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Data Breach Disruptions: The Cost of Cybercrime in Canada

Blake, Cassels & Graydon LLP
MEMBER FIRM OF Lex Mundi

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Canada July 11 2017

News about malicious cyber-attacks have been flooding media outlets in recent weeks as high-profile viruses (including WannaCry and Petya) continue to hit leading global and Canadian companies. What’s the cost here at home?

In June, IBM Security and Ponemon Institute released their annual series of benchmark studies exposing the cost of data breach incidents in 13 regions around the world. The results found the average cost of a data breach in Canada to be C$5.78-million, with an average cost of C$255 per lost or stolen record.

Of the regions studied, Canada was the second most expensive country for malicious data breaches. Forty-eight percent of data breaches in Canada involved a malicious attack, costing C$269 per lost or stolen record.

These results suggest that being proactive can reduce the cost of a data breach. The study shows that having an incident response team cut the average per-record cost by nine per cent, while employee training reduced the average cost by nearly six per cent.

Below are notable statistics from the study. To prepare your team to mitigate risks of a potential future data breach, download our Risk Mitigation Checklist.

Blakes periodically provides materials on our services and developments in the law to interested persons.This article is for informational purposes only and does not constitute legal advice or an opinion on any issue. Blakes would be pleased to provide additional details or advice about specific situations if desired. For permission to reprint articles, please contact the Blakes Marketing Department at 416-863-4345 and [email protected] © 2019 Blake, Cassels & Graydon LLP.

 

Blakes offrepériodiquement des documents sur les tendances et les faits nouveaux en matièrejuridique aux personnes qui le désirent. Cet article est publié à titreinformatif uniquement et ne constitue pas un avis juridique ni une opinion sur un quelconque sujet. Nousserons heureux de vous fournir des détails supplémentaires ou des conseils surdes situations particulières si vous le souhaitez. Pour obtenir l'autorisationde reproduire les articles, veuillez communiquer avec le service Marketing etcommunications de Blakes au 514-982-4026 ou par courriel à l'adresse [email protected]. © 2019 Blake, Cassels & Graydon S.E.N.C.R.L./s.r.l.


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