Chamber News

Today, the Canadian Chamber of Commerce released a new report that examines the increasing challenges businesses face as cyber crime becomes more common and more costly. Cyber Security in Canada: Practical Solutions to a Growing Problem lays the groundwork for closer collaboration between government and the business community to develop a more secure cyber landscape.

The Canadian economy is losing billions of dollars a year to cyber attacks. The cost and frequency of these attacks has been increasing, as the tools to commit cyber crime become cheaper and more readily available. 

Small businesses are particularly vulnerable because, although they recognize the threat, they lack the technical knowledge and resources to protect themselves. The focus for SMEs is usually on recovery instead of prevention yet the financial losses from an attack could be devastating to a small business.

The launch of the report comes as the federal government is reworking Canada’s current cyber security strategy, which has been in place since 2010 – an eternity in terms of technology. 

Recommendations in the report include providing incentives for security innovations and developing programs to increase digital literacy in the workforce.

Read the full report on Cyber Security in Canada Here