KPMG

A 9% increase in cyberattacks over the past year has elevated cybersecurity to the top growth threat for Canadian businesses, according to KPMG’s latest survey. Despite the risk, 70% of small and medium-sized businesses lack skilled cybersecurity staff, up from last year. High-profile breaches at the Canada Revenue Agency, Indigo, and London Drugs underscore the risks.

Canada faces 25,000 unfilled cybersecurity positions, though initiatives like BC’s partnership with NPower Canada, Check Point’s SecureAcademy, and Toronto Metropolitan University’s Catalyst Cyber Accelerator are striving to close the talent gap and enhance defenses nationwide.

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KPMG’s latest survey highlights cybersecurity as the leading threat for Canadian small and medium-sized businesses (SMBs), with 72% reporting cyberattacks in the past year. Despite this, 71% treat cybersecurity as a “tick-the-box” measure, lacking skilled personnel (70%) and financial resources (69%) for effective defenses.

The survey also shows rising concern over generative AI threats, with 75% fearing it could increase vulnerability. While 36% are raising cybersecurity investments to counter AI risks, 66% lack a ransomware response plan. KPMG’s Hartaj Nijjar stresses the importance of proactive investment to reduce long-term costs and protect business continuity.

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KPMG’s latest Canadian CEO Outlook reveals a rebalancing between technology and talent investments. While 80% prioritized tech in 2022, that figure dropped to 59% this year, with 41% now prioritizing people. CEOs increasingly focus on AI, data governance, and upskilling to fuel long-term profitability. Many CEOs (72%) expect measurable AI returns, despite concerns over AI’s regulatory and technical hurdles.

Most CEOs envision a return to office, with 83% expecting in-office work within three years, favoring knowledge transfer and organizational continuity. Canadian tech leaders are addressing data management gaps, seeing it as vital to successful AI deployment.

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A new KPMG in Canada survey reveals that 59% of Canadian students now use generative AI for schoolwork, up from 52% in 2023. Although 75% say these tools improve assignment quality, two-thirds worry they aren’t learning as much. Alarmingly, 82% of students admit they claim AI-generated content as their own work, while 70% turn to AI rather than seeking help from instructors.

With educators facing pressure to set clear guidelines, KPMG’s C.J. James emphasized the importance of balancing AI use with critical-thinking skills. Students want more AI in course planning, admissions, and career services.

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In 2023, Canadian fintech firms witnessed a notable slowdown in investments, as reported by KPMG in its latest global Pulse of Fintech. Investments plummeted to US$920 million across 109 deals, a sharp decline from US$1.29 billion in 2022.

Despite a global dip in fintech deals and values, Canada’s situation remains comparatively stable. However, this marks the second consecutive year of investment reduction since a peak in 2021.

Georges Pigeon, from KPMG Canada, predicts a critical 2024 for fintechs, as they navigate financing challenges and seek to establish themselves as sustainable businesses. Open banking legislation could potentially boost investor confidence. KPMG also notes that, despite global factors like economic slowdown and geopolitical tensions affecting investments, there’s potential growth, particularly in blockchain and web3 sectors.

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Generative Artificial Intelligence (AI) is gaining traction in Canadian workplaces, with 22% of respondents using it for their jobs, according to KPMG’s Generative AI Adoption survey of 4,515 Canadians.

The research indicates a growing trend, with 61% of users employing generative AI multiple times a week, up from 52% six months ago. The study also revealed that 20% of users now utilize generative AI daily.

The adoption is growing at an annualized rate of 32%, suggesting that half of Canada’s workforce could be using it within three years. The Generative AI Adoption Index stands at 14.6, reflecting a 28% growth rate since May.

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Canadian businesses are reporting gains from their digital transformation endeavors but continue to trail behind global counterparts in technology adoption, presenting potential risks to their competitiveness and profitability.

The KPMG Global Tech Report 2023 reveals that Canadian organizations prioritize technologies like AI and ML to catch up but grapple with limited resources. Economic challenges amplify the struggle, with 76% facing pressure to achieve more with reduced budgets.

Stakeholder value remains a focus, requiring intentional and strategic technology investments aligned with specific business goals. Utilizing XaaS solutions and embracing generative AI are identified cost-saving and growth strategies.

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Canadian fintech investment has declined threefold in H1 2023, mirroring a slide in valuations not seen since COVID-19’s onset.

KPMG Canada reveals a drop in investment to $353.7 million across 57 deals, down from $1.09 billion across 87 deals in H2 2022 and $834.1 million across 109 deals in H1 2022.

Macro concerns drive the decline, affecting valuations and geopolitical confidence. Venture capital investments sank to early pandemic levels, with early and seed-round deals indicating support for innovative startups at reasonable valuations.

While challenges persist, positive signs for Canada’s fintech ecosystem remain in young companies securing early financing.

Want to know more? Check out the source code on Fintech.ca.