The 2020 Cyberthreat Defense Report (CDR) published by CyberEdge Group provides a wealth of information on cyberattacks. The report revealed that over a 12-month period, 78% of companies had suffered at least one cyberattack. Of those companies, over 70% had been hit by ransomware. That’s a huge number!

A recent Leger survey shed some light on this worrisome phenomenon: Of the companies surveyed that said they’d been the victim of a cyberattack, more than half (56%) admitted to having paid the requested ransom. These threats and attacks translate into skyrocketing costs for businesses and can put them at risk or even lead to bankruptcy.

Whether perpetrated by cybercriminal groups such as Conti, BlackCat, LockBit, Karakurt and Qilim or by individuals acting alone, ransomware attacks expose companies to risks ranging from disrupted operations and significant financial losses to reputational damage and loss of data security. Cybercriminals’ preferred means of access is through the actions of poorly informed employees. The recent ransomware attack on Sobeys, where an employee clicked on a link they received in an email, is a case in point. What technological solutions can prevent this type of incident?

Ransomware attacks pose a threat to Canada’s national security and economic prosperity, as they’re lucrative to cybercriminals. 

The Canadian Anti-Fraud Centre had received some 68,259 reports of fraud as of September 30, 2022. Aside from raising awareness about cybersecurity, what can we do to better protect Canadians? For example, how can we prevent them from having their identity stolen so hackers can use it to apply for a mortgage or credit card?

Preferred Approaches

↠ Limit ransomware risks for SMEs

↠ Reduce security incidents caused by employee errors

↠ Help businesses become more resilient to ransomware (backups, continuity plan, etc.)

Please note your solutions are not limited to the list above and don’t need to be in the fintech space.