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CFIN is kicking off two weeks of content on cybersecurity, corresponding with the international Cyber Security Awareness Month in Canada and the U.S.
This October, technology experts and the federal government are reminding Canadians that education around is essential, as well as an understanding of schemes such as phishing, online scams through fake stores or transactions, fake cryptocurrency trades, data breaches, ransomware and malware attacks, and phone scams.
The theme for 2023, through the federal government’s Get Cyber Safe public awareness campaign, is “Step Up your Cyber Fitness,” which is designed to encourage Canadians to stretch their cyber security muscles one step at a time. The government offers a wide range of digital resources and tools designed to protect Canadians and their businesses online, including practical implementation plans.
According to , based on information from Statistics Canada, Statista, the federal government and other sources, 85.7% of Canadian companies were hit by successful cyberattacks in 2021, a 7.7 % increase over 2020, and over half of Canadians have experienced cybercrime at least once. Ransomware attacks affected 72% of Canadian companies in 2020, with an average cost to companies of $1.9 million. By comparison, data breaches in 2021 cost Canadian companies an average of $5.4 million, and online fraud cost Canadians roughly $100 million.
As an industry where large amounts of data and technology are interconnected, food and beverage companies and grocery retailers have been vulnerable to cyber security threats and attacks. Maple Leaf Foods, Empire Co., JBS and Dole have all been victims of large cyber-attacks within the past two years. These attacks can impact every aspect of the company, including finances, reputation, customer data, supply chain, products and distribution system. Unfortunately, many companies have not invested in education, awareness, protocols and to protect themselves.
As cybersecurity threats continue to rise, we want to ensure that CFIN members understand the risks involved and how to protect their businesses. we’ll take a closer look at some of these challenges, as well as the technology, education and best practices companies can implement to avoid being vulnerable to cyber-attacks, protect their data and digital assets, and minimize the consequences when attacks do happen.