A recent StatsCan report reveals one in six Canadian businesses suffered a cybersecurity incident in 2023, with recovery costs doubling to $1.2 billion from 2021. Identity theft, fraud, and ransomware were primary drivers of these costly attacks. While only 12% of ransomware-hit firms paid attackers, some ransoms exceeded $500,000.
Larger firms remain frequent targets, but small businesses also feel the impact, with over 60% of large firms hit in the past year. Human error caused most incidents, while AI-driven attacks compound risks. Canadian businesses, despite heightened awareness, still bear high cybersecurity costs.
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