$14B Spent on Cybersecurity In 2017

A recent Statistics Canada survey has shown that Canadian businesses have spent $14B on cybersecurity in 2017. Of the $14B, $4B was spent on software and hardware.

“Canadian businesses continue to rapidly embrace the internet and digital technologies which expose them to great cybersecurity risks and threats. However, the impact of these risks and threats on the investment and day-to-day decisions of businesses are not easily understood as cyber security incidents often go unreported” said the agency.

Only about 10% of businesses report breaches to law enforcement.

For the report please visit: www.statcan.gc.ca

However, effective November 1, 2018 key provisions of the Digital Privacy Act come into effect which require companies to inform consumers when their personal information has been breached.

For more information on the Digital Privacy Act (PIPEDA), please visit: www.priv.gc.ca