Canadian firms lag global peers about cybersecurity risks, says EY survey

Canadian firms lag global peers about cybersecurity risks, says EY survey
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TORONTO — A global survey says Canadian organizations lagged their global peers when it comes to addressing cybersecurity risks even as they become increasingly vulnerable with more businesses working remotely.

Tax and advisory firm EY says that despite making progress, 34 per cent of Canadian groups don’t fully articulate the risk, compared with 16 per cent of global peers.

The survey says 21 per cent of Canadian boards understand how to fully evaluate their organization’s cybersecurity risks, compared with 48 per cent globally.

And 43 per cent are unable to quantify cybersecurity effectiveness compared with 24 per cent of global respondents with Canadian firms spending less on cybersecurity.

EY Canada cybersecurity leader Yogen Appalraju says cybersecurity teams must better communicate to boards the severity and impact of different risks and develop better alliances throughout organizations.

Only 10 per cent of Canadian survey respondents say there’s a high level or trust and consultation between cybersecurity teams and the broader business.

“Increased education and engagement among this group should trickle down into the business to drive awareness, while helping to secure the buy-in for funding and resources needed to address growing threats,” he said in a news release.

The annual EY Global Information Security Survey conducted last August to October received responses from more than 1,300 IT executives at some of the largest and more recognized global organizations, including 47 in Canada.

This report by The Canadian Press was first published June 8, 2020.

The Canadian Press

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