A new study conducted by NordPass reveals that Canada has one of the highest numbers of data breaches resulting in consumer data leaks. The study places Canada in 8th position among major countries in terms of reported data breaches over the past four years. The United States tops the list with 2,264 reported breaches from 2019 to 2023, followed by India with 745 and the UK with 680. Canada, on the other hand, had 211 reported breaches, lower than countries like Brazil, Spain, France, and Germany. However, it’s important to note that the study does not account for population size.
The survey further highlights that 56 percent of the companies affected by data leaks were private companies. Additionally, small- and medium-sized businesses with less than 50 employees were more susceptible to attacks targeting customer data. This suggests that these businesses may lack the necessary resources and workforce to invest adequately in cybersecurity.
A report by the Canadian Centre for Cyber Security echoes these findings, stating that cybercriminals are shifting their focus towards smaller organizations to avoid attention from high-profile attacks. The report predicts that fraud and scams will be the most common form of cybercrime experienced by Canadians in the next two years, as criminals attempt to steal personal, financial, and corporate information.
The Canadian Anti-Fraud Centre reports over 70,000 cases of fraud in 2022, involving more than $530 million. However, it estimates that only 5 to 10 percent of fraud cases are actually reported, indicating that the actual number of incidents is likely much higher.
Stolen information can be used by criminals in various ways, including selling personally identifiable information (PII), credit card information, and compromised credentials on darknet marketplaces. Dealing with cybercrime comes at a significant cost for businesses. Statistics Canada’s report on the changing landscape of cybersecurity following the COVID-19 pandemic reveals that the average cost of dealing with a cybercrime rose to $19,000 in 2021, compared to $11,000 two years earlier. Larger businesses with over 250 employees incurred an average cost of $172,000, while small companies with 10-49 employees spent an average of $19,000.
The shift to online shopping has also increased businesses’ vulnerability to cyber threats, exposing them to risks concerning privacy, data protection, and cybersecurity. As a result, companies are investing more in prevention and detection measures, with a 46 percent increase in spending in this area. However, the survey indicates that approximately 40 percent of companies do not allocate any funds to cybercrime prevention.
NordPass, a company owned by NordVPN, offers secure solutions for passwords, passkeys, and credit cards.