90 percent of Canadian businesses have experienced at least one hacking incident in the last year, according to a study of business risk managers released by The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re.
And while 60 percent believe their companies are dedicating enough money or trained and experienced personnel to combat the evolution of hacking techniques, 42 percent do not have cyber insurance coverage.
“With the prevalence of cyber attacks in Canada, there is a clear discrepancy among risk managers’ perceptions and the level of exposure their companies face from hacking activity,” said Derrick Hughes, vice president for HSB BI&I. “Hackers have evolved and so have the risks. Businesses must do more to protect their sensitive information and manage any data breaches.”
The survey revealed a notable uptick in awareness and concern about cyber risk following the recent passage of The Digital Privacy Act (Bill S-4). When asked about the type of risk management services they would be most interested in deploying to combat cyber risk, risk managers point to intrusion detection and penetration testing (40 percent), encryption (24 percent) and employee education programs (19 percent).
Concerns about the type of information being breached ranged from sensitive corporate information (50 percent) to personally identifiable information (42 percent) to financial information (8 percent).