Cyber threats increasing, but corporate security investment isn’t | Canadian Insurance

Cyber threats increasing, but corporate security investment isn’t

A new FICO survey finds Canadian companies aren't keeping up with cyber breaches

Although more than half of Canadian executives (68%) believe the number of attempted data breaches at their companies increased in the past year, less than half (46%) expect cybersecurity investment will increase to keep up with the growing threat, says a new survey.

Ovum, a research firm, conducted the survey for analytics company FICO. Executives were contacted at 350 companies in Canada, the U.S., the U.K. and the Nordic countries. The survey also showed that although 53% of American companies expect their cybersecurity to be better by 2018, only 36% of Canadian companies expect cybersecurity improvements in the next year.

“It is surprising to hear that few firms plan to make additional investments in cybersecurity when there seems to be a clear understanding that the risks are continuously rising,” says Kevin Deveau, vice-president and managing director of FICO Canada, in a press release.

In addition, only 44% of the surveyed Canadian executives reported that their organization has a tested data breach response plan, which is lower than the 52% of U.S.-based executives who state the same. Approximately one-quarter (76%) of Canadian business leaders anticipate that cyber breaches will increase in one year.

“With Canada’s Digital Privacy Act requiring companies to soon start reporting their breaches to regulators and customers, by not taking steps to ensure they are protected, organizations [are] risking not only their data, but their reputations as well,” says Deveau.