Two-thirds of Canadian organizations expecting cybersecurity incident

'Material, financial and reputational consequences can have a serious impact,' says expert, citing need for readiness

BY Jonalyn Cueto 28 Mar. 2024

A new study has revealed that a mere 1% of organizations in Canada have achieved the level of cybersecurity readiness required to effectively defend against modern risks.

The latest findings from Cisco’s 2024 Cybersecurity Readiness Index indicate that despite efforts to fortify defenses against an array of cyber threats, organizations continue to grapple with vulnerabilities.

While 78% of Canadian companies express moderate to high confidence in their ability to thwart cyberattacks with existing infrastructure, this confidence appears to be misplaced, according to the study.

Jeetu Patel, executive vice president and general manager of security and collaboration at Cisco, noted the importance of acknowledging and addressing this overconfidence.

“We cannot underestimate the threat posed by our own overconfidence,” he warned, urging organizations to prioritize investments in integrated platforms and leverage artificial intelligence (AI) to operate at scale.

Cybersecurity concerns in Canada

The Cybersecurity Readiness Index evaluates organizations across five key pillars: identity intelligence, network resilience, machine trustworthiness, cloud reinforcement, and AI fortification. These pillars encompass 31 corresponding solutions and capabilities.

The findings from the study paint a sobering picture of the cybersecurity landscape in Canada:

Just 1% of Canadian organizations are classified as “mature” in terms of cybersecurity readiness, while 78% fall into the “beginner” or “formative” stages.
63% of respondents anticipate that a cybersecurity incident will disrupt their business within the next 12 to 24 months.
The traditional approach of deploying multiple point solutions has proven ineffective, with 72% of respondents acknowledging that these solutions impede their team’s ability to detect, respond to, and recover from incidents.

Moreover, the study reveals persistent challenges exacerbated by distributed work environments, including the prevalence of unmanaged devices and talent shortages in the cybersecurity domain.

Boosting cybersecurity budgets

On the other hand, organizations demonstrate a growing recognition of the urgency to bolster cybersecurity defenses. A significant majority (96%) anticipate increasing their cybersecurity budgets in the coming year, with a focus on upgrading existing solutions, deploying new technologies, and investing in AI-driven initiatives.

Robert Barton, chief technology officer at Cisco Canada, emphasized the importance for organizations to evolve to respond to evolving threats.

“The material, financial and reputational consequences can have a serious impact on organizations so cybersecurity readiness must be a business priority, not just a technological one,” he said, stressing the impact of cybersecurity lapses on organizational integrity, financial stability, and reputation.

The 2024 Cisco Cybersecurity Readiness Index is conducted by an independent research company.

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