From: RegTech Analyst
While the average cost of a data breach in Canada has increased by 6.7% in the last year, companies have become faster at spotting them.
IBM’s new Cost of Data Breach Report 2020 found that the average cost of cybersecurity incidents in the country had jumped to $6.35m.
In 2015, the total cost of data breaches $5.32m. In 2019, that number had jumped to $5.95m.
Unsurprisingly, the rise to the cost was linked to the increase of cyber criminals leveraging the Covid-19 pandemic to launch fraud, phishing schemes and other hack attacks.
However, IBM’s report also found that the average time to identify a data breach decreased from 176 days to 168 days. Moreover, the time it took to contain a hack shrank from 65 to 58 days.
The report also noted that 42% of breaches were caused by malicious attacks, 35% from system glitches and 23% from human error.
The rise of cyber attacks noted during the coronavirus pandemic has led to an increase in cybersecurity activity as businesses scramble to protect their remote workers.
However, there are signs that this cybersecurity boom could prove short-lived as businesses will also have to tighten their purse strings to ride out the health crisis.
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