37% in 2019)
The existing privacy regulations in Canada encompass Quebec’s Law 25 and the forthcoming Canada’s Bill C-27. Nevertheless, this observation does not correspond with our IT Trends statistics:
- 30% of companies in Canada are unaware of Quebec’s Law 25
- 28% of companies in Canada are unaware of the upcoming Canada’s Bill C-27
Quebec’s Law 25 applies to everyone as it pertains to the data of Quebec residents, and anyone in possession of this data needs to comply with the provincial regulations. Given the substantial trade between Quebec and other provinces, it is important to be mindful of this law. Companies found to violate this law could be subject to fines of up to $25 million or 5% of their annual gross revenues, whichever amount is greater.
Additionally, organizations must take into account the upcoming Bill C-27, which has yet to be approved, as another important law to consider to enhance their security posture.
The complexity of data privacy and the presence of regulations make it difficult to overlook. These regulations exist to ensure the safety of our companies and for valid reasons. It is crucial to have a partner who can assist you in understanding Canadian and international data privacy regulations to safeguard your reputation and finances.
4. My Company Only Trusts My Team to Protect Organizational Data
If you concur with the statement, you are among the 91% of companies that rely on their IT department to address cyber threats. Nevertheless, only a small number of very large organizations have a complete 24/7 Security Operations Center (SOC). The majority of companies' IT departments are unable to continuously monitor and address cyber threats on a daily, weekly, or even minute-to-minute basis.
The current tactics used by cybercriminals to infiltrate networks involve exploiting unpatched devices, open ports, or passwords that have not been changed and are listed on the dark web. It's crucial to note that hackers often strike when you least expect it, such as after business hours or during bank holidays.
Having a security team available 24/7 could be extremely beneficial for monitoring cyber threats.
Is Your Business Ready in Case of an IT Disruption?
Read Our Series of Articles on Business Continuity Plans
5. My Company Does Not Need Any Managed Services To Ensure Our Security
The MSSP's role is not to supplant your IT department but rather to strengthen its capacity to safeguard your environment. They achieve this through the following capabilities:
They not only provide services but also offer valuable consulting to assist you in staying ahead of the competition.
Blair Technology Solutions just introduced its Managed Security Services solution (MSSP) at the 5th edition of CyberEX Underground, our main cybersecurity event. Find out more about our extensive and adaptable offer by accessing our solution brief.
