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Canadian Businesses Lose Billions of Dollars to Cyber Crime Each Year

 

The increasing frequency of cyber attacks is costing Canada billions of dollars a year and hindering our ability to compete in the global economy, says a new report from the Canadian Chamber of Commerce. Cyber Security in Canada: Practical Solutions to a Growing Problem finds that cybercrime is an increasing concern for businesses and proposes cooperation between government and the business community to improve security.

 

“A study from the Center for Strategic and International Studies found that Canadian businesses are losing over $3 billion a year to cybercrime,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “It’s not technology-savvy security experts committing these attacks. Anyone with a computer and an internet connection can now disrupt services or hold data for ransom. What costs a criminal $100 may end up costing a business millions in lost money, time and reputation.”

 

Small businesses are particularly susceptible to cyber attacks because they often lack the financial resources and technical expertise needed to protect themselves. “SMEs comprise 98% of the Canadian economy. Nearly half have been the victim of a cyber attack,” said Mr. Beatty. “Their focus is on recovery instead of prevention. Unfortunately, recovery is often not possible. The average cost of a data breach in Canada is $6 million. Most small businesses would not be able to survive losing a tiny percentage of that figure.”

 

The report’s release comes after the federal government’s 2017 budget included $1.37 million for the fiscal year to continue programs already in place for risk assessment of critical infrastructure but made no direct mention of cyber security. “Government can’t do everything but they need to play a leadership role in securing Canada’s digital landscape for everyone,” said Mr. Beatty. “We need a public-private approach to address this urgent challenge.”

 

The report, released at the Lockheed Martin Canada IMPACT Centre in Ottawa, lays out a path for closer collaboration between government and business on cyber security, including providing incentives for security innovations and developing programs to increase workforce digital literacy. “By creating a stronger, more resilient cyber security framework we can better protect both our businesses and our citizens,” concluded Mr. Beatty.

 

The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.

 

Guillaum W. Dubreuil
Director, Public Affairs and Media Relations
The Canadian Chamber of Commerce

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Gaslight District

In this edition ofthis weeks V-Blog Greg discusses why it will not only keep the heritage aspect intact but also put a new spin on the area for our futures. Not only our futures though. It will benefit our grandchildren's future as well. This will be a district unlike any in Ontario. So check out this video and support the Gaslight District.

 

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Billion with a B

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Year End Greeting from "The Chamber"

Have a wonderful Pancha Ganapati, a Happy Hanukkah and a very Merry Christmas and Happy New Year from all of us at the Chamber

 

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Auditor Generals Report 2015

Bonnie Lysyk the Auditor General for the Province of Ontario released her report last week. The most scathing report in the history of the Province, suggesting that programs are riddled with incompetence and mismanagement.

 

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Small Business Too Small to Ignore

Small businesses across Canada need to voice their concerns to show decision-makers that they are “too big to ignore”. Show your support, watch the video and share.
 

 

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The Government Could Solve Problems..... If It Cared To!

Ti's the Season, according to the Auditor General. What a wonderful Christmas present to hear about the waste, when some at this Christmas will go without even a decent meal. Just ONE of the wasteful acts by Government could have made Christmas a whole lot brighter for ALL the Homeless in the Waterloo Region, for the next 25 Christmas's. Shameful and disgusting, we don't need to change the people, the people need to change their attitude, there is simply no reason to accept incompetency from elected officials, they said they would watch our money, they even took an oath to do so, now lets hold them 100% accountable to do just that.

 

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CANDIDATES Its Election Day

Today Cambridge will Elect its Political Leadership for the next 4 years.

 

 

 

 

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“Silly Season ! October 27th Election

Get ready, they'll be knocking on your door looking for your vote. HOWEVER thisyear you don't need to go out and vote, you can vote in your jammies. That's right, ONLINE and Telephone voting is here in Cambridge. Odd that we are technically so far ahead of those other areas of our Region. Look, the internet is over 25 years old (in our homes), this is the 21st Century, I should be able to vote in my pajamas, its about time!

 

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Post Election Thoughts

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Greg Durocher
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