When it comes to cyberattacks, even the mighty fall. From rogue
employees to inadvertent leaks, the number of breaches in Canada
continues to climb. Cyber-risk management has become omnipresent
for boards of directors (boards) across Canada. John MacKay, Chair
of the Public Safety and National Security Committee, warned that
"from a security standpoint, this is the new terrorism".
According to Statistics Canada, over one-fifth
of Canadian businesses reported a cybersecurity incident that
impacted their operations in 2017. Research found that the average cybercrime
cost to Canadian companies was US$9.25 million in 2018. Cyber
breaches can cause large financial and reputational losses.
Directors must contemplate how to prevent their companies from
becoming a victim.
