Costly hacks in industries like healthcare, retail, entertainment and finance are making cybersecurity an increasingly pressing priority for businesses, especially as regulatory requirements increase.
Ottawa, On...CATAAlliance, Canada’s One Voice for Innovation Advocacy Group, has launched an advocacy campaign today calling for all political parties to adopt incentives that share the cost of implementing new and improved cybersecurity measures by Canadian business.
This policy incentive would allow Canadian based companies to recoup a percentage of the cost of their investment in cybersecurity technologies and services. Canadian firms are estimated to have spent $14 Billion last year on cybersecurity. Done right, this sharing of cost should help to increase the number of firms getting serious about security. In addition if focused on Canadian sourced solutions, it would also stimulate the growth of domestic suppliers, vying for local and global markets.
CATA CEO, John Reid, says, “ There is precedent for this kind of assistance. We see this kind of tax break as being similar to tax incentives to invest in new technologies and techniques to improve manufacturing or assistance for firms to carry out research and development and create better products. And, one of recommendations from Canadian Senate report of October 2018, is “… businesses should be given incentives to invest in cyber security improvements, for example, by making these investments tax deductible”.
Also in the U.S., Maryland has created a Cyber Tax Credit which encourages their firms get serious about cybersecurity adoption and to boost the creation and growth of cyber enterprises.”
The call for all federal political parties to support the development of incentives that share the cost of implementing new and improved cybersecurity measures by Canadian business responds to preliminary survey results from a multi-sector CATA Cybersecurity Study. Full results of the Study entitled, Cybersecurity in an Industry 4.0 Environment, are expected to be announced in the summer, along with cyber awareness workshops.
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According to CATA Director of Research & Managing Partner, Sciencetech, Jean-Guy Rens, “ One of the most common complaints reported by Survey participants was the lack of support from governments for cybersecurity adoption.”
Rens added, “ Aside from boosting risk awareness, we importantly want to provide people with the tools that help prevent and contain attacks. This assistance would help cover costs for measures such as firewalls, anti-spam software, improved encryption of data and many other measures such as training staff to be more aware of security issues. The human factor is the weakest link in security. Breaking into a network often happens when an unsuspecting employee clicks an innocent-looking email link. Proper training of staff can create a much more secure company, the overall result is better protection of consumer and corporate data.”
Facts & Figures on Cybersecurity Risks
– More than one in five Canadian companies say they were impacted by a cyberattack last year, with businesses spending $14 billion on cybersecurity as they confront greater risks in the digital world, according to a new Statistics Canada survey from 2018
– Stats Canada Report breaks down where companies are spending cyber security dollars: Companies shelled out $8 billion on cybersecurity staff and contractors, $4 billion on related software and hardware and $2 billion on other prevention and recovery measures.
– Canada’s largest banks including RBC, TD, Scotiabank, Canadian Imperial Bank of Commerce, Bank of Montreal and Desjardins collectively invested $27-million in SecureKey’s digital identity ecosystem.
– RBC invested $1.78 million in 2018 in a new cybersecurity lab and research at the University of Waterloo and ted $2M investment on research into AI-based cybersecurity with partner BGN Technologies, a spin-off of Ben Gurion University in Israel.
– Mel Crocker, Managing Director, Enterprise Services and Head of Technology at Air Canada, asserts: “Cybersecurity will become much more efficient as we apply more mathematics to it. The merge of analytics and cybersecurity holds a lot of promises.” For many years, scientists have been working on user identity behaviour analysis to recognize what is normal and what is an anomaly and use the results to drive investigations and resolve cases very rapidly.
– BDC’s, CISO, Fred Bedrich explains: “Attacks are becoming more sophisticated as hackers are also using Big Data and machine learning to orchestrate automated attacks. In the near future, the criminals’ robots will be able to study how the bank reacts to an attack, learn in real time and modify their behaviour accordingly”.
– The Toronto Police Service decided to partner with startups and adopted their agile management techniques for developing projects. Shawna Coxon, Deputy Chief Priority Response Command, coined this process “radical collaboration”. It can go as far, she says, as “working with hackers”.
Rens concluded, “ Cybersecurity is a multi billion dollar global industry. Canada should be seen as a leader in cybersecurity adoption as we compete for our fair share of this fast growth, mission critical marketplace.”
” Governments around the world are driving some of the increased security demands as they set more demanding standard for online security, some assistance to meet those goals only seems fair.”
Executives who would like to be part of the community helping advance public safety, security and e-crime agendas should email CATA CEO, John Reid at firstname.lastname@example.org
The Canadian Advanced Technology Alliance (CATAAlliance), Canada’s One Voice for Innovation Lobby Group and ‘political party’ for Canada’s tech industry, crowdsources ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. Supported by evidence-based research, CATAAlliance then mobilizes the community behind public policy recommendations designed to boost Canada’s innovation and competitiveness success.