Many companies might not invest in cyber protection. They may not see the need, believing their systems are secure enough. Perhaps they may not want to spend the money on cybersecurity when there are other priorities. They may not have the knowledge or capabilities to know how to invest in cybersecurity. Worse still, they may not be aware of the risks.
But increasing cyber threats in the last decade should change their minds, particularly the number of large-scale hacking attacks against major corporations. These events resulted in the theft of millions of credit cards and other vital information.
Data breaches have caused billions of dollars in losses and are becoming an increasingly serious problem. Yahoo!, Alibaba, LinkedIn, and even Facebook have become serious targets in the 21st century!
Why Are Some Companies Hesitant to Protect Themselves Against This Very Real Threat?
In a few short words, the answer is simple: a refusal to adapt and little financial benefit. Many corporations see little financial incentive to upgrade their networks and better protect sensitive information.
For instance, Target’s costs in light of its hacking in November 2013, where cybercriminals stole $40 million in credit card numbers, are characteristic. The company spent $252 million afterward to investigate the breach, repair its network, and settle customers’ lawsuits. However, it regained most of its losses through insurance reimbursements and tax reductions available to companies victimized by fraud.
In the end, Target absorbed just $105 million in damage. This may sound like a lot, but compared to its annual revenue, it’s only less than 0.1 percent! Even with the hefty $18.5-million settlement for the data breach, that’s an even smaller amount than its annual revenue.
In light of this unlearned lesson, corporations need to bolster their computer networks with adequate internal security barriers to restrict intruders’ access once they are inside and by encrypting sensitive information. Sony’s example of 47,000 Social Security numbers being hacked, which could have been prevented if the information had been encrypted, is a great place to start.
Time for the Government to Step In
If companies are not going to initiate improvements in cyber protection, the authorities may have to. In fact, as of June 2022, Canada has introduced new measures in its Cyber Security Strategy, achieved through partnerships with the Ministries of Defense, Public Services, Innovation, Infrastructure, and the Treasury Board.
This move, where they communicated directly with Canadians and key stakeholders regarding how the new approach could best serve their cyber security concerns, allowed them to benefit from the digital economy’s opportunities. Informed by over 2,000 submissions to their public consultation method, the Cyber Security Strategy directly deals with the gaps and areas for boosting Canada’s current cyber security climate.
The new measures introduced include:
- Subsidies for the new Canadian Centre for Cyber Security to aid leadership and synergy between different levels of government and international partners while simultaneously providing stakeholders with a transparent and trusted resource for Canadian citizens and businesses to protect against digital threats.
- The inauguration of the National Cybercrime Coordination Unit to expand the RCMP’s capacity to investigate and prosecute cybercrime, which establishes a coordination hub for domestic and international stakeholders.
- Immediate funding to develop innovation, economic growth, and the development of Canadian cyber talent.
This Is Where Private, Professional IT Tech Comes In
Even with help from the Canadian government, cyber protection providers must have the infrastructure and solutions to aid companies in their quest to protect vital information from theft and other threats that could risk the safety of those involved. This is why Aura Advanced Technologies innovates IT services by providing our clients with strategic and modern IT solutions that optimize current assets, reduce operating costs, and protect confidential data. Find out more by getting in touch with us today!