Statistics Canada Report on Impact of Cybercrime on Canadian Businesses

Today, Statistics Canada published findings on the Impact of cybercrime on Canadian businesses, 2023:

"While digitalization and a growing online presence have created many new opportunities for Canadian businesses, they have also exposed businesses to new risks regarding privacy, data protection and cyber security. In 2023, total spending on recovery from cyber security incidents doubled from 2021, demonstrating the growing importance of cyber preparedness."

"Since 2017, the Canadian Survey of Cyber Security and Cybercrime (CSCSC) has collected data on the policies and measures put in place by Canadian businesses to manage cyber security and investigated how cyber security incidents impact their operations."

"The release of 2023 data from the CSCSC coincides with Cyber Security Awareness Month, which is an internationally recognized campaign held each October to inform the public of the importance of cyber security."

Among some of the findings:

• The proportion of businesses impacted by cyber security incidents continues to decline
• Identity theft, scams and fraud, and ransomware are impacting a larger proportion of businesses
• Spending on recovery from cyber security incidents doubles, while preventative spending is stable
• The usage of cyber risk insurance is up
• The proportion of victims reporting cyber security incidents to police services increased in 2023